Treasury securities come in various forms: Treasury bills (T-bills) are short-term securities that mature within a year; Treasury notes (T-notes) are intermediate-term securities with maturities ranging from 2 to 10 years; Treasury bonds (T-bonds) are long-term investments that mature in 20 to 30 years. Investors purchase these securities as a way to park funds safely while earning interest. The interest earned on these securities is exempt from state and local taxes, making them attractive to investors seeking tax advantages.