What is the meaning of Treasury bill (T-bill)?

Treasury bills are short-term government debt securities with a maturity date of 13, 26, or 52 weeks. The 13- and 26-week bills are sold weekly by competitive auction to institutional investors, and to individual investors through Treasury Direct for the average price paid by the competitive bidders. You buy T-bills at a discount to the face value of $1, 000 per bill, but the bill is redeemed at maturity for the full face value. The difference between what you pay and the $1, 000 you get back is your interest. That interest is federally taxable but exempt from state and local tax. Because they are highly liquid short-term investments, Treasury bills are often described as ideal parking places for money you may need access to or are waiting to invest.