T-bills: Information for Individuals

Treasury bills (T-bills) are short-term Singapore Government Securities (SGS) issued at a discount to their face value. Investors receive the full face value at maturity. The Government issues 6-month and 1-year T-bills.


Product Information

Key Details

SGS T-bills are fully backed by the Singapore Government.

Government of Singapore
Sovereign credit rating
6 months or 1 year
Interest rate
No coupon. Issued at a discount to the face value
There is no capital gains tax in Singapore.
  • For individuals, interest income earned on SGS is tax exempt.
  • Non-residents without a permanent establishment in Singapore do not have to pay taxes on interest income.

Compare with other SGS products 

What It Is Good For

Use T-bills to:

  • Diversify your investment portfolio.
  • Receive a fixed interest payment at maturity.
  • Invest in a safe, short-term investment option.

Buying and Selling

Investors can purchase T-bills at auction. Auctions typically take place 3 business days before issuance and are announced on the SGS website 5 business days before the auction.

You can apply through DBS/POSB, OCBC and UOB ATMs or internet banking. Find out how individuals can buy SGS bonds.

Frequency of issuance
Quarterly, according to the issuance calendar.
Method of sale
Uniform price auction - investors can submit competitive or non-competitive bids.
Bid format
In yield terms, up to 2 decimal places.
Investment amount

Minimum S$1,000, and in multiples of S$1,000.

  • There is no maximum amount an individual can hold, but there are limits for each auction.
  • You can submit up to S$1 million in non-competitive bids at each T-bill auction.
Typical issue size
S$2 billion to S$4 billion.
Who can buy
All institutions and individuals, including non-residents. Individuals need to be 18 years and above.
Buy with SRS and CPF
T+3 at auction; T+1 in the secondary market.
At the Central Depository .
Secondary market trading
At DBS, OCBC and UOB main branches. View branch and contact details.

Upcoming Auctions


If you have any questions or enquiries about this product, please contact us.