Question 1

What is a Singapore T-bill?

Accepted Answer

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).

Question 2

How much do I need to invest in a T-bill?

Accepted Answer

The minimum investment is S$1,000, and you apply in multiples of S$1,000. There is no maximum for individuals, though very popular auctions can result in pro-rated allotment for non-competitive bids.

Question 3

How do I actually buy a T-bill?

Accepted Answer

It depends on your funding source. With cash, you apply through DBS/POSB, OCBC or UOB internet banking or ATM (and need a CDP account). With SRS, you apply through your SRS operator's internet banking. With CPF, you use the CPF Investment Scheme via an agent bank. See our step-by-step guides for each route.

Question 4

What return will I get?

Accepted Answer

The return is set at auction as the cut-off yield and is only known after the auction closes. It moves with market interest rates. We do not publish a 'current' yield here — always check the latest auction results on the MAS website before applying.

Question 5

Are T-bills safe?

Accepted Answer

T-bills are backed by the Singapore Government, so credit risk is very low. Other considerations still apply, such as reinvestment risk (the next auction's yield may be lower), opportunity cost for CPF funds, and the fact that your money is committed until maturity unless you sell on the secondary market.

Question 6

Is T-bill interest taxed?

Accepted Answer

For individuals, interest income from Singapore Government Securities, including T-bills, is exempt from Singapore income tax. Tax rules can change, so confirm your own position with the relevant authority.

Question 7

What is the difference between a competitive and non-competitive bid?

Accepted Answer

With a non-competitive bid you accept the cut-off yield the auction sets. With a competitive bid you state the highest yield you are willing to accept. All successful bidders receive the same uniform cut-off yield; non-competitive bids are filled first up to a capped share of the issue, and pro-rated if that cap is exceeded.

Question 8

Is this website official or financial advice?

Accepted Answer

No. T-Bills Singapore is an independent educational guide. We are not MAS, CPF, a bank or a licensed financial adviser, and nothing here is financial advice. Always verify details on the official MAS website and consider your own circumstances before investing.

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