T-bill rates and auction results

Checked against MAS at 6:10 pm, 12 Nov 2026 SGT. We check MAS four times every afternoon from 2 pm; results usually come out about 2 hours after an auction closes at noon.

What you would get

Amount you apply for

$

In multiples of $1,000, from $1,000.

T-bill

6-month 1-year

Taken from your bank account when you apply

$10,000.00

Comes back 1 to 3 business days after the auction

$92.70

Paid to you when it matures on 11 May 2027

$10,000.00

Your interest

$92.70 on the $9,907.30 you actually paid: about 1.88% a year

At the 4 Nov cut-off yield of 1.86% (price $99.073 per $100), for a cash application filled in full. Non-competitive bids were 100% filled at that auction. If the next auction’s yield is different, so is your interest.

Full T-bill calculator: SRS and CPF, how much to apply for, whether a bid would have been filled, and any past auction.

Next auctions

MAS announces each T-bill auction about a week before it takes place. Applications through bank ATMs and internet banking usually close 1 to 2 business days before the auction, so check your bank’s cut-off time. The calendar file reminds you three days ahead.

Get each T-bill result by email

One email after each 6-month and 1-year auction, with the cut-off yield and what $10,000 gets.

Your emailEmail me

Send me

Savings Bonds T-bills SORA Fixed deposits CPF interest Electricity tariff Job market Inflation COE results

You confirm by email first. Unsubscribe in one tap. No ads, never shared. How we handle your email

From applying to getting paid

1. Apply before your bank’s cut-off Next

   From $1,000, in multiples of $1,000, with cash through DBS/POSB, OCBC or UOB internet banking, app or ATM, or with SRS or CPF savings through your SRS operator or CPF investment bank. MAS says applications through ATMs and internet banking may close 1 to 2 business days before the auction (MAS). For cash, the full face amount is taken when you apply.

   Next: 6-month T-bill BS26123A, auction Thu 19 Nov. Add to calendar

2. Pick your bid

   A non-competitive bid takes whatever yield the auction sets. These are filled first, up to 40% of the T-bills on sale, and you can put in up to $1 million at each auction. A competitive bid names the lowest yield you will accept, and may get part or none of what you ask for (MAS).

   Last 6-month auction: non-competitive bids got 100% of what they asked for. How each bid is filled

3. The auction sets one yield for everyone

   Every successful bid gets the same rate, the cut-off yield. MAS puts the results on its issuance calendar about an hour after the auction closes.

   Latest cut-off: 6-month 1.86% (4 Nov), 1-year 1.92% (15 Oct). How they went

4. The discount comes back; the T-bill is issued

   You pay less than face value, so for cash the difference is paid back 1 to 3 business days after the auction; SRS and CPF money is taken in the same window (MAS). The T-bill is issued 3 business days after the results and shows in your CDP, SRS or CPF statement after that.

   At the last 6-month cut-off, $10,000 of T-bills cost $9,907.30: $92.70 back. Why the return is a bit higher

5. Then: hold it, or sell it

   Either Hold to maturity

   You get the full face value: for cash, into the bank account linked to your CDP account; for SRS or CPF, back into that account (MAS). Interest on Singapore Government Securities is tax-free for individuals.

   BS26123A, issued 24 Nov, matures 25 May 2027.

   Or Sell before then

   MAS will not cash it in early. A DBS, OCBC or UOB main branch can sell it for you at that day’s price, which may be more or less than you paid (MAS).

   Selling early

Rules from MAS: buying at auction, T-bill FAQs and T-bills for individuals, checked 12 Nov 2026. Dates and results from MAS’s auction calendar, read 6:10 pm, 12 Nov SGT.

How the latest auctions went

If you put in a non-competitive bid for the latest 6-month T-bill, you got everything you applied for. Competitive bids at exactly the cut-off yield got 85.52% of what they asked for; bids at a lower yield were filled in full, and bids above it got nothing.

T-bill rates over time

6-month 1-year

2 years10 yearsSince 1987

Tap or hover on the chart to read a result.

0%1%2%3%4%

20252026

The last 26 auctions

On a phone this table shows the cut-off yield only; the other columns are on a wider screen and in the CSV. All 342 auctions of 6-month and 1-year T-bills since May 1987: download the CSV (opens in any spreadsheet).

How much demand each auction drew

6-month: bids averaged 2.04 times the amount on offer at the 26 auctions since Nov 2025, from 1.66 on 4 Jun 2026 to 2.45 on 4 Nov 2026. The cut-off sat on average 0.06 points above the median bid.

1-year: bids averaged 2.23 times the amount on offer at the 26 auctions since Jul 2020, from 1.45 on 13 Apr 2022 to 3.19 on 25 Jan 2024. The cut-off sat on average 0.14 points above the median bid.

More bids for the same amount push the cut-off yield down. The gap between the cut-off and the median bid is how much the highest accepted bids asked for above the middle one: a narrow gap means bidders agreed on the price.

Each auction

Bids per $1Cut-off less median

Tap or hover on a column to read it.

00.511.522.5

20252026

T-bills in plain words

• A T-bill is a short loan to the Singapore Government: 6 months or 1 year. It is fully backed by the Government, which is rated AAA.
• There is no interest payment along the way. You pay less than face value at the start and get the full face value back when it matures.
• The price is set at an auction. Everyone whose bid succeeds gets the same rate: the cut-off yield.
• You can apply from $1,000, in multiples of $1,000, through DBS/POSB, OCBC or UOB, with cash, SRS or CPF savings. For individuals the interest is tax-free.

Why your return is a bit higher than the cut-off yield

MAS quotes T-bills as an annual rate of discount from the face value. The price for every $100 of face value is $100 minus the discount, and the discount is the number of days to maturity ÷ 365 × the cut-off yield. Because you pay less than $100, the same dollars of interest are a slightly higher return on the money you actually put in.

The 6-month T-bill auctioned on 4 Nov 2026 had a cut-off yield of 1.86% and 182 days to maturity. Discount: 182 ÷ 365 × 1.86% = $0.927 per $100. Price: $100 − $0.927 = $99.073 per $100, which is MAS’s published cut-off price. You get $100 back for every $99.073 paid: $0.927 more, over 182 days. As a yearly rate on the money paid, that is 0.927 ÷ 99.073 × 365 ÷ 182 = 1.88%, a little higher than the 1.86% headline.

The cut-off yield is still the number to compare auctions by, and it is the one MAS, the banks and the news report. We show the return on cash paid beside it so you can compare a T-bill with a fixed deposit or savings account, which quote interest on the money you put in.

Competitive or non-competitive bid

With a non-competitive bid you only say how much you want; you get the cut-off yield, whatever it turns out to be. These bids are filled first, up to 40% of the amount on sale; if more is asked for, everyone gets a share in proportion. You can put in up to $1 million in non-competitive bids at each auction.

With a competitive bid you also name the lowest yield you will accept, to 2 decimal places. Bids at a lower yield than the cut-off are filled in full, bids at the cut-off may be filled in part (the “competitive bids at the cut-off filled” line above), and bids above it get nothing.

Paying with cash, SRS or CPF

• Cash: you need a bank account with DBS/POSB, OCBC or UOB and your own CDP account (not a joint one) with Direct Crediting Service. The full face amount is taken when you apply and the discount comes back 1 to 3 business days after the auction.
• SRS: apply through your SRS operator (DBS/POSB, OCBC or UOB). The money is set aside when you apply and taken 1 to 3 business days after the auction.
• CPF Ordinary Account: apply through your CPF Investment Account bank. You can invest only the OA savings above the first $20,000.

The latest 6-month T-bill pays about 1.88% a year on the cash paid, less than the 2.5% a year your CPF Ordinary Account earns from 1 Oct to 31 Dec 2026 (CPF Board). MAS points this out too: CPF interest rates may be higher than the yield on Singapore Government Securities.

Selling before it matures

You cannot cash in a T-bill early with MAS. You can sell it at a DBS, OCBC or UOB main branch, at that day’s market price, which may be higher or lower than what you paid. If you may need the money back before maturity, a Singapore Savings Bond lets you redeem in any month.

More on this topic

Questions people ask

How we get these numbers

• Every result, price and date on this page is MAS’s, from its auction results and issuance calendar. We check four times every afternoon, Singapore time, from 2 pm.
• Before a result goes up, we check that the price matches MAS’s own formula for the yield, and that no result already published has changed. If a check fails, the page keeps the last good numbers, with their dates, and we look at it by hand.
• One number is ours: the return on the cash you pay, worked out from MAS’s cut-off price as shown above.
• Only the Government’s 6-month and 1-year T-bills are included. MAS Bills, which only institutions can buy, are left out, and so are the 3-month T-bills the Government sold from 1987 to 2013.
• This page shows numbers, not advice on whether to buy. See our disclaimer, how we get our numbers and corrections.

Contains information from SGS auction results and issuance calendar accessed on 12 Nov 2026 from the Monetary Authority of Singapore website, which is made available under the terms of the MAS Terms of Use of Datasets. Numbers.sg is independent and is not endorsed by MAS.

Changes to this page

1. 8 Nov 2026

   T-bills: a new chart shows how much demand each 6-month auction drew. Bids averaged 2.04 times the amount on offer at the 26 auctions since Nov 2025, from 1.66 on 4 Jun 2026 to 2.45 on 4 Nov 2026, with a second view of how far the cut-off sat above the median bid. T-bills

2. 5 Nov 2026

   Search titles and descriptions now fill in their own years, counts and rates, and the T-bill title shows the latest yields. If a feed stops, its title drops the figure instead of showing an old one. T-bill rates

3. 24 Oct 2026

   T-bill yields: the history chart can now be embedded on another site, cited (APA, MLA, Chicago), printed on its own or downloaded as CSV, and questions open one at a time. The numbers are the same. See T-bill yields

4. 23 Oct 2026

   New: T-bill rates and auction results. The latest 6-month and 1-year cut-off yields from MAS, what you would get back on your amount, the next auctions with calendar reminders, and every result since 1987 as a chart and a CSV. Checked against MAS four times every afternoon. See T-bill rates

5. 23 Oct 2026

   T-bill rates page redesigned in the same layout as Savings Bond rates: the answer in short under the latest yields, the editor named at the top, and a panel with the source, the time of our last check against MAS and how many of MAS’s prices our formula matches. The numbers are the same. See T-bill rates