T-bill rates and auction results

Checked against MAS at 6:41 pm, 23 Oct 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

$97.20

Paid to you when it matures on 27 Apr 2027

$10,000.00

Your interest

$97.20 on the $9,902.80 you actually paid: about 1.97% a year

At the 22 Oct cut-off yield of 1.95% (price $99.028 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.

MAS has not put the next 1-year auction on its calendar yet. The last four were held in January, April, July and October.

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 34.96% 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 341 auctions of 6-month and 1-year T-bills since May 1987: download the CSV (opens in any spreadsheet).

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 22 Oct 2026 had a cut-off yield of 1.95% and 182 days to maturity. Discount: 182 ÷ 365 × 1.95% = $0.972 per $100. Price: $100 − $0.972 = $99.028 per $100, which is MAS’s published cut-off price. You get $100 back for every $99.028 paid: $0.972 more, over 182 days. As a yearly rate on the money paid, that is 0.972 ÷ 99.028 × 365 ÷ 182 = 1.97%, a little higher than the 1.95% 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 1.97% 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.

Questions people ask

What is the current yield on a 6-month T-bill in Singapore?

The latest 6-month T-bill, auctioned on 22 Oct 2026, has a cut-off yield of 1.95% a year (up 0.05 percentage points from the auction before). The latest 1-year T-bill, auctioned on 15 Oct 2026, has 1.92%. Both are on MAS’s auction results; this page updates within hours of each one.

How do I buy a T-bill?

1. Pick the auction from the calendar above and decide on the amount, in multiples of $1,000.
2. Apply through DBS/POSB, OCBC or UOB internet banking, mobile app or ATM (cash), or through your SRS operator or CPF Investment Account bank, before the bank’s cut-off time.
3. Choose a non-competitive bid, or a competitive bid with the lowest yield you will accept.
4. Check the result on this page or MAS’s site in the afternoon of the auction day. The T-bill shows in your CDP, SRS or CPF statement after the issue date.

Why does the T-bill rate go up and down?

The cut-off yield is set by the bids at each auction: the more money chasing a fixed amount of T-bills, the lower the yield the last successful bid had to accept. The chart above shows every result since 1987, and the “bids received” line in the latest auctions table shows how much demand there was.

Can I lose money on a T-bill?

Not if you hold it to maturity: the Government pays the full face value. If you sell before maturity, you get the market price on the day, which may be less than you paid.

Do I pay tax on T-bill interest?

Not as an individual: interest on Singapore Government Securities is tax-exempt for individuals, and Singapore has no capital gains tax.

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 23 Oct 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. 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