When are Interests Paid for US Treasury FRNs?

Here are general rules on when Interests Are Paid for US Treasury FRNs:

• Original FRNs are always auctioned during the last week of January, April, July, and October each year.
• Original FRNs are always dated (settled) on the last day of January, April, July, and October each year.
• FRN interests are paid out quarterly on the last day of January, April, July, and October each year.
• FRN interests are accrued daily.

Let's use the following US Treasury FRN as example:

CUSIP: 91282CJU6
Dated date: 2024-01-31
Maturity date: 2026-01-31
Spread rate: 0.245%

If you purchased a $1,000.00 par value of this FRN from the original auction in January 2024, you started to earn the first day interest on the dated date (settlement date) January 31, 2024:

At the end of 2024-01-31, your FRN accrued $0.15 interest

If you hold this FRN until end of day April 29, 2924, you earned the full accrued interest of the first quarter:

At the end of 2024-04-29, your FRN accrued $13.88 interest

April 30, 2924 was the last day of the first quarter, you received the accrued interest of the quarter:

Morning of 2024-04-30, your FRN paid out $13.88 interest

If you continue to hold this FRN, you started to earn the first day interest of the second quarter on April 30, 2924:

At the end of 2024-04-30, your FRN accrued $0.15 interest

If you hold this FRN until end of day July 30, 2924, you earned the full accrued interest of the second quarter:

At the end of 2024-07-30, your FRN accrued $14.19 interest

Jul 31, 2924 was the last day of the second quarter, you received the accrued interest of the quarter:

Morning of 2024-07-31, your FRN paid out $14.19 interest

If you continue to hold this FRN unit its maturity date, January 31, 2026, you will receive the accrued interest of the last quarter:

Morning of 2026-01-31, your FRN pays out accrued interest

For the full interest payment schedule on this FRN, see "CUSIP: 91282CDU2 - US Treasury FRN, -0.015%, 2024-01-31".

⇒ Auction Date of Original US Treasury FRN

⇐ Spread for US Treasury FRN

⇑ US Treasury FRN

⇑⇑ US Treasury Securities