Kenya Treasury Bills come in three standard maturities: 91 days, 182 days and 364 days. The latest Central Bank of Kenya averages shown for the 12 October 2026 issue are 8.7615%, 8.8744% and 9.0352% respectively.
That does not automatically make the 364-day Bill the best fit. A useful comparison starts with when you expect to need the money, then looks at the rate difference.
91-day vs 182-day vs 364-day T-Bills at a glance
| Tenor | Time to maturity | Latest CBK average | Useful question |
|---|---|---|---|
| 91-day | About 3 months | 8.7615% | Could I need this money relatively soon? |
| 182-day | About 6 months | 8.8744% | Does a mid-length maturity fit my timeline? |
| 364-day | About 12 months | 9.0352% | Can I comfortably wait close to a year? |
What changes when you choose a longer T-Bill?
Your maturity date moves further away
Choosing the longer tenor means committing to a later maturity date. If the money has a known use — such as school fees, insurance or another planned expense — matching the maturity to that date can matter more than chasing a slightly higher rate.
The quoted annual rate changes
The current averages rise with tenor, but Treasury Bill rates are determined through auctions and can change. Today's ordering is not a promise about the next auction.
The annual rate is not your holding-period percentage gain
Treasury Bills are sold at a discount and redeemed at face value at maturity. The published rate is annualised, so an 8.7615% 91-day rate does not mean the investment simply earns 8.7615% over 91 days. Read AMKA's Treasury Bills beginner guide for the mechanics.
How much do you need?
CBK's current Treasury Bill guidance states a minimum face value of KSh50,000 for individual non-competitive bids, while competitive bids start at KSh2 million. Investors need an active CSD account and can use DhowCSD.
AMKA explains this in Treasury Bills Kenya minimum investment: what KSh50,000 really means.
When the 91-day tenor may fit better
The 91-day Bill has the earliest maturity. That can suit a shorter planning horizon where you do not want money tied up for most of a year. The trade-off in the current snapshot is a slightly lower annualised rate.
Where the 182-day tenor sits
The 182-day Bill sits between the two: roughly six months to maturity and a current average between the 91-day and 364-day Bills. It gives a useful midpoint when three months feels too short and twelve months feels too long.
What the 364-day tenor asks you to accept
The 364-day Bill currently has the highest average at 9.0352%, but it also has the latest maturity. The extra rate over the 91-day Bill is small, so the decision should be considered together with how long the money will be unavailable until maturity.
T-Bill or money market fund?
If access to cash is your main concern, compare Treasury Bills with money market funds as well. T-Bills have defined maturities and auction pricing, while MMFs pool investor money and have provider-specific dealing and withdrawal terms.
Use AMKA's MMF vs Treasury Bills guide for a side-by-side comparison.
A simple comparison order
- Start with the date you expect to need the money.
- Identify which maturity fits that timeline.
- Check the latest official CBK auction information.
- Compare the rate difference with the extra time commitment.
Primary sources checked
- Central Bank of Kenya — Treasury Bills average rates ↗
- Central Bank of Kenya — Treasury Bill investor guidance ↗
Educational and comparative information only, not personalised financial advice. Auction outcomes, rates and terms can change. Verify the latest CBK information before acting.