Understand Singapore T-bills
Plain-English guides to buying Singapore Treasury Bills with cash, SRS or CPF — and how they compare with Savings Bonds and fixed deposits.
New to Singapore Treasury Bills?
T-bills are short-term Singapore Government Securities — you buy them below face value and receive the full face value at maturity. They’ve become a popular home for short-term savings. These guides explain how they work, how to apply, and how they stack up against the alternatives, in plain English and without the jargon.
Educational information only — not financial advice, and not affiliated with MAS, CPF or any bank.
Start here
The essentials, in the order most people read them.
What are Singapore T-bills?
Short-term Singapore Government Securities, issued at a discount and redeemed at face value. Here is how they work and why savers use them.
How to buy T-bills in Singapore (cash)
Applying with cash is done through your bank's internet banking or ATM. Here is what you need and the steps involved.
T-bill auctions and yields explained
The yield you get is decided at auction, not fixed in advance. Here is how the cut-off yield and allotment actually work.
T-bills vs Singapore Savings Bonds (SSB)
Both are government-backed, but they behave very differently on tenor, liquidity and how the return is set. A side-by-side look.
How buying a T-bill works
Three steps, from decision to maturity.
Choose how to fund it
Decide whether to use cash, SRS or CPF. Each route has a different application path and different trade-offs.
Apply before the auction
Apply through your bank (internet banking or ATM) before the auction closes, choosing a non-competitive or competitive bid.
Hold to maturity
You buy at a discount and receive the full face value at maturity — 6 or 12 months later — automatically.
Every guide
The full library, from first principles to the finer points.
What are Singapore T-bills?
5 min read
How to buy T-bills in Singapore (cash)
6 min read
Buying T-bills with your SRS account
5 min read
Buying T-bills with CPF (OA and SA)
7 min read
T-bill auctions and yields explained
7 min read
T-bills vs Singapore Savings Bonds (SSB)
6 min read
T-bills vs fixed deposits
6 min read
The T-bill application timeline
5 min read
Maturity and getting your money back
4 min read
T-bill risks and considerations
6 min read
Not sure T-bills are the right fit?
T-bills, Singapore Savings Bonds and fixed deposits all have their place. The difference comes down to tenor, liquidity and how the return is set. Our side-by-side comparisons make the trade-offs clear.
Always check the latest figures at the source
We deliberately don’t publish a “current yield” here — auction results and the SGS calendar change constantly. For live cut-off yields, upcoming auction dates and the official rules, go straight to the Monetary Authority of Singapore.
Visit MAS bonds & bills ↗Frequently asked questions
A T-bill (Treasury bill) is a short-term Singapore Government Security issued at a discount to its face value and redeemed at full face value at maturity. Singapore issues 6-month and 1-year T-bills, administered by the Monetary Authority of Singapore (MAS).
Have a question after reading?
We answer general questions about how T-bills work by email or website chat. We can’t give personal financial advice, but we’re happy to point you to the right official resource.