Treasury Bills in Kenya are currently offering returns of around 14-16% per year—far more than any bank savings account. They are government-backed, meaning your money is as safe as it gets. Here is how to invest directly through CBK.
What Are Treasury Bills and Why Kenyans Are Investing in Them
A Treasury Bill (T-Bill) is a short-term loan you give to the Kenyan government. In return, the government pays you interest. Because the government guarantees repayment, T-Bills carry almost zero risk. They are ideal for anyone who wants better returns than a bank savings account without taking market risk.
Current T-Bill Interest Rates in Kenya 2026
| T-Bill Type | Approximate Rate 2026 | Minimum Investment |
| 91-Day (3 months) | 13.5% | KSh 50,000 |
| 182-Day (6 months) | 14.5% | KSh 50,000 |
| 364-Day (1 year) | 15.8% | KSh 50,000 |
Note: Rates change weekly based on market bids. Check the CBK website for current rates before bidding.
91-Day, 182-Day, and 364-Day T-Bills — What Is the Difference
- 91-Day: Your money is locked for 3 months. Lower rate but more liquidity.
- 182-Day: Locked for 6 months. Balanced rate and access period.
- 364-Day: Locked for 1 year. Highest rate. Best for money you do not need urgently.
How to Register on CBK DhowCSD Platform
- Go to dhowcsd.centralbank.go.ke
- Click Register and fill in your personal details
- Upload a copy of your National ID and KRA PIN
- Provide your bank account details for payments
- Wait for CBK to verify your account—usually 2-3 business days
- You will receive a CSD account number by email
Minimum Investment Amount
The minimum investment in any T-bill is KSh 50,000. You can invest in multiples of KSh 50,000 above that. There is no maximum limit for individual investors.
How to Place a Bid — Competitive vs Non-Competitive
There are two ways to bid. For most individual investors, non-competitive bidding is recommended:
| Bid Type | How It Works | Best For |
| Non-Competitive | You accept the average rate set by the market | Individual investors and beginners |
| Competitive | You specify the rate you want—it may be rejected if it is too high | Institutions and experienced investors |
When and How You Get Paid
Interest on T-Bills is paid upfront—it is deducted from the face value at purchase. When your T-bill matures, you receive the full face value back in your bank account. For example, if you invest KSh 100,000 in a 364-day T-Bill at 15%, you pay around KSh 87,000 today and receive KSh 100,000 at maturity.
T-Bills vs Money Market Funds — Which Is Better for You
| Factor | Treasury Bills | Money Market Funds |
| Minimum investment | KSh 50,000 | KSh 1,000 – KSh 5,000 |
| Returns (approx) | 13–16% | 11–14% |
| Liquidity | Locked until maturity | Can withdraw anytime |
| Risk | Zero (government backed) | Very low |
| Tax | Withholding tax applies | Withholding tax applies |
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