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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.

Upcoming Auctions

T-bills Auction Calendar

View Issuance Calendar 2026
 View Issuance Calendar 2025

T-bills Auction Data Table

View T-bills statistics including daily closing prices, historical auction data and more.

Product Information

SGS T-bills are fully backed by the Singapore Government.
Issuer Government of Singapore
Sovereign credit rating  AAA
Tenor 6 months or 1 year
Currency SGD
Interest rate No coupon. Issued at a discount to the face value
Interest payments  Upon maturity, investors receive the face value
Tax  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.

Read step-by-step investor guide to investing in Singapore Government Securities (SGS) bonds, T-bills, Cash Management Treasury Bills, MAS Bills, and MAS FRN.

Compare with other SGS products 

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

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 portal, or DBS’ and OCBC’s mobile banking application. 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 Yes
Settlement T+3 at auction; T+1 in the secondary market.
Custody At the Central Depository .
Secondary market trading At DBS, OCBC and UOB main branches. View branch and contact details.

Frequently Asked Questions

Read more on T-bills FAQs .