What they have in common
Both T-bills and the Singapore Savings Bond (SSB) are backed by the Singapore Government, so credit risk is very low for both. For individuals, interest from both is exempt from Singapore income tax.
That is roughly where the similarity ends — they are built for different jobs.
Tenor and liquidity
T-bills are short: 6-month or 1-year. You generally hold them to maturity, though they can be sold on the secondary market before then at prevailing prices.
SSB is designed for flexibility. You can hold it for up to 10 years, but you can also redeem it in any given month with no penalty and get your principal back plus accrued interest. That makes SSB better suited to money you might need at short notice.
How the return is set
With SSB, the interest rates for each year of holding are published before you apply, so you know the schedule upfront. SSB uses a step-up structure, so returns typically rise the longer you hold.
With a T-bill, the yield is only known after the auction. If you want certainty of rate before committing, SSB gives you that; if you are comfortable with the auction outcome and want a short commitment, a T-bill may fit.
Which tends to suit whom
A saver parking money for a defined 6–12 months, comfortable with the auction, often looks at T-bills. A saver who wants an option they can exit any month, or who wants a known rate schedule, often looks at SSB.
Many people use both. Compare the latest T-bill cut-off yields against the current SSB rates on the MAS website before deciding.
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.
