← learn · guide · verified as of 2026-07-10
T-bills, T-bonds & IFBs
Treasury bills, Treasury bonds, and Infrastructure Bonds are the Government of Kenya borrowing directly from you, via CBK's DhowCSD platform — a fixed, government-backed rate for a fixed term.
KES 100,000 (T-bills) · KES 50,000 (bonds & IFBs)registration must complete within 7 days or your profile auto-deletes; bidding itself is gated by the weekly (T-bills) or monthly (bonds/IFB) auction calendar, not by how fast you registerrisk 1/5
Steps
- 1Go to dhowcsd.centralbank.go.ke or download the DhowCSD app, and select User Type "Physical person".
- 2Enter your name, address, mobile number, and KRA PIN, plus your settlement bank account details.
- 3Upload a passport photo, your ID/passport, and KRA PIN document — complete this within 7 days or your profile is auto-deleted.
- 4Receive your username by email, log in, and check the current auction calendar under "Auctions".
- 5Place your bid at or above the minimum — KES 100,000 for T-bills (multiples of KES 50,000 above that), KES 50,000 for bonds and IFBs.
By the end you hold a government security registered directly in your name on DhowCSD.
Costs & taxes
| Item | Amount | Note |
|---|---|---|
| Withholding tax — T-bills, bonds under 10-year tenor | 15% | The general rate on government-security interest for tenors under 10 years. |
| Withholding tax — bonds 10-year tenor or longer | 10% | A reduced rate applies once tenor reaches 10 years, confirmed via CBK and independent tax-guidance sources. |
| Infrastructure Bonds (IFB) | Tax-exempt | Interest is exempt from withholding tax for resident holders on currently-listed IFBs, per CBK's own page — a 2024 amendment proposal to tax newly-issued infrastructure bonds was not confirmed as binding law this session; re-verify for any bond issued after this date. |
| DhowCSD platform fee | Not disclosed on CBK's own pages checked this session | No fee statement found for account opening or transactions — reported honestly as not found, not assumed free. |
Risk
Capital-preserving: the rate is fixed at purchase and government-backed, the lowest-risk band this product tracks — Treasury bonds and IFBs run a slightly longer duration than a 364-day bill.
Capital-preserving (government paper, bank deposits)
See it in the product
Sources
- DhowCSD registration steps + required documents + 7-day completion window — https://www.centralbank.go.ke/wp-content/uploads/2023/08/Requirements%20for%20Opening%20an%20Individual%20DhowCSD%20Account%20Final.pdf · retrieved 2026-07-10
- T-bill minimum KES 100,000, multiples of KES 50,000 above — https://www.centralbank.go.ke/images/FAQs/FAQsGoKSecurities.pdf · retrieved 2026-07-10
- Treasury bond minimum KES 50,000, confirmed live in a January 2026 FXD prospectus — CBK January 2026 FXD bond prospectus (centralbank.go.ke/uploads/treasury_bonds_prospectuses/) · retrieved 2026-07-10
- IFB minimum KES 50,000, confirmed in two live 2025 IFB prospectuses (an older CBK FAQ doc states a conflicting KES 100,000 — the current transaction-specific prospectuses are treated as authoritative) — CBK August 2025 and February 2025 IFB prospectuses (centralbank.go.ke/uploads/treasury_bonds_prospectuses/) · retrieved 2026-07-10
- IFB interest tax-exempt for resident holders — https://www.centralbank.go.ke/securities/treasury-bonds/ · retrieved 2026-07-10
- Reduced 10% WHT for bonds ≥10-year tenor (vs 15% under 10 years) — CBK + PwC Tax Summaries corroboration — see BUILD_LOG · retrieved 2026-07-10
- No DhowCSD fee disclosed on CBK's own pages checked — https://www.centralbank.go.ke/securities/treasury-bills/ ; https://www.centralbank.go.ke/securities/treasury-bonds/ · retrieved 2026-07-10
Automated analysis for information & education. Not investment advice. For advice tailored to your situation, consult a CMA-licensed investment adviser.