First of all you need to make an account at treasury direct.
Then you need to hook that account to your bank account, so that when after the auction on August 8th they can pull the funds from your bank account on the 10th of August.
Don't wait too long to do this.
When can I actually submit my purchase?
As of today I can see 52 week bills for the early August and early September 2023 auctions. For the shorter term bills that are auctioned every week I can see out 8 weeks.
Should I wait until the latest in case there is a chance the auction
rate can drop significantly lower than July auction rate at 5.4%?
If you know how much you want to invest, then it doesn't matter when you select the date and amount as long as you make the deadline. The rate is set during the auction on August 8th.
If I re-invest it another year, will it be so at the same 5.2% or will
it be invested at the Aug, 2024 auction rate? The reason I ask is I
suspect the rate will be significantly lower in 12 months.
The auction in August 2024 will set the rate. It could be lower or higher.
When you purchase the t-bill you can specify how many times you want to reinvest. The good news is that you can change your mind. There will be a lockout period just before the auction in August 2024, once you enter that lockout period you can't modify the option to reinvest.