Singapore T-Bill Rates: Latest Cut-Off Yield, Auction Calendar & Calculator
The latest 6-month and 1-year T-bill results, every upcoming auction with its application deadline, and a calculator that shows what you actually pay and earn with cash, SRS or CPF.
- Auction
- 4 Nov 2026
- Matures
- 11 May 2027
- Median / average yield
- 1.80% / 1.63%
- Bid-to-cover
- 2.45x
- Auction
- 15 Oct 2026
- Matures
- 19 Oct 2027
- Median / average yield
- 1.87% / 1.72%
- Bid-to-cover
- 2.15x
Next auction: 6-month T-bill (BS26123A)
Apply by 9pm, Wed 18 Nov · auction Thu 19 Nov · issued Tue 24 Nov
T-bill calculator: what you pay, get back and earn
T-bills are sold at a discount. You get the full face value at maturity, and the difference is your return. Enter an amount to see the numbers MAS uses, plus the true yield on the cash you actually tie up.
How it's calculated (MAS formula): discount per S$100 = days ÷ 365 × yield; price = S$100 − discount, rounded to 3 decimal places. The "true yield" is the same return measured against the money you actually pay, so it's slightly higher than the quoted cut-off yield.
T-bill auction calendar 2026
Applications open after 6pm on the announcement date. Bank deadlines below are for online cash and SRS applications at DBS/POSB, which close at 9pm one business day before the auction; OCBC and UOB are similar, but check your bank. CPF applications through a branch close earlier. MAS hasn't published the next 1-year T-bill yet; recent ones were auctioned in January, April, July, October.
| Issue code | Tenor | Announced | Apply by (9pm) | Auction | Issue | Maturity (expected) |
|---|---|---|---|---|---|---|
| BS26123A | 6-month | Thu 12 Nov | Wed 18 Nov | Thu 19 Nov | Tue 24 Nov | 25 May 2027 |
| BS26124E | 6-month | Thu 26 Nov | Wed 2 Dec | Thu 3 Dec | Tue 8 Dec | 8 Jun 2027 |
| BS26125F | 6-month | Thu 10 Dec | Wed 16 Dec | Thu 17 Dec | Tue 22 Dec | 22 Jun 2027 |
Source: MAS auctions and issuance calendar. MAS can change dates; the official announcement is final.
T-bill cut-off yield history since 2020
Every 6-month and 1-year auction result since 2020, from MAS. The highest cut-off in this period was 4.40% (6-month, 8 Dec 2022) and the lowest was 0.20% (6-month, 14 May 2020).
2026 T-bill results 26 auctions · cut-off 1.36% to 1.95%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 4 Nov 2026 | BS26122V | 6-month | 1.86% | 1.80% | 8,500 | 20,812.7 | 2.45 |
| 22 Oct 2026 | BS26121N | 6-month | 1.95% | 1.90% | 8,600 | 16,069.0 | 1.87 |
| 15 Oct 2026 | BY26103X | 1-year | 1.92% | 1.87% | 6,400 | 13,733.3 | 2.15 |
| 8 Oct 2026 | BS26120W | 6-month | 1.90% | 1.86% | 8,300 | 17,787.6 | 2.14 |
| 24 Sep 2026 | BS26119F | 6-month | 1.92% | 1.79% | 8,400 | 15,797.6 | 1.88 |
| 10 Sep 2026 | BS26118E | 6-month | 1.70% | 1.63% | 8,400 | 16,577.3 | 1.97 |
| 27 Aug 2026 | BS26117A | 6-month | 1.60% | 1.55% | 8,700 | 16,790.8 | 1.93 |
| 13 Aug 2026 | BS26116V | 6-month | 1.56% | 1.52% | 8,700 | 18,543.7 | 2.13 |
| 30 Jul 2026 | BS26115N | 6-month | 1.59% | 1.51% | 8,600 | 18,123.0 | 2.11 |
| 23 Jul 2026 | BY26102T | 1-year | 1.68% | 1.58% | 6,300 | 13,370.4 | 2.12 |
| 16 Jul 2026 | BS26114W | 6-month | 1.55% | 1.49% | 8,800 | 16,023.9 | 1.82 |
| 2 Jul 2026 | BS26113X | 6-month | 1.50% | 1.45% | 8,700 | 17,380.1 | 2.00 |
| 18 Jun 2026 | BS26112T | 6-month | 1.47% | 1.43% | 8,200 | 19,358.3 | 2.36 |
| 4 Jun 2026 | BS26111H | 6-month | 1.48% | 1.41% | 8,500 | 14,076.7 | 1.66 |
| 21 May 2026 | BS26110S | 6-month | 1.45% | 1.38% | 8,500 | 18,044.7 | 2.12 |
| 7 May 2026 | BS26109N | 6-month | 1.40% | 1.34% | 8,500 | 17,465.0 | 2.05 |
| 23 Apr 2026 | BS26108W | 6-month | 1.40% | 1.37% | 8,400 | 19,232.2 | 2.29 |
| 16 Apr 2026 | BY26101H | 1-year | 1.46% | 1.38% | 6,000 | 12,359.2 | 2.06 |
| 9 Apr 2026 | BS26107X | 6-month | 1.47% | 1.41% | 8,400 | 14,590.4 | 1.74 |
| 26 Mar 2026 | BS26106T | 6-month | 1.46% | 1.39% | 8,200 | 16,384.8 | 2.00 |
| 12 Mar 2026 | BS26105H | 6-month | 1.37% | 1.29% | 8,300 | 17,276.8 | 2.08 |
| 26 Feb 2026 | BS26104S | 6-month | 1.36% | 1.32% | 8,200 | 17,554.8 | 2.14 |
| 12 Feb 2026 | BS26103Z | 6-month | 1.36% | 1.31% | 8,200 | 16,596.3 | 2.02 |
| 29 Jan 2026 | BS26102F | 6-month | 1.37% | 1.32% | 8,100 | 16,410.4 | 2.03 |
| 22 Jan 2026 | BY26100S | 1-year | 1.44% | 1.33% | 6,100 | 12,146.0 | 1.99 |
| 15 Jan 2026 | BS26101E | 6-month | 1.39% | 1.35% | 7,900 | 19,155.5 | 2.42 |
2025 T-bill results 31 auctions · cut-off 1.35% to 3.05%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 31 Dec 2025 | BS26100A | 6-month | 1.60% | 1.48% | 7,800 | 14,815.4 | 1.90 |
| 18 Dec 2025 | BS25125Z | 6-month | 1.48% | 1.37% | 7,900 | 14,880.1 | 1.88 |
| 4 Dec 2025 | BS25124F | 6-month | 1.41% | 1.36% | 8,000 | 16,252.8 | 2.03 |
| 20 Nov 2025 | BS25123E | 6-month | 1.39% | 1.34% | 8,000 | 16,877.8 | 2.11 |
| 6 Nov 2025 | BS25122A | 6-month | 1.37% | 1.30% | 8,000 | 18,609.0 | 2.33 |
| 23 Oct 2025 | BS25121V | 6-month | 1.41% | 1.35% | 7,900 | 15,850.6 | 2.01 |
| 15 Oct 2025 | BY25103W | 1-year | 1.35% | 1.20% | 5,800 | 13,114.4 | 2.26 |
| 9 Oct 2025 | BS25120N | 6-month | 1.44% | 1.38% | 7,800 | 14,809.9 | 1.90 |
| 25 Sep 2025 | BS25119Z | 6-month | 1.44% | 1.33% | 7,700 | 13,450.7 | 1.75 |
| 11 Sep 2025 | BS25118F | 6-month | 1.38% | 1.31% | 7,800 | 15,728.4 | 2.02 |
| 28 Aug 2025 | BS25117E | 6-month | 1.44% | 1.39% | 7,700 | 18,384.7 | 2.39 |
| 14 Aug 2025 | BS25116A | 6-month | 1.59% | 1.55% | 7,500 | 17,912.9 | 2.39 |
| 31 Jul 2025 | BS25115V | 6-month | 1.77% | 1.68% | 7,600 | 12,864.0 | 1.69 |
| 24 Jul 2025 | BY25102X | 1-year | 1.68% | 1.60% | 5,500 | 11,260.3 | 2.05 |
| 17 Jul 2025 | BS25114N | 6-month | 1.79% | 1.73% | 7,600 | 15,523.8 | 2.04 |
| 3 Jul 2025 | BS25113W | 6-month | 1.85% | 1.76% | 7,500 | 16,143.1 | 2.15 |
| 19 Jun 2025 | BS25112X | 6-month | 2.00% | 1.95% | 7,500 | 15,946.8 | 2.13 |
| 5 Jun 2025 | BS25111T | 6-month | 2.05% | 1.99% | 7,600 | 17,859.5 | 2.35 |
| 22 May 2025 | BS25110H | 6-month | 2.20% | 2.18% | 7,500 | 18,077.2 | 2.41 |
| 7 May 2025 | BS25109V | 6-month | 2.30% | 2.24% | 7,400 | 17,142.7 | 2.32 |
| 24 Apr 2025 | BS25108N | 6-month | 2.38% | 2.32% | 7,400 | 16,592.8 | 2.24 |
| 16 Apr 2025 | BY25101T | 1-year | 2.29% | 2.13% | 5,300 | 11,183.4 | 2.11 |
| 10 Apr 2025 | BS25107W | 6-month | 2.50% | 2.40% | 7,400 | 17,193.1 | 2.32 |
| 26 Mar 2025 | BS25106X | 6-month | 2.73% | 2.60% | 7,400 | 15,801.6 | 2.14 |
| 13 Mar 2025 | BS25105T | 6-month | 2.56% | 2.50% | 7,500 | 19,827.5 | 2.64 |
| 27 Feb 2025 | BS25104H | 6-month | 2.75% | 2.69% | 7,500 | 20,141.0 | 2.69 |
| 13 Feb 2025 | BS25103S | 6-month | 2.90% | 2.78% | 7,300 | 23,273.0 | 3.19 |
| 28 Jan 2025 | BS25102Z | 6-month | 3.04% | 2.97% | 7,200 | 15,324.8 | 2.13 |
| 23 Jan 2025 | BY25100H | 1-year | 2.95% | 2.83% | 5,400 | 10,106.3 | 1.87 |
| 16 Jan 2025 | BS25101F | 6-month | 2.99% | 2.88% | 7,200 | 18,389.1 | 2.55 |
| 2 Jan 2025 | BS25100E | 6-month | 3.05% | 2.90% | 6,900 | 13,707.5 | 1.99 |
2024 T-bill results 30 auctions · cut-off 2.71% to 3.80%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 19 Dec 2024 | BS24125S | 6-month | 3.02% | 2.95% | 6,800 | 15,814.6 | 2.33 |
| 5 Dec 2024 | BS24124Z | 6-month | 3.00% | 2.90% | 7,100 | 17,428.2 | 2.45 |
| 21 Nov 2024 | BS24123F | 6-month | 3.08% | 2.95% | 7,000 | 13,733.3 | 1.96 |
| 7 Nov 2024 | BS24122E | 6-month | 3.04% | 2.95% | 6,800 | 12,349.9 | 1.82 |
| 24 Oct 2024 | BS24121A | 6-month | 2.99% | 2.93% | 6,800 | 13,526.6 | 1.99 |
| 17 Oct 2024 | BY24103N | 1-year | 2.71% | 2.60% | 5,200 | 14,697.6 | 2.83 |
| 10 Oct 2024 | BS24120V | 6-month | 3.06% | 2.90% | 6,800 | 14,884.0 | 2.19 |
| 26 Sep 2024 | BS24119S | 6-month | 2.97% | 2.85% | 6,800 | 13,920.5 | 2.05 |
| 12 Sep 2024 | BS24118Z | 6-month | 3.10% | 3.01% | 6,900 | 13,422.1 | 1.95 |
| 29 Aug 2024 | BS24117F | 6-month | 3.13% | 3.00% | 6,800 | 15,951.0 | 2.35 |
| 15 Aug 2024 | BS24116E | 6-month | 3.34% | 3.20% | 6,900 | 16,014.2 | 2.32 |
| 1 Aug 2024 | BS24115A | 6-month | 3.40% | 3.30% | 6,800 | 17,995.3 | 2.65 |
| 25 Jul 2024 | BY24102W | 1-year | 3.38% | 3.16% | 5,100 | 15,033.0 | 2.95 |
| 18 Jul 2024 | BS24114V | 6-month | 3.64% | 3.50% | 6,800 | 15,666.2 | 2.30 |
| 4 Jul 2024 | BS24113N | 6-month | 3.70% | 3.40% | 6,500 | 15,582.9 | 2.40 |
| 20 Jun 2024 | BS24112W | 6-month | 3.74% | 3.54% | 6,600 | 15,457.0 | 2.34 |
| 6 Jun 2024 | BS24111X | 6-month | 3.76% | 3.50% | 7,100 | 14,220.3 | 2.00 |
| 23 May 2024 | BS24110T | 6-month | 3.65% | 3.48% | 7,000 | 14,465.5 | 2.07 |
| 9 May 2024 | BS24109A | 6-month | 3.70% | 3.55% | 6,800 | 16,297.0 | 2.40 |
| 25 Apr 2024 | BS24108V | 6-month | 3.74% | 3.65% | 6,600 | 14,390.6 | 2.18 |
| 18 Apr 2024 | BY24101X | 1-year | 3.58% | 3.40% | 5,100 | 10,052.5 | 1.97 |
| 11 Apr 2024 | BS24107N | 6-month | 3.75% | 3.65% | 6,300 | 15,980.3 | 2.54 |
| 27 Mar 2024 | BS24106W | 6-month | 3.80% | 3.61% | 6,100 | 15,562.9 | 2.55 |
| 14 Mar 2024 | BS24105X | 6-month | 3.78% | 3.60% | 6,300 | 14,440.9 | 2.29 |
| 29 Feb 2024 | BS24104T | 6-month | 3.80% | 3.50% | 6,400 | 12,446.6 | 1.94 |
| 15 Feb 2024 | BS24103H | 6-month | 3.66% | 3.48% | 6,600 | 13,520.0 | 2.05 |
| 1 Feb 2024 | BS24102S | 6-month | 3.54% | 3.21% | 6,300 | 14,625.1 | 2.32 |
| 25 Jan 2024 | BY24100T | 1-year | 3.45% | 3.40% | 4,500 | 14,372.4 | 3.19 |
| 18 Jan 2024 | BS24101Z | 6-month | 3.70% | 3.60% | 6,400 | 13,551.6 | 2.12 |
| 4 Jan 2024 | BS24100F | 6-month | 3.74% | 3.55% | 6,100 | 12,764.3 | 2.09 |
2023 T-bill results 30 auctions · cut-off 3.58% to 4.20%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 20 Dec 2023 | BS23125H | 6-month | 3.73% | 3.58% | 5,600 | 12,800.4 | 2.29 |
| 7 Dec 2023 | BS23124S | 6-month | 3.74% | 3.60% | 5,900 | 13,287.8 | 2.25 |
| 23 Nov 2023 | BS23123Z | 6-month | 3.80% | 3.63% | 6,000 | 13,011.6 | 2.17 |
| 8 Nov 2023 | BS23122F | 6-month | 3.75% | 3.65% | 5,700 | 13,162.3 | 2.31 |
| 26 Oct 2023 | BS23121E | 6-month | 3.95% | 3.77% | 5,700 | 11,539.4 | 2.02 |
| 19 Oct 2023 | BY23103V | 1-year | 3.70% | 3.55% | 4,500 | 11,941.4 | 2.65 |
| 12 Oct 2023 | BS23120A | 6-month | 3.87% | 3.66% | 5,400 | 14,725.3 | 2.73 |
| 28 Sep 2023 | BS23119H | 6-month | 4.07% | 3.62% | 5,300 | 9,301.8 | 1.76 |
| 14 Sep 2023 | BS23118S | 6-month | 3.73% | 3.58% | 5,500 | 11,168.2 | 2.03 |
| 31 Aug 2023 | BS23117Z | 6-month | 3.70% | 3.57% | 5,500 | 11,227.4 | 2.04 |
| 17 Aug 2023 | BS23116F | 6-month | 3.73% | 3.63% | 5,600 | 11,818.5 | 2.11 |
| 3 Aug 2023 | BS23115E | 6-month | 3.75% | 3.64% | 5,500 | 12,297.7 | 2.24 |
| 27 Jul 2023 | BY23102N | 1-year | 3.74% | 3.50% | 4,400 | 9,277.2 | 2.11 |
| 20 Jul 2023 | BS23114A | 6-month | 3.85% | 3.65% | 5,600 | 12,220.2 | 2.18 |
| 6 Jul 2023 | BS23113V | 6-month | 3.99% | 3.50% | 5,400 | 10,303.3 | 1.91 |
| 22 Jun 2023 | BS23112N | 6-month | 3.89% | 3.60% | 5,000 | 9,881.7 | 1.98 |
| 8 Jun 2023 | BS23111W | 6-month | 3.84% | 3.68% | 5,200 | 11,514.7 | 2.21 |
| 25 May 2023 | BS23110X | 6-month | 3.85% | 3.60% | 5,300 | 12,181.3 | 2.30 |
| 11 May 2023 | BS23109E | 6-month | 3.78% | 3.60% | 5,000 | 11,951.9 | 2.39 |
| 26 Apr 2023 | BS23108A | 6-month | 3.83% | 3.70% | 5,000 | 11,112.2 | 2.22 |
| 20 Apr 2023 | BY23101W | 1-year | 3.58% | 3.50% | 4,300 | 12,732.6 | 2.96 |
| 13 Apr 2023 | BS23107V | 6-month | 3.75% | 3.65% | 4,800 | 12,265.3 | 2.56 |
| 30 Mar 2023 | BS23106N | 6-month | 3.85% | 3.65% | 4,300 | 9,572.8 | 2.23 |
| 16 Mar 2023 | BS23105W | 6-month | 3.65% | 3.58% | 4,600 | 12,747.5 | 2.77 |
| 2 Mar 2023 | BS23104X | 6-month | 3.98% | 3.88% | 4,700 | 13,028.8 | 2.77 |
| 16 Feb 2023 | BS23103T | 6-month | 3.93% | 3.70% | 4,900 | 11,016.3 | 2.25 |
| 2 Feb 2023 | BS23102H | 6-month | 3.88% | 3.77% | 4,900 | 12,879.5 | 2.63 |
| 26 Jan 2023 | BY23100X | 1-year | 3.87% | 3.78% | 3,600 | 10,477.8 | 2.91 |
| 18 Jan 2023 | BS23101S | 6-month | 4.00% | 3.90% | 5,000 | 13,063.2 | 2.61 |
| 5 Jan 2023 | BS23100Z | 6-month | 4.20% | 4.00% | 4,700 | 12,038.4 | 2.56 |
2022 T-bill results 30 auctions · cut-off 0.48% to 4.40%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 21 Dec 2022 | BS22125T | 6-month | 4.28% | 4.00% | 4,400 | 11,806.7 | 2.68 |
| 8 Dec 2022 | BS22124H | 6-month | 4.40% | 3.85% | 4,600 | 9,339.2 | 2.03 |
| 24 Nov 2022 | BS22123S | 6-month | 3.90% | 3.50% | 4,800 | 11,894.1 | 2.48 |
| 10 Nov 2022 | BS22122Z | 6-month | 4.00% | 3.50% | 4,500 | 14,243.5 | 3.17 |
| 27 Oct 2022 | BS22121F | 6-month | 4.19% | 3.90% | 4,600 | 10,940.1 | 2.38 |
| 13 Oct 2022 | BS22120E | 6-month | 3.77% | 3.35% | 4,500 | 10,218.8 | 2.27 |
| 13 Oct 2022 | BY22103A | 1-year | 3.72% | 3.30% | 3,700 | 8,587.8 | 2.32 |
| 29 Sep 2022 | BS22119T | 6-month | 3.32% | 3.17% | 4,000 | 9,678.9 | 2.42 |
| 15 Sep 2022 | BS22118H | 6-month | 3.32% | 3.00% | 4,200 | 9,098.0 | 2.17 |
| 1 Sep 2022 | BS22117S | 6-month | 2.99% | 2.85% | 4,300 | 11,137.0 | 2.59 |
| 18 Aug 2022 | BS22116Z | 6-month | 2.98% | 2.80% | 4,600 | 11,139.9 | 2.42 |
| 4 Aug 2022 | BS22115F | 6-month | 2.87% | 2.72% | 4,600 | 11,607.4 | 2.52 |
| 21 Jul 2022 | BS22114E | 6-month | 2.93% | 2.80% | 4,600 | 12,174.8 | 2.65 |
| 21 Jul 2022 | BY22102V | 1-year | 3.10% | 2.96% | 3,700 | 8,619.1 | 2.33 |
| 7 Jul 2022 | BS22113A | 6-month | 2.66% | 2.38% | 4,500 | 8,503.7 | 1.89 |
| 23 Jun 2022 | BS22112V | 6-month | 2.36% | 2.19% | 4,100 | 9,890.6 | 2.41 |
| 9 Jun 2022 | BS22111N | 6-month | 2.04% | 1.90% | 4,100 | 8,633.0 | 2.11 |
| 26 May 2022 | BS22110W | 6-month | 1.80% | 1.67% | 4,500 | 12,324.9 | 2.74 |
| 11 May 2022 | BS22109F | 6-month | 1.69% | 1.57% | 4,300 | 10,425.4 | 2.42 |
| 27 Apr 2022 | BS22108E | 6-month | 1.56% | 1.47% | 4,300 | 10,353.8 | 2.41 |
| 13 Apr 2022 | BS22107A | 6-month | 1.32% | 1.19% | 4,300 | 8,244.4 | 1.92 |
| 13 Apr 2022 | BY22101N | 1-year | 2.00% | 1.58% | 3,800 | 5,519.8 | 1.45 |
| 31 Mar 2022 | BS22106V | 6-month | 1.22% | 1.10% | 3,600 | 7,968.3 | 2.21 |
| 17 Mar 2022 | BS22105N | 6-month | 0.95% | 0.85% | 3,900 | 7,504.7 | 1.92 |
| 3 Mar 2022 | BS22104W | 6-month | 0.78% | 0.60% | 3,900 | 10,261.8 | 2.63 |
| 17 Feb 2022 | BS22103X | 6-month | 0.76% | 0.68% | 4,300 | 10,632.5 | 2.47 |
| 3 Feb 2022 | BS22102T | 6-month | 0.67% | 0.55% | 4,400 | 9,125.2 | 2.07 |
| 20 Jan 2022 | BS22101H | 6-month | 0.48% | 0.42% | 4,500 | 11,625.3 | 2.58 |
| 20 Jan 2022 | BY22100W | 1-year | 0.75% | 0.61% | 3,200 | 5,383.6 | 1.68 |
| 6 Jan 2022 | BS22100S | 6-month | 0.55% | 0.50% | 4,300 | 8,712.5 | 2.03 |
2021 T-bill results 30 auctions · cut-off 0.29% to 0.60%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 23 Dec 2021 | BS21125X | 6-month | 0.53% | 0.42% | 3,900 | 10,704.5 | 2.74 |
| 9 Dec 2021 | BS21124T | 6-month | 0.55% | 0.50% | 3,800 | 8,884.8 | 2.34 |
| 25 Nov 2021 | BS21123H | 6-month | 0.55% | 0.49% | 4,300 | 8,903.7 | 2.07 |
| 11 Nov 2021 | BS21122S | 6-month | 0.49% | 0.43% | 3,900 | 8,685.4 | 2.23 |
| 28 Oct 2021 | BS21121Z | 6-month | 0.46% | 0.40% | 3,900 | 8,976.9 | 2.30 |
| 14 Oct 2021 | BS21120F | 6-month | 0.37% | 0.32% | 4,000 | 8,713.9 | 2.18 |
| 14 Oct 2021 | BY21103E | 1-year | 0.60% | 0.38% | 3,600 | 5,820.9 | 1.62 |
| 30 Sep 2021 | BS21119X | 6-month | 0.36% | 0.30% | 3,800 | 6,236.8 | 1.64 |
| 16 Sep 2021 | BS21118T | 6-month | 0.30% | 0.27% | 3,900 | 7,314.2 | 1.88 |
| 2 Sep 2021 | BS21117H | 6-month | 0.30% | 0.27% | 3,900 | 7,833.2 | 2.01 |
| 19 Aug 2021 | BS21116S | 6-month | 0.30% | 0.27% | 4,000 | 8,233.0 | 2.06 |
| 4 Aug 2021 | BS21115Z | 6-month | 0.32% | 0.27% | 4,000 | 8,180.2 | 2.05 |
| 22 Jul 2021 | BS21114F | 6-month | 0.32% | 0.28% | 4,000 | 8,111.8 | 2.03 |
| 22 Jul 2021 | BY21102A | 1-year | 0.35% | 0.28% | 3,700 | 7,667.7 | 2.07 |
| 8 Jul 2021 | BS21113E | 6-month | 0.32% | 0.26% | 4,000 | 9,095.3 | 2.27 |
| 24 Jun 2021 | BS21112A | 6-month | 0.33% | 0.28% | 3,900 | 7,503.4 | 1.92 |
| 10 Jun 2021 | BS21111V | 6-month | 0.30% | 0.28% | 4,000 | 9,034.5 | 2.26 |
| 27 May 2021 | BS21110N | 6-month | 0.30% | 0.28% | 4,500 | 10,205.3 | 2.27 |
| 12 May 2021 | BS21109Z | 6-month | 0.33% | 0.31% | 4,000 | 10,258.4 | 2.56 |
| 29 Apr 2021 | BS21108F | 6-month | 0.37% | 0.34% | 4,200 | 8,835.6 | 2.10 |
| 15 Apr 2021 | BS21107E | 6-month | 0.37% | 0.31% | 4,000 | 8,993.5 | 2.25 |
| 15 Apr 2021 | BY21101V | 1-year | 0.43% | 0.38% | 3,600 | 7,694.2 | 2.14 |
| 31 Mar 2021 | BS21106A | 6-month | 0.41% | 0.37% | 3,600 | 7,724.9 | 2.15 |
| 18 Mar 2021 | BS21105V | 6-month | 0.44% | 0.30% | 4,000 | 7,554.2 | 1.89 |
| 4 Mar 2021 | BS21104N | 6-month | 0.35% | 0.28% | 4,000 | 9,508.1 | 2.38 |
| 18 Feb 2021 | BS21103W | 6-month | 0.31% | 0.20% | 4,000 | 13,418.1 | 3.35 |
| 4 Feb 2021 | BS21102X | 6-month | 0.29% | 0.25% | 3,800 | 9,475.2 | 2.49 |
| 21 Jan 2021 | BS21101T | 6-month | 0.30% | 0.26% | 3,800 | 10,567.5 | 2.78 |
| 21 Jan 2021 | BY21100N | 1-year | 0.38% | 0.31% | 2,900 | 5,850.2 | 2.02 |
| 7 Jan 2021 | BS21100H | 6-month | 0.33% | 0.29% | 3,800 | 8,176.0 | 2.15 |
2020 T-bill results 30 auctions · cut-off 0.20% to 1.61%
| Auction | Issue code | Tenor | Cut-off | Median | Offered (S$m) | Applied (S$m) | Bid-to-cover |
|---|---|---|---|---|---|---|---|
| 23 Dec 2020 | BS20125W | 6-month | 0.38% | 0.33% | 3,800 | 8,301.9 | 2.18 |
| 10 Dec 2020 | BS20124X | 6-month | 0.45% | 0.34% | 3,800 | 6,322.7 | 1.66 |
| 26 Nov 2020 | BS20123T | 6-month | 0.32% | 0.27% | 4,200 | 8,526.6 | 2.03 |
| 12 Nov 2020 | BS20122H | 6-month | 0.30% | 0.25% | 3,600 | 7,240.6 | 2.01 |
| 29 Oct 2020 | BS20121S | 6-month | 0.28% | 0.24% | 3,800 | 8,742.8 | 2.30 |
| 27 Oct 2020 | BY20103F | 1-year | 0.28% | 0.24% | 3,000 | 6,083.1 | 2.03 |
| 15 Oct 2020 | BS20120Z | 6-month | 0.25% | 0.19% | 3,500 | 8,507.2 | 2.43 |
| 1 Oct 2020 | BS20119W | 6-month | 0.26% | 0.22% | 3,100 | 5,837.6 | 1.88 |
| 17 Sep 2020 | BS20118X | 6-month | 0.25% | 0.21% | 3,700 | 6,958.8 | 1.88 |
| 3 Sep 2020 | BS20117T | 6-month | 0.26% | 0.20% | 3,900 | 7,743.3 | 1.99 |
| 20 Aug 2020 | BS20116H | 6-month | 0.27% | 0.19% | 3,700 | 8,491.1 | 2.29 |
| 5 Aug 2020 | BS20115S | 6-month | 0.24% | 0.19% | 3,500 | 9,590.0 | 2.74 |
| 27 Jul 2020 | BY20102E | 1-year | 0.31% | 0.27% | 2,900 | 6,507.6 | 2.24 |
| 23 Jul 2020 | BS20114Z | 6-month | 0.27% | 0.21% | 3,800 | 7,954.0 | 2.09 |
| 9 Jul 2020 | BS20113F | 6-month | 0.26% | 0.22% | 3,800 | 8,844.2 | 2.33 |
| 25 Jun 2020 | BS20112E | 6-month | 0.30% | 0.26% | 3,800 | 9,129.8 | 2.40 |
| 11 Jun 2020 | BS20111A | 6-month | 0.24% | 0.20% | 3,800 | 8,570.7 | 2.26 |
| 28 May 2020 | BS20110V | 6-month | 0.23% | 0.16% | 4,200 | 9,147.4 | 2.18 |
| 14 May 2020 | BS20109S | 6-month | 0.20% | 0.10% | 3,600 | 11,609.8 | 3.22 |
| 29 Apr 2020 | BS20108Z | 6-month | 0.40% | 0.37% | 3,800 | 9,277.9 | 2.44 |
| 27 Apr 2020 | BY20101A | 1-year | 0.45% | 0.34% | 3,000 | 8,278.8 | 2.76 |
| 16 Apr 2020 | BS20107F | 6-month | 0.55% | 0.47% | 3,500 | 10,479.8 | 2.99 |
| 2 Apr 2020 | BS20106E | 6-month | 0.70% | 0.55% | 3,000 | 8,089.0 | 2.70 |
| 19 Mar 2020 | BS20105A | 6-month | 1.40% | 0.95% | 3,700 | 6,545.6 | 1.77 |
| 5 Mar 2020 | BS20104V | 6-month | 1.04% | 0.97% | 3,900 | 12,280.7 | 3.15 |
| 20 Feb 2020 | BS20103N | 6-month | 1.58% | 1.49% | 3,700 | 9,507.8 | 2.57 |
| 6 Feb 2020 | BS20102W | 6-month | 1.61% | 1.56% | 3,400 | 9,711.3 | 2.86 |
| 28 Jan 2020 | BY20100V | 1-year | 1.44% | 1.40% | 2,900 | 8,832.7 | 3.05 |
| 22 Jan 2020 | BS20101X | 6-month | 1.53% | 1.50% | 3,800 | 10,031.7 | 2.64 |
| 9 Jan 2020 | BS20100T | 6-month | 1.58% | 1.53% | 3,800 | 11,047.8 | 2.91 |
T-bill vs SSB vs fixed deposit
All three are low-risk ways to park cash. The right one depends on how long you can lock the money away.
| 6-month T-bill | 1-year T-bill | Singapore Savings Bond | Fixed deposit | |
|---|---|---|---|---|
| Latest rate | 1.86% (BS26122V) | 1.92% (BY26103X) | 2.39% a year if held 10 years; 1.83% in year 1 (GX26120A) | Varies by bank and promo |
| Backed by | Singapore Government (AAA) | Bank; SDIC insures up to S$100,000 per depositor per bank | ||
| Get money back early? | No redemption. You can sell at DBS, OCBC or UOB branches at the market price. | Yes, any month, with no penalty | Usually yes, but you lose some or all interest | |
| Pay with | Cash, SRS, CPF OA or SA | Cash or SRS | Cash | |
| Minimum | S$1,000 | S$500 | Often S$500 to S$20,000 | |
See every SSB tranche and its step-up rates on our SSB interest rate page.
How to buy T-bills in Singapore
With cash
You need a DBS/POSB, OCBC or UOB account and an individual CDP account linked for direct crediting. Apply through internet banking, the DBS or OCBC app, or an ATM. The full amount is taken when you apply, and the discount comes back within 1 to 3 business days after the auction.
With SRS
Apply through your SRS operator's internet banking or app (DBS, OCBC or UOB). The money is earmarked when you apply, and only the price you pay is deducted after the auction. Proceeds go back to your SRS account at maturity.
With CPF
For OA, you need a CPF Investment Account with an agent bank and at least S$20,000 left in OA. CPF OA pays 2.5%, and you can lose up to about two months of that interest, so the T-bill yield needs to beat it by a margin. SA applications (S$40,000 must stay in SA) are made at a branch.
Competitive or non-competitive bid?
A non-competitive bid just says how much you want. These are filled first, up to 40% of the issue, and you get the cut-off yield. If too many people apply, everyone gets a pro-rated share. Each person can put up to S$1 million in non-competitive bids per auction.
A competitive bid names the lowest yield you'll accept. MAS fills bids from the lowest yield upwards until the issue is sold. The yield where it stops is the cut-off yield, and every successful bidder gets that same yield (a uniform-price auction). Bid too high and you may get nothing. Most retail investors bid non-competitive.
Where to park cash between auctions
Your money is locked from when you apply, and an unsuccessful bid can leave cash idle for weeks. These accounts let you earn something in the meantime and move money out quickly. Rates change often, so check each page for the current offer.
These links are DLCuration referral pages. If you sign up through them, DLCuration may earn a reward, at no cost to you. Offers are set by each brand.
Frequently asked questions
What is the latest T-bill rate in Singapore?
The latest 6-month T-bill (BS26122V, auctioned 4 Nov 2026) had a cut-off yield of 1.86% a year. The latest 1-year T-bill (BY26103X, auctioned 15 Oct 2026) closed at 1.92%.
When is the next T-bill auction?
The next 6-month T-bill auction is on 19 Nov 2026; apply by 9pm on 18 Nov 2026 for online cash and SRS applications at DBS/POSB. 6-month T-bills are auctioned every two weeks, and 1-year T-bills about once a quarter.
How much do I pay for a T-bill?
You pay less than the face value. MAS works out the discount per S$100 as days to maturity ÷ 365 × the cut-off yield, so a 182-day T-bill at 4.00% costs S$98.005 per S$100, and S$1,000 of T-bills costs S$980.05. You get the full S$1,000 back at maturity.
What is the cut-off yield?
It's the highest yield MAS accepts among competitive bids at the auction. Every successful bidder, including all non-competitive bidders, gets this same yield.
Should I bid competitive or non-competitive?
Most individuals bid non-competitive: you're guaranteed the cut-off yield, and non-competitive bids are filled first, up to 40% of the issue (pro-rated if oversubscribed). A competitive bid only makes sense if you'd rather get nothing than accept a yield below your bid.
Can I use CPF to buy T-bills?
Yes, from CPF OA (through a CPF Investment Account with DBS, OCBC or UOB, keeping S$20,000 in OA) or SA (keeping S$40,000 in SA). CPF OA already pays 2.5%, and you can lose up to about two months of OA interest plus agent bank fees, so the cut-off yield needs to be comfortably above 2.5% to be worth it. The calculator shows the break-even yield.
Is T-bill interest taxable?
No. Interest from Singapore Government Securities, including T-bills, is tax-exempt for individuals, and Singapore has no capital gains tax.
Can I sell a T-bill before it matures?
You can't redeem it early with MAS, but you can sell it on the secondary market at DBS, OCBC or UOB branches. The price you get may be higher or lower than what you paid.
Where this data comes from
Auction results and the issuance calendar come from the Monetary Authority of Singapore (MAS SGS auction results and auctions and issuance calendar). The calculator uses the price formula in the MAS T-bills FAQ, and it reproduces MAS's worked example (182 days at 4.00% gives a price of S$98.005). Bank deadlines and CPF fees are from DBS's published T-bill guide. Data last updated 4 Nov 2026. Spot an error? Email dlcuration@gmail.com.