Treasury bonds (T-bonds) are government debt obligations with a maturity period of more than ten years, typically 20 or 30 years. Investors receive interest payments, known as coupon payments, every six months until maturity, at which point the face value of the bond is returned. These bonds are considered one of the safest investments due to their backing by the U.S. government, making them a low-risk option for investors looking for stable returns. The interest earned is exempt from state and local taxes, though it is subject to federal income tax.