T-Bills Calculator Singapore (2026)

A Treasury Bill (T-bill) is a short-term Singapore Government Security issued by the Monetary Authority of Singapore (MAS). It is a zero-coupon instrument — you buy it at a discount to its face value and receive the full face value when it matures. Singapore issues T-bills in two tenors: 6-month and 1-year. They are backed by the Singapore Government, which carries the highest AAA credit rating.

T-bills are sold at a discount. If you buy a $10,000 face-value T-bill at a 1.40% cut-off yield for 6 months, you pay roughly $9,930 and receive $10,000 at maturity — the $70 difference is your interest. The cut-off yield from each auction is the effective annual yield. This calculator works out the price you pay, the interest earned, and the cash you get back.

The minimum investment is $1,000, and T-bills are bought in multiples of $1,000 of face value. Because of this, your cash may not be fully used — for example, $10,500 of cash buys a $10,000 face-value bill and leaves a small remainder. There is no maximum limit on how much you can hold.

The cut-off yield changes at every auction. The 6-month T-bill cut-off yield was 1.40% at the 12 May 2026 auction. Yields move with interest-rate expectations, so always check the latest auction result on the MAS website before applying. This calculator lets you enter the current yield to get an accurate estimate.

Yes. You can buy T-bills with cash, CPF savings (through the CPF Investment Scheme — CPFIS-OA or CPFIS-SA), or your Supplementary Retirement Scheme (SRS) account. For CPF Ordinary Account, you can invest savings above the first $20,000. CPF and SRS purchases must be made through your agent bank or SRS operator, not at an ATM.

No. Interest earned from Singapore Government Securities, including T-bills, is exempt from income tax for individuals. You keep the full return with no tax deduction.

6-month T-bills are auctioned roughly every two weeks, while 1-year T-bills are auctioned roughly once a quarter. MAS publishes the auction calendar and results on its website. Applications through internet banking or ATM usually close one to two business days before the auction date.

With a non-competitive bid you accept whatever cut-off yield the auction produces, and allocation is guaranteed (up to 40% of the total issue, pro-rated if demand is high). With a competitive bid you specify the minimum yield you will accept — you only get the T-bill if the cut-off yield is at or above your bid. Most retail investors use non-competitive bids for simplicity.

It depends on the prevailing rates. T-bills are backed by the Singapore Government and the interest is tax-free, but the yield is set at auction and can fall. Fixed deposits offer a rate locked in upfront and are covered by SDIC deposit insurance up to $100,000. When T-bill yields are higher than bank fixed deposit rates, T-bills usually win; when they are lower, a promotional fixed deposit can be better. Compare both before deciding.

On the maturity date, the full face value is automatically credited back to you — to your bank account for cash purchases, or back to your CPF or SRS account. There is nothing you need to do. If you want to keep investing, you simply apply for the next auction.