Buy SGS and T-Bills at Auction: For Individuals

Individual investors may bid for Singapore Government Securities (SGS) bonds and T-bills at primary auctions. You can apply through the local banks' ATMs and internet banking portals, or use your SRS/CPFIS funds to apply.

At a Glance

 Who Can Apply Anyone, including non-residents.
You need to be at least 18 years old to open a CDP account. 
 Method of Sale Uniform price auction.
 Products available Individuals can buy SGS bonds and T-bills at auction.
 Auction dates Check the issuance calendar for scheduled auctions, announcements and results.
 How to apply  
Through DBS/POSB, OCBC and UOB ATMs or internet banking.
 Fees  S$2 transaction fee.
Note: The fee is waived if you apply through DBS internet banking.

What You Will Need

To apply for SGS, you will need:

  • A bank account with DBS/POSB, OCBC or UOB. You can visit any of the banks’ branches in Singapore to open an account.
  • An Individual CDP Securities account under your own name, as CDP will be the custodian for your SGS holdings.
    Note: You may want to set up Direct Crediting Service  with your CDP account. This links the CDP account to the bank account and allows for coupons from SGS holdings to be credited directly into your bank account.

Before You Apply

You will need to decide on the type of SGS you want to buy, whether to submit a competitive or non-competitive bid, and the investment amount.

Select which SGS to apply for

Individuals can buy SGS bonds, T-bills and Savings Bonds. Compare SGS products for individuals.

If you want to buy an SGS bond or T-bill, check the issuance calendar for the planned auctions and their key dates. When the auction is announced, you can view the details of the issue.

Note: Some bond auctions are reopenings of existing issues. Find out how a reopened bond could affect the effective return.

Decide on a non-competitive or competitive bid

When buying SGS bonds and T-bills at an auction, you will need to decide whether to submit a non-competitive or competitive bid at an auction.

Non-Competitive Bid

In a non-competitive bid, you only specify the amount you want to invest, not the yield. Choose this if you wish to invest in the bond regardless of the return or are unsure of what yield to bid.

You will get the bond at the cut-off yield, which is highest accepted yield of successful competitive bids.

All non-competitive bids will be allotted first, up to 40% of the total issuance amount. If the amount of non-competitive bids exceeds 40%, the bond will be allocated to you on a pro-rated basis.

Competitive Bid

If you wish to invest in the bond only if it yields above a certain level, submit a competitive bid. You can specify the yield you are willing to accept in percentage terms, up to 2 decimal places.

Note that you may not get the full amount that you applied for, depending on how your bid compares to the cut-off yield. After non-competitive bids are allotted, the balance amount is allotted to competitive bids from the lowest to highest yields.

Decide on your investment amount

The minimum bid amount for SGS bonds and T-bills is S$1,000. Decide how much you want to invest, in multiples of S$1,000.

Ensure you have sufficient funds in the bank account you use to apply:

  • For new SGS issues, the full bid amount will be debited from your bank account at the point of application.
  • For reopened bonds, since the price of the bond is only known after the auction, 115% of the bid amount will be debited. Any difference from the price will be refunded into or debited from your bank account after the auction.

Note: There are allotment limits for competitive and non-competitive bids at each auction.

How to Apply

You can bid for an SGS auction through the local banks' ATMs or internet banking, or using your SRS/CPFIS funds. Here are the steps for applying.

Check the bank's cut-off time

Applications through ATMs and internet banking may close 1 to 2 business days before the auction. You should check with your bank for the exact cut-off time for the different application channels.

Primary dealers need to submit all bids by noon on the auction closing date, so they will need to receive your application ahead of time to allow for processing.
Apply using cash

If you are using cash to buy SGS, the most convenient way to apply is through:

  • DBS/POSB, OCBC and UOB ATMs and internet banking portals.
  • OCBC’s mobile application.

You will need your individual CDP account number to apply.

Apply using SRS or CPFIS funds

Applications using funds from your Supplementary Retirement Scheme (SRS)  can be made via the internet banking portal of your SRS Operator (DBS/POSB, OCBC and UOB).

If you want to use funds from your CPF Investment Scheme (CPFIS) account to buy SGS, you need to apply in person at your agent bank's main branch. The use of CPF funds for investing in SGS is subject to CPF investment guidelines .

Note: The prevailing CPF interest rates  may be higher than the yield on SGS.

After You Apply

After an auction closes, you can check the aggregate results of the auction about an hour later on the MAS website.

The bond or T-bill is issued 3 business days after the results are announced.

If your bid is successful, the bond or T-bill will be reflected in your CDP account after the issuance date. You will also receive a notice from CDP within 1 week of the issuance date.

Refunds for unsuccessful applications

When: 1 or 2 days after auction day

If your bid is unsuccessful or invalid, the money will be refunded into the bank account used to make the application. The refund will be reflected in your bank account 1 or 2 days after the auction day.

Your first coupon payment

When: 6 months after issuance for new bonds

For new SGS bonds, you will receive your first coupon payment 6 months from the bond's month of issue, on the first business day of the month.

For a reopened bond, you will receive the coupon payment on the bond's stated coupon payment date.

Learn more about receiving coupon payments.