A Treasury bill (T-bill) is a short-term Singapore Government Security issued at a discount to its face value: there is no coupon, and the holder receives the full face value at maturity. The Government issues 6-month and 1-year T-bills. At the 6-month auction on 24 Sep 2026 (BS26119F) the cut-off yield was 1.92% a year.
Singapore · 6-month T-bill cut-off yield · MAS auction, 24 Sep 2026
1.92%
Median1.79%
Previous1.70%
Per SGD 10099.043
MinimumSGD 1,000
6-month cut-off1.92%BS26119F, auction 24 Sep 2026
1-year cut-off1.68%BY26102T, auction 23 Jul 2026
MinimumSGD 1,000then multiples of SGD 1,000
Non-competitive limitSGD 1 millionper individual, per auction
Bid-to-cover1.88BS26119F: SGD 15.8B applied, SGD 8.4B allotted
Tax on the discountExemptfor individuals, outside a trade or partnership
On this pageTwo tenors, no couponWorked exampleWhat it means for youMisconceptionsRelated termsSources
Key takeaways
- T-bills are short-term Singapore Government Securities issued at a discount to face value; the holder receives the full face value at maturity. MAS auctions 6-month T-bills about every two weeks and 1-year T-bills quarterly, in January, April, July and October. The 3-month T-bill stopped on 12 December 2013.
- Every successful bid is allotted at one yield, the cut-off yield: the highest yield accepted among the successful competitive bids. A competitive bid names a yield and may be filled in part or not at all; a non-competitive bid takes the cut-off yield. Non-competitive bids are capped at 40% of the amount offered and pro-rated beyond that, and an individual can place up to SGD 1 million in non-competitive bids at each T-bill auction.
- Individuals aged 18 and over, including non-residents, can apply with cash, SRS funds or CPFIS funds, from SGD 1,000 in multiples of SGD 1,000. A cash application needs a bank account with DBS/POSB, OCBC or UOB and an individual CDP account with Direct Crediting Services, and goes through those banks’ ATMs, internet banking or, for DBS and OCBC, mobile banking; bank applications may close 1 to 2 business days before the auction.
- CPFIS applications follow CPF investment guidelines: Ordinary Account savings can be invested only after SGD 20,000 is set aside in the OA, and Special Account savings after SGD 40,000 in the SA — a route open only to members below 55, since the SA closed for members 55 and above from the second half of January 2025.
- Interest and discount income on SGS is tax exempt for individuals, except where it is earned through a partnership in Singapore or from carrying on a trade, business or profession. A T-bill cannot be redeemed early with the Government; it can be sold before maturity through DBS, OCBC or UOB main branches at a market price that may be above or below the purchase price. T-bills do not trade on SGX.
Definition
What is a Treasury bill?
A T-bill is bought below its face value and repaid at face value. The gap is the return, and the auction’s cut-off yield sets how wide it is.
6-month T-bill1.92%Auctioned about every two weeks. Latest cut-off: BS26119F, auctioned 24 Sep 2026, maturing 30 Mar 2027.
1-year T-bill1.68%Auctioned quarterly; the 2026 auctions fall on 22 Jan, 16 Apr, 23 Jul and 15 Oct. Latest cut-off: BY26102T, auctioned 23 Jul 2026.
The discountno couponBought below SGD 100 per SGD 100 of face value. The difference is the interest, paid at maturity.
The cut-off yield is a discount rate on the face value. Measured on the amount actually paid, the annual return comes out slightly higher, as the worked example shows.
Worked example
What SGD 10,000 of the 24 Sep 2026 T-bill costs
The last eight 6-month auctions, and the arithmetic behind the latest one. MAS publishes each cut-off price per SGD 100 of face value.
| 6-month auction | Issue code | Cut-off yield |
|---|---|---|
| 24 Sep 2026 | BS26119F | 1.92% |
| 10 Sep 2026 | BS26118E | 1.70% |
| 27 Aug 2026 | BS26117A | 1.60% |
| 13 Aug 2026 | BS26116V | 1.56% |
| 30 Jul 2026 | BS26115N | 1.59% |
| 16 Jul 2026 | BS26114W | 1.55% |
| 2 Jul 2026 | BS26113X | 1.50% |
| 18 Jun 2026 | BS26112T | 1.47% |
SGD 10,000 face value at the 24 Sep 2026 cut-off
Cut-off price per SGD 10099.043
Paid at issueSGD 9,904.30
Received at maturitySGD 10,000.00
Discount earnedSGD 95.70
Price = 100 × (1 − 1.92% × 182 ÷ 365) = 99.043, MAS’s published cut-off price. On the SGD 9,904.30 paid, SGD 95.70 over 182 days is about 1.94% a year, a little above the 1.92% quoted, because the yield is set on face value.
What it means for you
Where the T-bill yield shows up
Beside other government ratesT-bill rate tracker
The 24 Sep 2026 6-month cut-off of 1.92% sits beside the October 2026 Singapore Savings Bond (MAS: 1.65% in year one, 2.32% averaged over 10 years) and the CPF Ordinary Account rate of 2.5% for 1 Oct – 31 Dec 2026 (CPF Board). MAS notes that prevailing CPF interest rates may be higher than SGS yields.Paying with CPF savingsCPF interest rates
OA savings above the first SGD 20,000 can be used through the member’s CPFIS-OA agent bank. SA savings above SGD 40,000 can be used by members below 55 only.Paying with SRS fundsSRS calculator
SRS applications go through the SRS operator’s internet banking or, for DBS/POSB and OCBC, mobile banking — not ATMs.Selling before maturitySGS bond rate
There is no early redemption with the Government. A T-bill can be sold through DBS, OCBC or UOB main branches at a market price that may be above or below the price paid; SGS bonds, unlike T-bills, also trade on SGX.At tax filingIncome tax calculator
IRAS lists interest from debt securities as not taxable for individuals, except where the securities are held by a partnership or as trading stock. MAS states that the SGS exemption covers discount income too.Common misconceptions
Five things people get wrong
A T-bill pays interest twice a year.
That is an SGS bond. A T-bill has no coupon: it is bought below face value and repaid at face value at maturity.
The quoted yield is the return on the amount paid.
The cut-off yield is a discount rate on face value. On the amount paid the return is slightly higher: about 1.94% a year for the 24 Sep 2026 6-month bill quoted at 1.92%.
A non-competitive bid is always filled in full.
Non-competitive bids are capped at 40% of the amount offered; when they exceed it, each is filled pro rata.
A T-bill can be cashed in early with MAS.
There is no early redemption with the Government. It can be sold before maturity through DBS, OCBC or UOB, at a price that may be higher or lower than the purchase price.
Any CPF savings can buy T-bills.
The first SGD 20,000 in the OA and SGD 40,000 in the SA must be set aside, and the SA route applies only below 55.
Sources and reviewChecked against the MAS T-bill pages and auction results, and the CPF Board and IRAS pages cited, on 2026-09-27
- MAS — T-bills: Information for Individuals — tenors, minimum, limits and tax
- MAS — Buy SGS Bonds and T-bills at Auction: For Individuals — cash, SRS and CPFIS applications
- MAS — How Auctions Are Conducted — cut-off yield, bid types and allotment limits
- MAS — Auctions and Issuance Calendar — auction dates and the BS26119F and BY26102T results
- MAS — Tax for SGS and MAS-issued Securities — the tax exemption and its exceptions
- MAS — Buy and Sell SGS Bonds and T-bills on the Secondary Market — selling before maturity
- MAS — Singapore Savings Bonds — the October 2026 issue
- IRAS — Interest: what is taxable, what is not — interest from debt securities
- CPF Board — CPF Investment Scheme options — CPF savings that can buy T-bills
- CPF Board — CPF-related changes taking place in 2025 — the Special Account closure at 55
- CPF Board — CPF interest rates — the OA rate for 1 Oct – 31 Dec 2026
Official MAS, CPF Board and IRAS figures and rules, for general information only. Not financial advice.
This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to MAS, the CPF Board and IRAS and seek independent professional advice before making any financial decisions.