The Excel TBILLYIELD function returns the yield for a Treasury bill.

**Syntax**:= TBILLYIELD (settlement, maturity, price)

The TBILLYIELD function syntax has the following arguments:

**Settlement**Required. The Treasury bill’s settlement date. The security settlement date is the date after the issue date when the Treasury bill is traded to the buyer.**Maturity**Required. The Treasury bill’s maturity date. The maturity date is the date when the Treasury bill expires.-
**Pr**Required. The Treasury bill’s price per $100 face value.

**Example**: Let’s look at some Excel TBILLYIELD function examples and explore how to use the TBILLYIELD function as a worksheet function in Microsoft Excel:

The following example shows the Excel Tbillyield function used to calculate the yield on a treasury bill with settlement date 01-Jun-2020, maturity date 01-Dec-2020 and a price of $97.34 per $100 face value:

**Syntax**: =TBILLYIELD(B1,B2,B3)

**Result**:

**Note**:

- #NUM! error – Occurs if either:
- The settlement date is greater than or equal to the maturity date or the maturity date is more than 1 year after the settlement date
- The supplied pr argument is less than or equal to 0.

- #VALUE! error – Occurs if either:
- Any of the supplied arguments are non-numeric
- The settlement or the maturity arguments are not valid dates.

- Settlement and maturity are truncated to integers.
- TBILLYIELD is calculated as follows: Where:
**DSM**= number of days from settlement to maturity, excluding any maturity date that is more than one calendar year after the settlement date- The settlement and maturity arguments should be supplied to the function as either:
- References to cells containing dates
- Dates returned from other functions or formulas.

- The settlement and maturity arguments should be supplied to the function as either: