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It doesn't sound like you're being obtuse at all. I have no idea how people use BBs in property investing. I wasn't aware they did, and I can't imagine how they would. What has made you ask about them? I've never used BBs but I'd imagine the process is similar to any other...

I think you're essentially misunderstanding what a bank bill is. Think of it as a term deposit of sorts. Instead of receiving your money back plus interest at the end of term you buy it at discount to it's face value (the amount you receive on maturity).