These are short-term securities with a maturity of one (1) year or less and are non-interest bearing instruments. A non-interest bearing instrument but issued on a discount from face value and is redeemable upon maturity of 100% face value.  The amount of the discount and the length of time the bills are held before they mature imply some specific yield or return to the investor.  These instruments are direct, unconditional, and fully guaranteed obligations of the National Government.  Treasury Bills are subject to the prevailing 20% withholding tax.