Treasury Bills Explained”
Kya Aam Investor T- Bills se invest kar sakta hai?
2022 ke start se hi market kuch khaas nahi chal raha tha aur Kapoor sahab ko 6 mahine baad 50,000 rupees ko apne short term goal ke liye safely rakhna tha. Ab stock aur Mutual Fund waale apna paisa nikaal kar FD mai toh daalenge nahi..Phir Kapoor sahab ne apne portfolio ko diversify karte huye apna 50,000 Treasury bills yaane ke T-bills mai laga dia aur phir 6 mahine pure huye aur unhone ussi paise se apna short-term goal bhi pura kar lia.
Ab aap soch rahe honge ki kya hai yeh T-bills i.e, Treasury Bills aur kaise market volatility mai bhi Kapoor sahab ne itne confidently iss mai invest kar lia….
Chaliye dekhte hain T-Bills ko detailed mai
Toh kya hai T-Bill? Well, Treasury bill ek aisa money market instrument hai jo Government of India issue karta hai as a promissory note with a guaranteed repayment at a later rate.
Yeh bill 0 Coupon securities hai aur investors ko yahan koi interest nahi dia jaata hai lekin phir bhi investors acha khasa paisa kamate hain. Pata hai kaise? Well, because securities here are issued at a discount but at the time of maturity it is redeemed at the face value.
For example, a 91-day Treasury bill of ₹100/- (face value) may be issued at say ₹ 98.20, that is, at a discount of say, ₹1.80 and would be redeemed at the face value of ₹100/-. The return to the investors is the difference between the maturity value or the face value (that is 100).
At present, the active T-Bills are 91-days T-Bills, 182-day T-Bills and 364-days T-Bills. The 91-day T-Bills are issued on a weekly auction basis while 182-day T-Bill auction is held on Wednesday preceding Non-reporting Friday and 364-day T-Bill auction on Wednesday preceding the Reporting Friday. In 1997, the Government had also introduced the 14-day intermediate treasury bills. Auctions of T-Bills are conducted by RBI. Treasury Bills were first issued in India in 1917.
Who can buy Treasury Bills?
Individuals, Firms, Trusts, Institutions and banks can purchase T-Bills
Interestingly, T-Bill ka yield FD interest rate se hamesha zyada hota hai
Jahan 2022 mai SBI ka 91-day interest 3.9% hai aur yearly FD interest rate 5.45% hai, waahin Treasury Bill ka yield as on September 24 kuch iss prakar hai –
364-Day Primary Yield – 6.34%
182-Day Primary Yield – 6.10%
91-Day Primary Yield – 5.63%
Aaye dekhte hain pichle saal mai T-Bills ka performance kaisa raha –
The India 3 Months Government Bond reached a maximum yield of 8.38% on 3 March 2015 and a minimum yield of 2.7% on 22 May 2020.
The India 6 Months Government Bond reached a maximum yield of 8.3% on 3 March 2015 and a minimum yield of 3.24% on 23 November 2020.
The India 1 Year Government Bond reached a maximum yield of 8.033% (3 March 2015) and a minimum yield of 3.313% (17 November 2020).
Chaliye dekhte hain kya kai T-Bill ke Pros aur Cons
PROS
Risk-Free – T-Bill risk free hai kyunki yeh Government backed hai aur yahan RBI bhi involved hai
Liquidity – Yahan secondary market mai reslling allowed hai. Isliye investors emergency ke wakt apne holding ko cash mai convert kar sakte hain
Non-competitive bidding Hassle-Free – Redemption par bhi yahan aapko kissi bhi type ka TDS nahi bharna padta isliye investors claim karne waale jhanjhat se bhi bach jaate hain.
CONS
Stock market ke comparison mai yahan investors kam returns le paate hain
Isiliye agar market upswing mai hai toh T-Bill aapko utna return nahi de payega jitna ki stock market de sakta hai.
Lastly,
Treasury markets have been moving unusually sharply lately, and so has the yield curve. There are plenty of obvious reasons —high inflation, sudden hardening in the US bond yields, Federal Reserve tightening cycle, Rupee’s Underperformance against its Asian peers and Dollars, the increase in the commodity prices, oil, and its negative impact on country’s economic growth.
Yes, Fixed Income securities or debt market is highly known for a predictable way of payments with less volatility. Which is why most debt participants enjoy the safety comes with the fixed securities. However, recent stats indicate a sudden volatility in debt or bond market just like other financial markets which may affect the bond market like never before.
Now, this makes T-Bills all the more important for stock market investors
Agar aapko as an investor apna portfolio diversify karna hai toh aaj hi “Best investment partner choose kijiye, AngelOne ke Smart Republic ke smart citizens baniye, aur stock, mutual fund ke saath T-bill mai bhi invest kijiye”
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