Treasury Bills (T-Bills) are short-term U.S. government debt obligations backed by the Treasury Department with a maturity of one year or less. They are sold at a discount from the par value (also known as the face value) of the bill, meaning the purchase price is less than the face value of the bill. When the bill matures, the investor is paid the full face value. T-bills are usually sold in denominations of $1,000, while some can reach a maximum denomination of $5 million. T-bill rates depend on interest rate expectations. Key facts about T-Bills include:

• T-bills are short-term debt obligations backed by the U.S. Treasury Department with a maturity of one year or less.
• T-bills are sold at a discount from the par value of the bill, meaning the purchase price is less than the face value of the bill.
• T-bills are usually sold in denominations of $1,000, while some can reach a maximum denomination of $5 million.
• T-bill rates depend on interest rate expectations.
• T-bills are sold for terms ranging from four weeks to 52 weeks.
• T-bills are sold in increments of $100, with a minimum purchase of $100 and a maximum purchase of $10 million (non-competitive bid) or 35% of the offering amount (competitive bid).
• T-bills are issued at a discount from the par value, and the difference between the purchase price and the face value is essentially the "interest" earned.
• T-bills are considered lower-risk investments since they are backed by the U.S. government.
• T-bills can be bought directly from the government at TreasuryDirect.gov or through a brokerage account.

In summary, T-Bills are short-term U.S. government debt obligations sold at a discount from the par value, with a maturity of one year or less. They are considered lower-risk investments since they are backed by the U.S. government.