How do I calculate treasury bill interest in Uganda?

Take the face value, work out the price from the yield (100 ÷ (1 + yield × days ÷ 365)), and subtract what you pay from the face value. For example, a UGX 1,100,000 1-year bill at 14.50% costs about UGX 961,037, so the interest is about UGX 138,963 before 20% tax.

When is withholding tax taken?

The BoU prospectus taxes the discount at 20% but doesn't say when. Dealer banks commonly take it from what you get back at maturity. On bonds it is taken from each coupon.

What is the minimum for treasury bills?

UGX 100,000, through any commercial bank, in multiples of UGX 100,000. You need a Central Securities Depository account first.

Open a Central Securities Depository (CSD) account with the Bank of Uganda, directly or through a bank, then place a non-competitive bid through your bank before the auction. You pay the cut-off price the day after.

Government securities

Treasury bill calculator for Uganda

Enter what you want to invest. See the face value you'd bid for, what you pay, what you get back and the interest after tax, at the latest Bank of Uganda auction yield.

Term

I want to invest about

We'll find the nearest face value you can bid for.

Yield

Today's rate: from the 364-day auction, 21 Oct 2026

Your estimate

After 20% withholding tax. Source

You pay on 5 Nov 2026: UGX 961,037
Face value you bid forBids are in multiples of UGX 100,000: UGX 1,100,000
You get back on 4 Nov 2027: UGX 1,072,207
Interest after tax: UGX 111,170
Tax deducted20% of the discount: UGX 27,793
After-tax return a year: 11.60%
After inflationUBOS inflation 5.8%, 12 months to October 2026: 5.48%

Next auction: 4 Nov 2026

Rate used: 14.50% from the 364-day auction, 21 Oct 2026 (BoU auction results)

Talk to a licensed dealer about buying this

General information based on today's published rates, not advice for your situation.

How we calculate this

Treasury bills are sold at a discount. You bid for a face value, pay less than that on settlement day (the day after the auction), and get the face value back at maturity. The difference is your interest. Bids are in multiples of UGX 100,000, and UGX 100,000 is the minimum for a non-competitive bid placed through any commercial bank (Bank of Uganda invitation to tender for treasury bills).

Price. BoU publishes each bill's cut-off price per 100 of face value and its money market yield. They are linked by: price = 100 ÷ (1 + yield × days ÷ 365), rounded to three decimals as BoU quotes it. Every successful bid is allocated at that one price.

Face value. If you enter an amount, we find the multiple of UGX 100,000 whose cost is nearest to it. Cost = face value × price ÷ 100.

Tax. The BoU prospectus taxes the discount at 20% for bills. It doesn't say when the tax is taken. Dealer banks commonly deduct it from what you get back at maturity, which is how we show it; ask your bank how it handles yours.

Return a year. Interest after tax ÷ what you paid × 365 ÷ days. After inflation: (1 + that return) ÷ (1 + UBOS inflation) − 1.

Worked example

UGX 1,000,000 in a 1-year bill at 14.499%, the 21 Oct 2026 auction yield. Price 87.367 per 100.

Face value (nearest UGX 100,000 step): UGX 1,100,000
You pay: UGX 961,037
Discount (interest): UGX 138,963
Tax at 20%: UGX 27,793
You get back: UGX 1,072,207
After-tax return a year: 11.60%

Tax used here

Treasury bills and 2, 3 and 5-year treasury bonds: 20%
20% withholding tax on the discount and coupon interest of government securities that mature in under 10 years.
When: Bonds: taken from each coupon. Bills: the prospectus taxes the discount but doesn't say when; dealer banks commonly deduct it from what you get back at maturity.
Bank of Uganda, General Prospectus for Bond Issuances 2025 (item 15, Tax) (31 Jul 2025); PwC Worldwide Tax Summaries, Uganda, withholding taxes (last reviewed 22 October 2026) (22 Oct 2026)
Treasury bonds of 10 years or more: 10%
10% withholding tax on government securities that mature in 10 years or more.
When: Taken from each coupon.
Bank of Uganda, General Prospectus for Bond Issuances 2025 (item 15, Tax) (31 Jul 2025); PwC Worldwide Tax Summaries, Uganda, withholding taxes (last reviewed 22 October 2026) (22 Oct 2026)

Results use a tax rate only once it is confirmed. Until then they show before tax and say so.

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