What you need first
To buy T-bills with cash you need a bank account with one of the three local banks — DBS/POSB, OCBC or UOB — and an individual Central Depository (CDP) account linked to that bank account. Cash T-bills are held in your CDP account.
If you already invest in SGS or stocks through CDP, you are likely set up already. If not, opening a CDP account is a one-time step you do before applying.
Where you apply
Applications are made through the bank, not directly with MAS. You can apply through internet banking or at the bank's ATM. Look for the SGS / Singapore Government Securities or Treasury Bills option in the investment menu.
Each auction has a closing date and time — typically a day or two before the issue date. Submit your application before the cut-off; late applications are not accepted for that auction.
Competitive vs non-competitive bid
When you apply you choose a bid type. With a non-competitive bid you accept whatever yield the auction sets (the cut-off yield) and are more concerned with getting an allotment. With a competitive bid you specify the highest yield you are willing to accept.
Most retail savers use a non-competitive bid for simplicity. Note that if non-competitive bids exceed their share of the issue, they can be allotted on a pro-rated basis. Our auction guide explains this in detail.
Payment and settlement
When you apply, the bank sets aside the funds. If your bid is successful, the discounted purchase amount is taken and the T-bill is issued into your CDP account on the issue date. If you are not allotted, or only partially allotted, the unused funds are returned.
Confirm the exact charges, application steps and calendar with your bank and on the MAS website — details can differ slightly between banks.
Check the latest at the source
Yields, calendars and rules change. Confirm current details on the official Monetary Authority of Singapore (MAS) website before you act.
MAS bonds & bills ↗This guide is general educational information, not financial advice. T-Bills Singapore is independent and not affiliated with MAS, the CPF Board or any bank. Consider your own circumstances and, if in doubt, speak to a licensed financial adviser.
