The Payroll Zero-Percent Certificate of Indebtedness — or Payroll C of I — is a Treasury security that earns no interest. It existed for one reason: to hold funds that were being accumulated for purchasing Series EE or Series I Savings Bonds via TreasuryDirect’s Payroll Savings Plan. That plan was shut down on January 31, 2025.
With the Payroll Savings Plan gone, the Payroll C of I no longer does anything useful in TreasuryDirect. If you’re trying to figure out what this means for your account or your savings bonds, check the related FAQs for more details.