If you want a safer place to keep money than a random investment club or an idle current account, Treasury Bills are one of the best places to start.
In Uganda, Treasury Bills are short-term government securities issued by the Bank of Uganda (BOU). They are popular because they are relatively low risk, easy to access through banks and brokers, and open to ordinary investors from a small starting amount.
You do not need millions to begin. The minimum investment is UGX 100,000.
This guide explains exactly how to buy Treasury Bills in Uganda, how the auction works, where to buy through Stanbic, Absa, DFCU or a licensed broker, what tax applies, and who T-bills are best for.
What Are Treasury Bills?
Treasury Bills, or T-bills, are short-term debt instruments issued by government through the Bank of Uganda. When you buy one, you are lending money to government for a fixed period.
In return, you earn a return at maturity.
Uganda's standard Treasury Bill tenors are:
- 91 days
- 182 days
- 364 days
That makes them useful for investors who want to park money for about 3 months, 6 months, or 1 year.
Unlike long-term Treasury Bonds, T-bills are short dated and are usually sold at a discount to face value. At maturity, you receive the full value, and the difference is your gross return before tax.
Why Treasury Bills Appeal to Ugandan Investors
T-bills solve a simple problem. You want your money to earn something, but you do not want unnecessary drama.
They are attractive because:
- They are government-backed, so credit risk is relatively low
- The entry point is just UGX 100,000
- They often beat leaving cash idle in a normal savings account
- The tenors are short enough for near-term goals
- The process is now easier through supervised banks and brokers
For many people, T-bills sit in that sweet spot between ordinary saving and more aggressive investing. You can explore other investment options on our investment providers page to see how T-bills compare.
Latest BOU Yields to Watch
Before you invest, always check the latest Bank of Uganda auction data because yields change from one auction to the next.
As of early April 2026, recent primary market annualised yields have been in the range of:
| Tenor | Approximate Yield |
|---|---|
| 91-day bill | 10.25% – 10.38% |
| 182-day bill | 11.22% – 12.00% |
| 364-day bill | 12.00% – 12.50% |
These figures are drawn from recent BOU auction results. The point is not to memorise one number — the point is to always check the latest auction result on the official Bank of Uganda website before you commit cash.
When Are Treasury Bill Auctions Held in Uganda?
Bank of Uganda publishes an Invitation to Tender for each auction. A normal cycle looks like this:
- BOU publishes the tender notice
- Banks, primary dealers, and brokers submit bids through the CSD system
- BOU releases the auction results
- Successful investors are settled through their bank or broker
If you are serious about investing regularly, bookmark the BOU Financial Markets pages and check the tender calendar each auction cycle.
How to Buy Treasury Bills in Uganda, Step by Step
1. Decide How Much to Invest
The legal minimum is UGX 100,000. You can start there, but many people invest more because small amounts may feel less worthwhile after paperwork and bank friction.
Only use money you can leave untouched until maturity.
2. Choose Your Tenor
Pick the tenor that matches when you will need the money:
- 91 days for short parking
- 182 days for medium-term cash
- 364 days for a longer one-year hold
A longer tenor may offer a better yield, but not always. Always check the latest BOU results.
3. Open a CSD Account Through a Bank or Broker
To buy Treasury Bills in Uganda, you need access to the Central Securities Depository (CSD).
Most retail investors do this through a supervised commercial bank or licensed broker, not by handling the process directly with BOU.
Common routes include:
- Stanbic Bank Uganda
- Absa Bank Uganda
- DFCU Bank
- Equity Bank Uganda
- Licensed brokers or primary dealers (see our investment providers for options)
Your bank or broker will usually ask for:
- National ID or passport
- KYC details
- Passport photos if required
- Bank account details
- Signed CSD forms
4. Fund Your Linked Account
Your settlement account must have enough money before the auction is processed. If your bid is successful, the bank debits the account and settles the purchase.
5. Submit Your Bid Before the Deadline
Your bank or broker submits the bid into the auction system.
Before they do, confirm:
- The auction date
- The submission cutoff time
- The tenor
- The amount
- Any bank charges or operational requirements
If you are new, ask the bank for the standard retail process and keep it simple.
6. Wait for the Auction Result
After the auction, Bank of Uganda publishes the result. This shows how much was offered, how much was accepted, and the yield for each tenor.
Your bank or broker should then confirm your allocation and the applicable pricing.
7. Hold to Maturity and Receive Your Money
At maturity, the investment proceeds are paid back through your linked account.
At that point, you can:
- Withdraw the cash
- Roll into the next T-bill auction
- Split your money across different tenors
A lot of repeat investors build a ladder — for example, putting some cash in 91-day bills and some in 364-day bills so that all the money does not mature at once.
Can You Buy Treasury Bills Through Stanbic, Absa, or DFCU?
Yes. For most retail investors, this is the practical route.
If you already bank with Stanbic, Absa, or DFCU, start there first. They already know you, can complete KYC faster, and can guide you through the CSD process.
Ask these questions before choosing where to invest:
- Do you help retail customers buy Treasury Bills?
- Do you open CSD accounts for clients?
- What is your submission deadline before each auction?
- Are there any custody or facilitation fees?
- How are proceeds paid at maturity?
If your bank is slow or unclear, use a licensed broker instead. You can browse all banks in Uganda on SenteGuide to compare your options.
How Treasury Bills Are Taxed in Uganda
The return on Treasury Bills is subject to 15% withholding tax (WHT) on interest.
That means the headline yield is not your final take-home return.
For example, if your gross return is UGX 100,000, then:
- UGX 15,000 goes to WHT
- UGX 85,000 is your net return
When comparing Treasury Bills with fixed deposits or money market funds, compare them on a net basis where possible. You can use our calculators to help you run the numbers.
What Is the Risk Profile of Treasury Bills?
Treasury Bills are generally considered low risk because they are backed by the Government of Uganda. But low risk does not mean zero risk.
Here are the main risks:
Inflation Risk
If inflation rises faster than your net return, your real gain shrinks.
Liquidity Risk
Your money is meant to stay invested until maturity. If you may need the cash next month, a longer tenor may be a bad fit.
Reinvestment Risk
When your bill matures, the next auction may offer a lower yield.
Process Risk
For beginners, the biggest problem is often not investment loss. It is paperwork, timing, and not understanding how the auction works.
Overall, T-bills are best for investors who care more about capital preservation and predictable short-term returns than chasing high-risk returns.
Who Should Buy Treasury Bills?
Treasury Bills make sense if you are:
- Saving for a known expense in 3 to 12 months
- Parking business cash temporarily
- Diversifying from ordinary bank deposits
- Building a low-risk savings bucket
- Starting out with fixed-income investing
They are less suitable if you need instant liquidity or you are chasing very high returns. For longer-term goals, explore our retirement planning guide or our investment guide.
FAQ: How to Buy Treasury Bills in Uganda
What is the minimum amount to buy Treasury Bills in Uganda?
The minimum investment is UGX 100,000.
What Treasury Bill tenors are available in Uganda?
Uganda's standard Treasury Bill tenors are 91 days, 182 days, and 364 days.
Where can I buy Treasury Bills in Uganda?
You can buy them through a Bank of Uganda-supervised commercial bank such as Stanbic, Absa, Equity, or DFCU, or through a licensed broker or primary dealer.
Do Treasury Bills pay tax in Uganda?
Yes. The return is subject to 15% withholding tax on interest.
Are Treasury Bills safe in Uganda?
They are generally considered low risk because they are government-backed, but you should still consider inflation, liquidity needs, and whether the tenor matches your cash flow.
Final Word
If you have been wondering how to buy Treasury Bills in Uganda, the process is straightforward once you know the path: choose your amount, pick a tenor, open the right CSD channel through your bank or broker, submit before the deadline, and monitor the BOU result.
Treasury Bills are not a get-rich-quick investment. That is exactly why many sensible investors like them. They are simple, regulated, and useful for money you want to protect while still earning a reasonable return.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Yields, tax rates, and processes may change. Always verify current rates on the official Bank of Uganda website and consult a licensed financial advisor before making investment decisions.