TREASURY BILLS AND BONDS
Treasury bills and bonds in Turkey: yield and withholding
Treasury bills and government bonds (DİBS) are bought at a price, and the yield is found from that price. The same price shows a different yield depending on whether the year is counted as 364 or 365 days. Withholding depends on the day the paper was bought.
Updated: 12 October 2026. Rules as read on 10 October 2026.
This page is general information, not tax advice, investment advice or an offer. The prices and yields are from the Treasury's published auction results; paper bought from a bank or broker carries a different price.
Yield from the price
A discount bill is priced per 100 of face value and pays 100 at maturity. The days are the actual days from settlement to maturity; the basis is 364 or 365.
Period yield = 100 / price − 1. Simple annual yield = period yield × basis / days. Compound annual yield = (100 / price) ^ (basis / days) − 1.
On a coupon bond the Treasury announces the coupon rate for a half-year; 18.40% a half-year is 36.80 a year. Coupon days are found by counting back from maturity in steps of 182 days (364 / 2), and accrued interest is the coupon × days run / 182. The half-year rate relates to the compound annual yield as half-year = (1 + annual) ^ (1/2) − 1. The Treasury's auction result of 5 October 2026 prints all three figures for TRT130928T38: half-year 18.27%, simple 36.53%, compound 39.87%.
364 days or 365
At the Treasury's auctions a year is 364 days (HMB, rules for taking part in DİBS auctions, 20 November 2020, art. 4/3). On the secondary market prices are quoted on 365. Before comparing two yields, check they are on the same basis. A 182-day bill settling on 12 August 2026, maturing on 10 February 2027, priced at 84.175:
| Day basis | Simple annual | Compound annual |
|---|---|---|
| 364 days (auction) | 37.60% | 41.13% |
| 365 days (secondary market) | 37.70% | 41.27% |
Three bills from the Treasury's auction results
| Bill | Period | Simple | Compound |
|---|---|---|---|
| Settles 12 Aug 2026, matures 10 Feb 2027, 182 days, price 84.175 | 18.80% | 37.60% | 41.13% |
| Settles 22 Jul 2026, matures 10 Feb 2027, 203 days, price 82.418 | 21.33% | 38.25% | 41.44% |
| Settles 11 Mar 2026, matures 6 Jan 2027, 301 days, price 76.502 | 30.72% | 37.14% | 38.25% |
The yields are worked out from the price with the formulas above on the 364-day basis, and match the Treasury's published auction results to two decimals. Source: HMB auction results of 11 August, 21 July and 10 March 2026.
Withholding
For individuals, withholding on the Treasury's government bonds and bills is the final tax and nothing is declared (GVK provisional article 67/1). The rate follows the day the paper was bought; residents and non-residents pay the same.
| Day the paper was bought | Withholding |
|---|---|
| 22 Dec 2021 to 31 Dec 2026 | 0% |
| Outside that window | 10% |
| Gold-backed DİBS, any purchase day | 0% |
The 0% window opened on 22 December 2021 with provisional article 4, added to BKK 2006/10731 by Presidential Decision 4937, and has been extended eleven times without a gap. The latest extension, Decision 11444 (Official Gazette 20 June 2026, no. 33286), runs it to 31 December 2026. Outside the window the rate for individuals has been 10% since 1 October 2010 (BKK 2010/926). Gold-backed DİBS are at 0% (BKK 2017/10840).
A later decision may move the end of the window again. If it is not extended, 10% of the discount is withheld on a bill bought in 2027: on 1,000,000 TL face of a 182-day bill bought on 10 February 2027 at 85.000, the discount is 150,000 TL and the withholding 15,000 TL.
Withholding is taken separately on each coupon when it is paid, on a sale and at redemption. On a sale or redemption the base is what is received less what was paid (GİB Yayın 598). Nothing is withheld on a loss.
For dollar and euro DİBS issued by the Treasury, the decision's text makes no distinction by currency, so we read them as inside the same window. This is our reading; we found no basis for the sources that say otherwise.
Against a deposit
To compare a bill with a deposit, ask: what gross rate would a lira term deposit opened the same day and ending after the same number of days need, at its own withholding rate, to leave the same net money? The deposit is worked on 365 days, simple interest. The three bills above were bought inside the 0% window.
| Bill | Deposit withholding | Matching gross deposit rate |
|---|---|---|
| 182 days, price 84.175 | 15% | 44.36% |
| 203 days, price 82.418 | 15% | 45.13% |
| 301 days, price 76.502 | 15% | 43.82% |
Banks cut the deposit withholding brackets by days: up to 180 days 17.5%, 181 to 365 days 15%, 366 days and over 10% (rates: Decision 10041). All three bills run between 181 and 365 days, so the deposit is in the 15% bracket.
Brokers often write the deposit equivalent as the simple yield divided by 0.825 whatever the term, which assumes 17.5% withholding on every deposit. On the 365-day basis that gives 45.70% for the 182-day bill, 46.49% for the 203-day and 45.15% for the 301-day one. Past 180 days it puts the deposit rate needed too high, because deposits of that length are withheld at 15%; that is so for all three bills.
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Frequently asked
Is there withholding tax on a Treasury bill?
On the Treasury's government bonds and bills bought between 22 December 2021 and 31 December 2026, withholding for individuals is 0% (provisional article 4, extended by Decision 11444). Bought outside that window, 10%. The withholding is the final tax; nothing is declared.
How is a Treasury bill's yield worked out?
The period yield is 100 / price − 1. The simple annual yield multiplies it by basis / days; the compound annual yield is (100 / price) ^ (basis / days) − 1. A 182-day bill at 84.175 yields 37.60% simple and 41.13% compound on the 364-day basis.
Why do the auctions use 364 days?
The Treasury's rules for its DİBS auctions (20 November 2020, art. 4/3) count the year as 364 days. The secondary market uses 365, on which the same price shows a slightly higher yield.
What will the withholding be on a bill bought in 2027?
10% under the decisions in force today. The 0% window ends on 31 December 2026; it has been extended eleven times and a new decision may extend it again.
Is there withholding on foreign currency DİBS?
The decision's text makes no distinction by currency, so we read the Treasury's dollar and euro DİBS as inside the same 0% window. This is our reading.
Sources
- HMB auction results, 10 March, 21 July, 11 August and 5 October 2026: 10 March 2026, 21 July 2026, 11 August 2026, 5 October 2026
- HMB, DİBS İhalelerine Katılım Esasları, 20 November 2020: PDF
- GİB, GVK Geçici 67. Madde Rehberi (Yayın 598), February 2026: PDF
- Presidential Decision 11444, Official Gazette no. 33286, 20 June 2026: Official Gazette
- Presidential Decision 4937, Official Gazette no. 31697, 22 December 2021
- BKK 2010/926, Official Gazette no. 27715, 30 September 2010
- BKK 2017/10840, Official Gazette no. 30193, 27 September 2017
- Presidential Decision 10041 (deposit withholding), Official Gazette no. 32951, 9 July 2025: Official Gazette
- Income Tax Law no. 193, provisional article 67, read on 10 October 2026: mevzuat.gov.tr
This page is general information, not tax advice, investment advice or an offer. The prices and yields are from the Treasury's published auction results; paper bought from a bank or broker carries a different price.
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