The CPF Investment Scheme route
CPF savings are not applied at a bank ATM the way cash is. To invest CPF-OA money in T-bills you use the CPF Investment Scheme (CPFIS-OA), which requires a CPF Investment Account (CPFIA) with one of the three agent banks: DBS/POSB, OCBC or UOB.
CPF-SA money can also be invested in T-bills under CPFIS-SA, but the pool of allowable investments is narrower and the trade-off is different because the Special Account already earns a higher base rate.
The opportunity-cost question
This is the part that catches people out. CPF-OA already earns a floor interest rate, and CPF-SA earns more. Moving that money into a T-bill only makes sense if the T-bill yield, after any charges, beats what CPF would have paid you.
There is also a timing issue: depending on when funds leave and return to your CPF account, there can be one or more months where the money earns neither CPF interest nor T-bill return. Factor that in before assuming a headline yield is your true gain.
How to apply
Open or use your existing CPF Investment Account with an agent bank, then apply for the T-bill through that bank's internet banking, selecting CPF-OA (or CPF-SA) as the funding source. The bank deducts from your CPF investment funds and holds the T-bill accordingly.
Charges, cut-off timings and the exact steps are set by the agent banks and CPF. Confirm the current details with your bank, the CPF Board and MAS before committing.
Check the latest at the source
Yields, calendars and rules change. Confirm current details on the official Monetary Authority of Singapore (MAS) website before you act.
MAS bonds & bills ↗This guide is general educational information, not financial advice. T-Bills Singapore is independent and not affiliated with MAS, the CPF Board or any bank. Consider your own circumstances and, if in doubt, speak to a licensed financial adviser.
