T-Bill is a short-term money market instrument issued by the government. T-Bills are issued at a discount to face value. Investors buy the bills at a discount from the stated maturity value (known as face value), and, on maturity, the holder of the T-Bill receives the payments from the government, which is equal to the face value of the bill. T-bills are issued with initial maturities of 91 and 365 days.