Buy SGS Bonds and T-bills at Auction: For Individuals

 You may bid for Singapore Government Securities (SGS) bonds and Treasury Bills (T-bills) at primary auctions. Check the issuance calendar for scheduled auctions, announcements and results.

How to Apply

You can buy SGS bonds and T-bills using cash, Supplementary Retirement Scheme (SRS) funds or CPF Investment Scheme (CPFIS) funds. What you will need and how you apply depends on  your type of application.

What you will need

For cash application: You will need a bank account with one of the three local banks (DBS/POSB, OCBC, and UOB). You will also need an individual CDP account with Direct Crediting Services activated . This allows coupon and principal payments to be credited directly into your bank account.

Note: You cannot buy SGS with a joint CDP account. However, you can pay for the SGS application from a joint bank account.

For SRS application: You will need an SRS account with one of the three SRS operators (DBS/POSB, OCBC, and UOB).

For CPFIS Application: For CPFIS-OA investments, you will need a CPF Investment Account with one of the three CPFIS agent banks (DBS/POSB, OCBC, and UOB). There is no need to open any CPF Investment Account if you wish to invest CPFIS-SA funds.

Note: The use of CPFIS funds for investing in SGS is subject to CPF investment guidelines . The prevailing CPF interest rates may be higher than the yield on SGS.

How to apply

For cash application: DBS/POSB, OCBC and UOB ATMs and internet banking portal.

For SRS application: Internet banking portal of your SRS Operator (DBS/POSB, OCBC, or UOB).

For CPFIS Application: You will need to submit an application in person at the main branch of your respective CPF Investment Scheme (CPFIS) agent bank (DBS/POSB, OCBC, or UOB).

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.

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

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

  • For new SGS issues, the full bid amount will be debited from your 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.

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

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.

 

Check the results

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

The SGS bonds or T-bills are issued 3 business days after the results are announced.

If your bid is successful, the securities will be reflected in your respective accounts after the issuance date. 

  • For cash applications: You can check your CDP statement
  • For SRS application: You can check the statements from your SRS Operator (DBS/POSB, OCBC and UOB are SRS operators)
  • For CPFIS-OA application: You can check the CPFIS statement sent by your agent bank (DBS/POSB, OCBC and UOB are CPFIS agent banks)
  • For CPFIS-SA application: You can check your CPF statement