The correct answer is 728 days. Treasury bills are issued when the government needs money for a short period. Funds collected through such tools are typically used to meet the short term requirements of the government, hence, to reduce the overall fiscal deficit of a country. These bills are money market instruments issued only by the central government, and the interest on them is determined by the market forces. Treasury bills have a maximum tenure of 364 days. At present, treasury bills are issued in three maturities ” 91-day, 182-day and 364-day. In 1997 the government also issued 14-day immediate treasury bills. Treasury bills were first issued in India in 1917. They are issued via auctions conducted by the Reserve Bank of India (RBI) at regular intervals. Banks give treasury bills to the RBI to get money under repo. Similarly, they can also keep it to fulfill their Statutory Liquid Ratio (SLR) requirements. Treasury bills have an advantage over other market instruments because of the zero-risk weightage associated with them. The secondary market of T-Bills is very active and they have a higher degree of tradability.