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.

Overview

Product Information

Key Details

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.

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 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
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.

Upcoming Auctions

Enquiries

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