Treasury Bills (T-Bills) have maturities from a few days to 52 weeks. T-Bills are sold at a discount from face value and do not pay interest before maturity. The difference between the discounted purchase price and the amount received at maturity (face value) is the “interest” or income from the Bond.

Treasury Notes have maturities from one to ten years, and Treasury Bonds have maturities of ten or more years. Interest is typically paid every six months, and the bonds mature at face value.