How to Buy Treasury Bills in Zambia: Current Rates, Returns and Steps

You can start lending to the Zambian government from K1,000. Treasury bills are one of the safest places to keep kwacha, and you can buy them online through the Bank of Zambia.

At the 15 October 2026 auction, the 364-day bill paid 10%. After tax and fees, K10,000 earns about K762 over the year. Here's how to open your account on the Government Securities Investor Portal and place a bid.

Zambia treasury bill rates (Tender 21/2026, 15 October 2026)

Source: Bank of Zambia Treasury Bill results, Tender 21/2026. The yields were the same as at the 1 October auction (Tender 20/2026). Every tenor was oversubscribed: K3.86 billion was bid for K2.2 billion on offer, and the 364-day bill drew more than twice the amount offered.

Rates change every two weeks. The latest results are published on boz.zm on auction day.

How much will I earn on a Zambian treasury bill?

Treasury bills are sold at a discount: you pay less than the face value and receive the full face value at maturity. The difference is your interest. The Bank of Zambia then deducts 15% withholding tax and a 1% handling fee from that interest, according to its government securities FAQs.

What K10,000 face value earns at the 15 October 2026 rates:

So a 10% headline yield works out to about 8.4% a year after tax and fees on the 364-day bill. On K100,000 face value, you'd pay about K90,932 and receive about K7,617 in net interest after a year.

How the price is worked out: price per K100 = 100 ÷ (1 + yield × days ÷ 365). At 10% for 364 days: 100 ÷ (1 + 0.10 × 364 ÷ 365) = K90.9317, exactly the Bank of Zambia's published cut-off price.

How to buy treasury bills in Zambia: step by step

1. Have a kwacha account at a Zambian commercial bank. The Bank of Zambia pays your maturity proceeds into it.
2. Register for a CSD account on the Bank of Zambia Investor Portal. The CSD account records all the government securities you own; nothing is issued on paper.
3. Check the auction invitation. Treasury bill auctions are held every two weeks on a Thursday, and the invitation is published on boz.zm and in newspapers beforehand. Bids close at 16:00 on the Wednesday before the auction.
4. Choose competitive or non-competitive:
   • Non-competitive (most individuals): you don't name a rate; you get the rate set at the auction. Minimum K1,000, maximum K499,999 face value.
   • Competitive: you name the yield you want. Minimum K500,000 face value. If your rate is above the cut-off, your bid is rejected.
5. Submit your bid through the Investor Portal, by email, or in person at the Bank of Zambia or your commercial bank.
6. Pay on settlement day. Your bank pays the Bank of Zambia for you and debits your account. For Tender 21/2026, settlement was the following Tuesday.
7. Get paid at maturity. The face value, less withholding tax and the handling fee on the interest, goes into the bank account on your CSD record.

Each auction reserves 10% of the amount on offer for non-competitive bids.

Can I get my money out early?

Yes, with limits. You can rediscount (cash in early) treasury bills with the Bank of Zambia from K50,000 face value, or sell them to another buyer on the secondary market. Ask your bank for help. Selling early may mean taking a lower price than you'd get at maturity.

Treasury bills vs a bank savings account in Zambia

Since 1 January 2022, interest on savings and deposit accounts at licensed banks has been tax-free for individuals, according to PwC's Zambia tax summary. Treasury bill interest, by contrast, carries 15% withholding tax plus the 1% fee. So compare after-tax returns: a 364-day bill at 10% gives about 8.4% after charges, and a bank fixed deposit at a lower headline rate can come close because its interest isn't taxed. Check your bank's current rate before deciding.

Where treasury bills win: they're backed by the Government of Zambia, the rate is locked in for the full term, and they can be used as collateral for a bank loan.

What about government bonds?

Bonds are the longer-term option: 2, 3, 5, 7, 10 and 15 years. They're bought at face value and pay a fixed coupon every six months, which is also taxed at 15% plus the 1% fee. From April 2026, the 5-, 7-, 10- and 15-year bonds are "benchmark" bonds, reopened until each reaches K10 billion outstanding. Bond auctions are held twice a quarter; treasury bill auctions stay fortnightly.

Mistakes to avoid

• Comparing headline yields with bank rates. Treasury bill yields are before 15% tax; bank deposit interest for individuals is tax-free.
• Missing the bid deadline. Bids close at 16:00 on the Wednesday before the Thursday auction.
• Bidding competitively with a high rate. If your yield is above the cut-off, you get nothing. Most individuals should bid non-competitively.
• Investing money you may need soon. Early cash-in at the Bank of Zambia starts at K50,000, and secondary market sales may be at a discount.

Compare how other African countries sell treasury bills: Kenya uses DhowCSD, and Ghana and Nigeria are covered in our guides to treasury bills in Ghana and treasury bills in Nigeria. If you're investing a NAPSA lump sum, read our guide to NAPSA partial withdrawal first. More Zambia guides are on our Zambia page.

Frequently asked questions

What is the minimum amount to buy treasury bills in Zambia?

K1,000 face value for a non-competitive bid (up to K499,999). Competitive bids start at K500,000 face value, according to the Bank of Zambia.

What are treasury bill rates in Zambia now?

At the 15 October 2026 auction (Tender 21/2026): 8.50% for 91 days, 9.10% for 182 days, 9.50% for 273 days and 10.00% for 364 days. Rates are set at every fortnightly auction.

Is treasury bill interest taxed in Zambia?

Yes. The Bank of Zambia deducts 15% withholding tax from treasury bill interest, plus a 1% handling fee at maturity.

How do I register for treasury bills in Zambia?

Open a Central Securities Depository (CSD) account on the Bank of Zambia Investor Portal (investorportal.boz.zm). You also need a kwacha account at a local commercial bank.

How often are treasury bill auctions held in Zambia?

Every two weeks, on a Thursday. Bids close at 16:00 on the Wednesday before.

Can I sell my treasury bills before maturity?

Yes. You can rediscount them at the Bank of Zambia from K50,000 face value, or sell them to another buyer on the secondary market through your bank.