Which of the following statements about T-Bills is NOT true?

The statement that T-Bills have maturities up to two years is not accurate. Treasury bills, or T-Bills, are short-term securities issued by the U.S. government with maturities that typically range from a few days to one year. They are issued with maturities of 4 weeks, 8 weeks, 13 weeks, 26 weeks, and 52 weeks. Therefore, it is incorrect to say that T-Bills have maturities extending to two years, as that duration falls outside the typical range for these financial instruments.

T-Bills are indeed issued at a discount to their face value, meaning investors pay less than what they will receive upon maturity. The minimum denomination for T-Bills is $1,000, and they are issued in book-entry form, meaning there are no physical certificates; ownership is recorded electronically. This structure is designed to enhance efficiency and security in the Treasury securities market, supporting the statements that are true regarding T-Bills.