Key Features
SGS bonds, T-bills, and Savings Bonds are all backed by the Singapore Government.
However, each instrument has different features. The product that's right for you will depend on your investment amount, time horizon and needs.
SGS Bonds and T-bills
Government securities with varying maturities.
For those who want:
A fixed interest rate, with maturities from 6 months to 50 years.
- Ability to trade in the secondary market. However, if you sell before maturity, prices may be above or below what you paid.
- Ability to invest in larger amounts, with no overall limit. The minimum amount is S$1,000 (capped at the limits for each auction).
- Ability to buy using cash, SRS or CPF funds.
Savings Bonds
Government security that offers individuals flexible investment period.
For those who want:
- Interest rates that increase the longer you hold, with a 10-year maturity.
- Flexibility of redeeming in any month. You'll get the principal back with accrued interest by the second business day of the next month.
- A low minimum investment of S$500 (capped at S$200,000 overall per individual).
- Ability to buy using cash or SRS.
Detailed Comparison
| SGS bonds | Savings Bonds | ||
|---|---|---|---|
 Available tenor |
2, 5, 10, 15, 20, 30 or 50 years | 6 months or 1 year | Up to 10 years |
 Method of sale |
Auction: Uniform price auction - competitive or non-competitive bids Syndication: Public Offer – fixed price and yield as determined in the Placement Tranche. MAS will seek to allocate the bonds in the Public Offer to as many individuals as possible, taking into account the distribution of applications |
Uniform price auction - competitive or non-competitive bids | Quantity ceiling format |
 Frequency of issuance |
Auction: Monthly, according to the issuance calendar Syndication: From time to time, according to indicative timeframe as announced by MAS |
Fortnightly or quarterly, according to the issuance calendar | Monthly, for at least 5 years |
 Minimum investment amount |
S$1,000, and in multiples of S$1,000 | S$1,000, and in multiples of S$1,000 | S$500, and in multiples of S$500 |
 Maximum investment amount |
Auction: up to allotment limit for auctions Syndication: None |
None; up to the allotment limit for auctions | S$200,000 overall |
 Buy using SRS and CPF funds? |
Auction: Yes Syndication: No |
Yes | SRS: Yes; CPF: No |
 Type of interest rate payment |
Fixed coupon | No coupon; issued and traded at a discount to the face (par) value | Fixed coupon, steps up each year |
 How often interest is paid |
Every 6 months, starting from the month of issue | At maturity | Every 6 months, starting from the month of issue |
 Secondary market trading |
At DBS, OCBC or UOB main branches; on SGX through brokers | At DBS, OCBC or UOB main branches | No |
 Transferable |
Yes | Yes | No |
 Maturity and redemption |
No early redemption. Investors receive the face (par) value at maturity (i.e. price of S$100). | No early redemption. Investors receive the face (par) value at maturity (i.e. price of S$100). | Can be redeemed in any month, with no penalty. Investors receive the face (par) value plus accrued interest upon redemption. |