Products for Individuals

Individual investors can buy SGS bonds, T-bills, and Savings Bonds.  

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 30 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 

T-bills 

Savings Bonds 
Available tenor
2, 5, 10, 15, 20 or 30 years 6 months or 1 year Up to 10 years
Method of sale
Uniform price auction - competitive or non-competitive bids Uniform price auction - competitive or non-competitive bids Quantity ceiling format 
Frequency of issuance
Monthly, according to the issuance calendar  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
None; up to allotment limit for auctions None; up to the allotment limit for auctions S$200,000 overall
Buy using SRS and CPF funds?
Yes 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.