What are Singapore T-Bills? A Beginner’s Guide to Treasury Bills

Many Singaporeans seek safe ways to grow their savings without taking on major investment risk. Whether you’re saving for a short-term goal, setting aside emergency funds, or looking for an alternative to a traditional savings account, Singapore Treasury Bills (T-Bills) are a popular option.

Issued by the Singapore Government, T-Bills are considered one of the safest investment instruments available. They offer a fixed investment period, competitive yields determined through auctions, and are backed by Singapore’s strong AAA sovereign credit rating.

In this guide, we’ll dive into what Singapore T-Bills are, how they work, why investors use them, how to buy them, the latest rates, and how they compare with other cash management options available in Singapore.

Table of Contents

• How Do Singapore T-Bills Work?
• How to Buy T-Bills in Singapore
• How to Check the Latest T-Bill Yields
• Latest Singapore T-Bill Yields
• Is Investing in T-Bills Right for You? Risks to Consider
• T-Bills vs Other Investment Options
• Things to Note
• Frequently Asked Questions

How Do Singapore T-Bills Work?

Singapore Treasury Bills (T-Bills) are short-term debt securities issued by the Monetary Authority of Singapore (MAS) on behalf of the Singapore Government. 

Essentially, investors lend capital to the government for a defined period and receive a return in the form of interest. These short-term government securities are considered a highly secure investment because the risk of the Singapore government defaulting on its debt is extremely low. 

Unlike traditional bonds that pay periodic interest, T-Bills are sold at a discount to their face value. When your T-Bill matures, you receive the full face value. The difference between your purchase price and the face value represents your investment return.

Investors can also calculate the yield of a T-Bill with the following formula:

Yield = (Face Value – Purchase Price) / Face Value * (365 / Days to Maturity) * 100

Face Value: The amount the investor receives at maturity.

Purchase Price: The discounted price the investor pays for the T-Bill.

Days to Maturity: The number of days until the T-Bill matures.

For example, if you purchase a T-Bill with a face value of S$10,000 for S$9,800, you’ll receive S$10,000 when it matures. Your investment return is the S$200 difference.

Yield = (S$10,000 – S$9,800) / S$10,000 * (365 / 182) * 100 = 4.01%

Therefore, the annualised yield on this T-Bill is approximately 4.01%.

Singapore T-Bills are currently issued with two maturities:

• 6-month T-Bills
• 1-year T-Bills

The minimum investment amount is S$1,000, and investments must be made in multiples of S$1,000.

Key Features of Singapore T-Bills

• Backed by the Singapore Government, making them one of the lowest-risk investments available.
• Issued through regular MAS auctions.
• Sold at a discount and redeemed at face value.
• Minimum investment of S$1,000.
• Available in 6-month and 1-year tenures.
• Suitable for investors seeking capital preservation and predictable returns.

How to Buy T-Bills in Singapore

There are several ways to invest in Singapore T-Bills, depending on the source of your funds.

Option 1: Through Internet Banking

Most major local banks allow customers to apply for T-Bills through their online banking platforms.

The general process is:

1. Log in to your internet banking account.
2. Navigate to the Investments or Fixed Income section.
3. Choose “Treasury Bills” from the available investment options.
4. Choose either a competitive or non-competitive bid.
5. Enter your investment amount (minimum S$1,000).
6. Review and submit your application before the auction deadline.

Option 2: Through CPF Investment Account

Eligible investors may use their CPF funds to invest in selected T-Bills, subject to CPF Investment Scheme (CPFIS) rules.

To do so:

• Ensure you have a CPF Investment Account with an authorised bank.
• Check that you have sufficient investible CPF savings.
• Submit your application through your CPF Investment Account bank before the auction closes.

Option 3: Through Supplementary Retirement Scheme (SRS) 

If you have an SRS account, you can also invest your SRS savings into eligible T-Bills.

The process generally involves:

1. Reach out to your SRS operator (your bank) to inquire about investing in T-Bills using your SRS funds. They will provide the necessary instructions and forms.
2. Ensuring sufficient funds are available in your SRS account before the application deadline.
3. Complete and submit the required application forms to your SRS operator.

Option 4: Through a CDP-linked Brokerage

Some brokerage firms also facilitate T-Bill applications through investors’ Central Depository (CDP) accounts.

1. Reach out to your brokerage firm that’s linked to your CDP account.
2. Inform your broker of your intention to invest in T-Bills. They will guide you through the order placement process.
3. Ensure you have sufficient funds in your CDP account or linked funding account to cover the purchase.

If you’re unsure which application channel is most suitable, check with your bank or brokerage before the auction closes.

How to Check the Latest T-Bill Yields

Since T-Bill yields are determined through competitive auctions, they change with every issuance.

The easiest way to stay updated is by checking the Monetary Authority of Singapore’s T-bill information page, which publishes:

• Upcoming auction schedules
• Auction application deadlines
• Historical auction results
• Cut-off yields
• Issue dates
• Maturity dates

Reviewing previous auction results can also give investors an indication of how yields have changed over time, although past yields are not indicative of future results. 

The published cut-off yield represents the annualised return that successful investors receive if they hold the T-Bill until maturity. Unlike fixed deposit rates, T-Bill yields are not guaranteed before an auction takes place. They depend on market demand and prevailing interest rate conditions.

The Latest Singapore T-Bill Yields

Singapore T-Bills are issued through competitive auctions conducted by MAS.

During each auction, investors submit bids indicating the yield they are willing to accept. MAS then determines the cut-off yield, which becomes the annualised return for successful bids allocated at or below that yield.

Generally:

• Strong investor demand tends to push yields lower.
• Lower demand may result in higher cut-off yields.

Latest 6-month T-Bill

Cut-off Yield: 1.50% p.a.

Latest 1-year T-Bill

Cut-off Yield: 1.46% p.a.

Data updated as of 6 July 2026.

Historical T-Bill Yields

6-month T-bills:

1-year T-Bills:

Is Investing in T-Bills Right for You? Risks to Consider

Singapore T-Bills can be a valuable part of a diversified portfolio, but it’s essential to assess if they align with your individual financial goals and risk tolerance.

For investors seeking a relatively low-risk investment option for short-term funds, Singapore T-Bills may be a compelling option. However, how do they compare with other popular low-risk investment options? 

T-Bills vs Other Investment Options

Different cash management products serve different financial goals. While T-Bills provide government-backed returns over a fixed tenure, investors may also consider fixed deposits, Singapore Savings Bonds (SSBs), or cash management solutions depending on their liquidity needs and investment objectives.

Source: MAS, Syfe and participating financial institutions. Figures updated as of 6 July 2026. 

*Fixed deposit rate is the average of the three highest fixed deposit rates of 3-month tenor offered by Singapore banks, excluding promotional rates. Rates are subject to change without notice. Please verify directly with the respective sources.

Things To Note:

• T-Bill yields are determined through MAS auctions and may differ from one issuance to the next.
• Fixed deposit rates vary across banks and are subject to change without prior notice.
• Returns quoted for Syfe Cash+ products should reflect the latest published rates as of 3 July 2026.
• Investors should refer to the respective product providers for the most up-to-date rates and terms before investing.
• Past performance or historical yields are not indicative of future returns.

Frequently Asked Questions

What are Treasury Bills (T-Bills) in Singapore?

Singapore Treasury Bills (T-Bills) are short-term debt securities issued by the Singapore Government through the Monetary Authority of Singapore (MAS). They are considered one of the lowest-risk investments available and are sold at a discount, with your return earned when they mature at face value.

What is the current T-Bill interest rate in Singapore?

T-Bill yields are determined through each auction, so there is no fixed interest rate. As of 2026, recent 6-month T-Bill cut-off yields have generally been around 1.4%–1.5% p.a., though the actual yield varies with every auction.

How do I buy T-Bills in Singapore?

You can apply for T-Bills through DBS/POSB, OCBC or UOB using internet banking, mobile banking, ATMs or selected bank branches before the auction closes. You’ll need a CDP account and can invest using cash, SRS or eligible CPF Ordinary Account (CPF-OA) savings.

Can I use CPF or SRS to buy T-Bills?

Yes. You can invest in T-Bills using cash, SRS funds or CPF OA savings under the CPF Investment Scheme (CPFIS), provided you meet the eligibility requirements.

What is the minimum amount to invest in T-Bills?

The minimum investment amount is S$1,000, and subsequent investments must be made in multiples of S$1,000. There is no maximum application amount, although allocations depend on auction results.

Are T-Bills tax-free in Singapore?

Yes. Returns from Singapore Government Securities, including T-Bills, are generally exempt from income tax for individual investors in Singapore.

Can I sell T-Bills before maturity?

Yes, T-Bills can be sold on the secondary market before maturity through your bank. However, the price you receive depends on market conditions, so you could end up receiving more or less than your original investment.

What is the difference between competitive and non-competitive bidding?

With a non-competitive bid, you accept the cut-off yield determined at the auction and are more likely to receive an allocation. With a competitive bid, you specify the minimum yield you’re willing to accept, but your application may not be allotted if your bid is above the final cut-off yield.

Are T-Bills worth it at current rates (2026)?

While T-Bill yields have fallen from the highs seen in 2023–2024, they remain a relatively safe way to earn a return on short-term cash backed by the Singapore Government. Whether they’re worth investing in depends on your financial goals and whether you prioritise capital preservation or higher long-term growth.

See how Syfe Cash+ compares to T-Bills at current rates.

Looking for an alternative place to park your short term funds? 

While T-Bills offer the security of government backing and fixed returns over their investment period, they also require investors to hold their funds until maturity to realise the full return.

If maintaining liquidity is a priority, cash management solutions such as Syfe Cash+ may offer an alternative. It allows investors to access their funds more easily while still seeking competitive returns, without having to apply and bid for T-Bills in auctions

As always, consider your investment objectives, time horizon, and liquidity needs before deciding which option best suits your financial goals.

Read More:

• 6-Month T-Bills Rate Falls to 2.05%. Where Else Can You Invest Your Money?
• Lock in Fixed Deposits or Invest in SSBs & T-Bills: Where Should You Park Your Money Now?
• Differences Between Syfe Income+ vs T-Bills, SSBs and Fixed Deposits
• Cash+ VS Income+ what’s the difference?