T-bill calculator
What you pay, get back and earn on a 6-month or 1-year T-bill at the latest MAS cut-off yield, by cash, SRS or CPF, with a bid checker and every auction since 1987.
Last updated
The cut-off yields come from MAS’s auction results, updated within hours of each auction. The latest results and the auction calendar are on our T-bill tracker.
How much to apply for
With cash, the bank takes the full amount you apply for and pays the discount back after the auction, so you need the whole amount in your account. With SRS or CPF, only the price is taken.
Will my bid be filled?
MAS fills non-competitive bids first, up to 40% of the amount on sale; if more is asked for, they are shared out in proportion. The rest goes to competitive bids from the lowest yield up. Bids below the cut-off yield are filled in full, bids at it may be filled in part, and bids above it get nothing. Everyone who gets T-bills gets the cut-off yield. Here is how a bid would have done at each of the last 12 auctions.
Past auctions do not tell you where the next cut-off will land. They show how often a bid at a given yield has been high enough.
An auction you were in
Pick the auction and the amount you were allotted to see what you paid, what comes back and when. Every 6-month and 1-year T-bill auction since 1987 is in the list, with MAS’s published price.
6-month twice, or 1-year?
Two 6-month T-bills one after the other cover about the same year as one 1-year T-bill. Which earns more depends on the second 6-month auction, which nobody knows yet, so this works out the yield it would need.
CPF OA or T-bill?
You can invest the savings in your CPF Ordinary Account above the first $20,000 in T-bills, through your CPF Investment Account at DBS/POSB, OCBC or UOB. Whether that pays depends on three things the headline yield leaves out:
- OA interest you give up. CPF says money taken out in a month earns no interest from that month, and money paid back earns interest from the next month. MAS takes CPF applications 1 to 3 business days after the auction, and at maturity the money goes to your CPF Investment Account, not straight back to your OA.
- Agent bank charges. CPF’s guide to charges lists up to $2.50 a transaction and $2 per counter a quarter for T-bills, plus GST. Check your own bank’s charges and put them in.
- The OA rate. It is set by CPF each quarter and is never below 2.5% a year.
How the sums work
- MAS quotes a T-bill as a yearly rate of discount from its face value. The discount per $100 is the days to maturity ÷ 365 × the cut-off yield, and the price is $100 minus that, rounded to 3 decimal places.
- What you pay is the amount you apply for × the price ÷ 100, to the cent. Your interest is the face value minus what you paid.
- The yearly return on the cash you pay is (face value ÷ amount paid − 1) × 365 ÷ days. It is a little higher than the cut-off yield because you pay less than face value.
MAS publishes a cut-off price with every result, so the formula can be tested against all of them. Run on all 341 auctions since May 1987, it gives MAS’s published price to the last decimal place for 341 of them. It also reproduces MAS’s own worked example: a 4.00% yield on a 182-day T-bill gives $98.005 per $100. This check runs again every time new results come in.
Questions people ask
How much interest will I get on $10,000 in a T-bill?
The calculator at the top starts at $10,000 with the latest 6-month cut-off yield. Change the amount, the T-bill or the yield and it works it out again.
What if my non-competitive bid is only partly filled?
For cash applications, the bank pays back the part not allotted together with the discount on the part that was. For SRS and CPF, only the price of the T-bills allotted is taken. Non-competitive bids are pro-rated when they come to more than 40% of the issue, with MAS’s system rounding each allotment to $1,000 at random.
Is T-bill interest taxed?
Not for individuals: interest on Singapore Government Securities is tax-exempt for individuals.
Can I get my money back before maturity?
Not from MAS. You can sell a T-bill at a DBS, OCBC or UOB branch at that day’s market price, which may be higher or lower than what you paid.
Where these numbers come from
- Cut-off yields, prices, dates and fill rates are MAS’s, from its auction results and issuance calendar. The way prices work, the 40% rule and the timing of payments are from MAS’s T-bills FAQs.
- The CPF interest rules are CPF Board’s; the agent bank charges are from CPF’s guide to charges for CPF investments (last updated March 2022), with GST at 9%.
- This calculator 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
New: T-bill calculator. What you pay, get back and earn at the latest MAS cut-off yield by cash, SRS or CPF; how much to apply for; whether a bid would have been filled at the last 12 auctions; any auction since 1987; two 6-month T-bills or one 1-year; and CPF OA or T-bill, counting the OA interest given up and the bank charges. Its formula gives MAS’s published price for all 341 auctions since 1987. Open the T-bill calculator