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Singapore T-Bill, SSB & Fixed Deposit Comparison Calculator 2026

Singapore T-Bill, SSB & Fixed Deposit Comparison Calculator

Track the t-bill interest rate in Singapore and compare returns across T-bills, Singapore Savings Bonds (SSB), and fixed deposits — all in one free interactive tool.

T-Bill vs SSB vs FD Calculator

Enter your investment amount, select a term, and input the current rates from MAS and your bank. The calculator shows interest earned and ranks each instrument by return.

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Understanding T-Bill Interest Rates in Singapore

Singapore Treasury bills — commonly called T-bills — are short-term government securities issued by the Monetary Authority of Singapore (MAS) on behalf of the Singapore Government. They are sold at a discount and mature at face value, meaning your return is the difference between what you pay and what you receive at maturity. The t-bill interest rate in Singapore is determined by a competitive auction process held every two weeks for the 6-month tenor, and periodically for 1-year T-bills.

Alongside T-bills, Singapore retail investors can also access Singapore Savings Bonds (SSB) and fixed deposits (FDs) from local banks. Each instrument suits a different need: T-bills offer the highest short-term yield, SSBs provide step-up rates with full flexibility to redeem early, and FDs offer predictable locked-in returns with SDIC insurance up to S$100,000 per member institution.

What Is the 6-Month T-Bill Rate?

The 6 month T-bill Singapore rate is set at each fortnightly auction. Investors submit bids via their bank’s ATM or online banking (DBS, OCBC, UOB), and the cut-off yield is the rate at which the total issue is fully subscribed. In 2023, 6-month T-bill rates peaked above 4.0% before declining as the global rate cycle turned. As of early 2026, rates hover around 3.2–3.7% — still attractive relative to most savings accounts.

T-Bill vs SSB vs Fixed Deposit — At a Glance

Feature T-Bills SSB Fixed Deposit
Issuer Singapore Government Singapore Government Licensed Bank
Tenor 6 months or 1 year Up to 10 years 1 month – 3 years
Early Redemption Secondary market only Any month, no penalty Penalty applies
Min. Investment S$1,000 S$500 S$1,000 (varies)
Max. Investment No cap S$200,000 total SDIC covers S$100K
CPF-eligible? Yes (OA) Yes (OA) Varies by product

Source: MAS.gov.sg, SDIC.org.sg. For informational purposes only — not financial advice.

How to Use This T-Bill vs SSB vs FD Calculator

  1. Enter your amount: Type your investment amount in Singapore dollars. You can compare any sum from S$1,000 upward.
  2. Select the term: Choose 6 months, 1 year, 2 years, 3 years, or 5 years. Note that T-bills are only available in 6-month and 1-year tenors — for longer terms, T-bill rates should be rolled over.
  3. Input current rates: Enter the latest rates from MAS (for T-bills and SSBs) and your preferred bank (for FDs and savings accounts). The calculator pre-fills indicative 2026 rates — update them for real-time accuracy.
  4. Read the results: The calculator ranks all four instruments by interest earned, shows a bar chart comparison, and gives a plain-English recommendation based on your inputs.

Pro tip: For a deeper retirement income picture, pair this tool with our Singapore Retirement Planning Calculator or explore how to optimise your CPF via our CPF Investment Strategy Guide.

Singapore T-Bill SSB Fixed Deposit Calculator — Compare Returns 2026
Contents — Click to Expand
1. T-Bill vs SSB vs FD Calculator
2. Understanding T-Bill Interest Rates in Singapore
3. How to Use This Calculator
4. What Is a Singapore T-Bill?
5. How Singapore T-Bill Rates Are Determined
6. T-Bills vs SSB vs FD vs Savings Account: Detailed Comparison
7. Best Strategies for Low-Risk Singapore Savers in 2026
8. Using CPF OA to Buy T-Bills and SSBs
9. Frequently Asked Questions

What Is a Singapore T-Bill?

A Singapore Treasury bill (T-bill) is a short-term debt instrument issued by the Singapore Government through MAS auctions. Unlike bonds that pay periodic coupons, T-bills are issued at a discount — you pay less than the face value (e.g., S$9,825 for a S$10,000 face value bill) and receive the full S$10,000 at maturity. The implied return is the t-bill interest rate in Singapore, annualised for comparison.

Singapore T-bills come in two tenors: 6-month (26-week) and 1-year (52-week). The 6-month tenor is auctioned fortnightly and is by far the most popular among retail investors because of its short lock-up and competitive yield. Allotments are done on a non-competitive basis for retail investors, meaning you receive the cut-off yield rather than needing to bid a specific rate.

T-bills are backed by the full faith and credit of the Singapore Government, making them among the safest investments available to Singapore residents. They are eligible for investment using CPF Ordinary Account (OA) funds, subject to the CPF Investment Scheme (CPFIS) rules — though OA interest of 2.5% sets a natural baseline to beat.

How Singapore T-Bill Rates Are Determined

The 6 month T-bill Singapore cut-off yield is set by competitive auction. Banks, institutions, and individuals submit bids specifying the yield they require. MAS accepts bids from lowest yield upward until the full issue amount is covered — the last accepted bid sets the cut-off yield, which all non-competitive (retail) bidders receive.

T-bill yields broadly track the Singapore Overnight Rate Average (SORA) and global short-term interest rate benchmarks, including the US Federal Reserve’s policy rate. When the Fed raised rates aggressively in 2022–2023, Singapore T-bill yields followed, briefly exceeding 4% in late 2022. As the Fed pivots toward easing in 2025–2026, Singapore T-bill rates have moderated but remain elevated relative to the near-zero era of 2020–2021.

You can check the latest t bill auction results singapore and upcoming auction dates on the MAS T-bill page or subscribe to MAS email alerts.

T-Bills vs SSB vs Fixed Deposit vs Savings Account: Detailed Comparison

Each low-risk savings instrument in Singapore serves a different purpose. The right choice depends on your time horizon, liquidity needs, and rate expectations:

  • T-bills suit investors parking cash for exactly 6 or 12 months who want the highest available risk-free rate. The trade-off is that you cannot access your money before maturity without selling on the secondary market (which may incur a spread).
  • Singapore Savings Bonds (SSB) are ideal for medium-term savers who value flexibility. You can redeem in any month with no penalty by the 2nd business day of the following month. The singapore savings bond maximum amount is S$200,000 per person, and step-up interest rewards long-term holders.
  • Fixed Deposits (FDs) offer slightly higher rates than savings accounts for locking up funds. They are SDIC-insured up to S$100,000 per depositor per institution. Rates are often promotional and may not renew at the same rate.
  • High-yield savings accounts (e.g. MariBank, Trust Bank) offer full liquidity but rates can be revised monthly. Good for emergency funds or money you might need on short notice.

The t bill vs singapore savings bond question often comes down to: do you need to access the money before the T-bill matures? If yes, SSB wins on flexibility. If no, T-bills typically offer a higher short-term yield.

Best Strategies for Low-Risk Singapore Savers in 2026

With Singapore interest rates expected to moderate further in 2026 as global monetary policy eases, savers should consider a laddering strategy — spreading funds across different instruments and maturities to balance yield and liquidity:

  • Emergency fund (3–6 months expenses): Keep in a high-yield savings account (MariBank, Trust Bank) for instant access.
  • Short-term savings (6–12 months): Allocate to T-bills to lock in the current rate. Roll over at each auction to maintain exposure.
  • Medium-term savings (1–5 years): SSBs offer step-up rates that reward longer holding — with the ability to exit if a better opportunity arises.
  • Retirement savings (long-term): Consider Singapore REITs for higher yield (5–7%), or supplement with CPF top-ups for risk-free 4.0% (SA) or 2.5% (OA) returns.

This diversified approach ensures you always have some liquidity while maximising interest on funds you do not need immediately.

Singaporeans can invest CPF Ordinary Account (OA) funds in both T-bills and SSBs under the CPF Investment Scheme (CPFIS). However, this only makes sense if the instrument yields more than the base CPF OA rate of 2.5% — which T-bills and SSBs currently do. The first S$20,000 in your OA also earns a bonus 1% extra interest, effectively yielding 3.5%, so compare carefully before investing OA funds externally.

For a complete breakdown of CPF allocation rates by age and strategies to maximise your CPF interest, see our CPF Investment Strategy Guide. You can also use our Retirement Planning Calculator to project how much passive income your savings can generate by retirement age.

Frequently Asked Questions

What is the current t-bill interest rate in Singapore?
The t-bill interest rate in Singapore changes with each fortnightly auction. As of early 2026, the 6-month T-bill cut-off yield is approximately 3.3–3.7% per annum. The exact rate depends on market demand at each auction. You can check the latest cut-off yield and upcoming auction dates directly on the MAS website (mas.gov.sg) or via your bank’s internet banking portal after each auction result is published.
Is T-bill better than a fixed deposit in Singapore?
T-bills generally offer a higher yield than most fixed deposits for the same 6-month term, because T-bill rates are set by competitive market auction and currently reflect elevated short-term rates. However, FDs offer SDIC insurance (up to S$100,000) and may be more convenient to set up through your existing bank. If the T-bill cut-off rate exceeds your best available FD rate — and you do not need the funds before maturity — T-bills are typically the better choice. Use our calculator above to compare both based on current rates.
How do I apply for the 6-month T-bill in Singapore?
You can apply for the 6 month T-bill Singapore through DBS/POSB, OCBC, or UOB internet banking or ATMs. Applications must be submitted before the auction closes (typically 9pm the night before). You need a CDP account and a bank account linked to it. Submit a non-competitive bid to receive the cut-off yield — the amount will be deducted from your bank account on the settlement date, and the face value returned at maturity.
What is the Singapore Savings Bond maximum amount?
The Singapore Savings Bond maximum amount is S$200,000 per individual across all SSB holdings. You can invest in multiples of S$500, with a minimum of S$500 per application. This cap applies to the total outstanding SSB holdings, not per issuance. For amounts above S$200,000, T-bills or fixed deposits have no equivalent cap (though SDIC insurance only covers FDs up to S$100,000 per institution).
Can I redeem my T-bill or SSB early?
SSBs can be redeemed in any calendar month with no penalty — simply submit a redemption request through your bank by the 4th last business day of the month, and you will receive your principal plus accrued interest by the 2nd business day of the following month. T-bills cannot be redeemed early through MAS, but they can be sold on the secondary market through SGX. However, secondary market prices may be below face value depending on current rates, so early selling may result in a lower effective return.
Are T-bill returns taxable in Singapore?
No. Interest income from Singapore Government T-bills, SSBs, and SGS bonds is exempt from Singapore income tax for individual investors. This makes them especially tax-efficient compared to FD interest, which is technically taxable (though in practice, MAS has not taxed individual FD interest in Singapore for decades). For corporate investors, T-bill gains may be subject to tax — consult a tax professional.
How does the t-bill auction result affect the SSB rate?
They are set by different mechanisms. T-bill rates are determined by market demand at each fortnightly auction and can change significantly between auctions. SSB rates are set monthly by MAS based on the average Singapore Government Securities (SGS) yields for the preceding month — effectively a smoothed average of market rates. When T-bill rates are rising quickly, T-bills typically offer more than SSBs in the short term. When rates are declining, SSBs with step-up structures can be more attractive for medium-term savers.
What is the difference between a T-bill and an SSB for CPF investment?
Both T-bills and SSBs are eligible for CPF Ordinary Account (OA) investment under CPFIS. T-bills bought with CPF OA funds are held for the full tenor and proceeds are returned to your OA at maturity. SSBs provide more flexibility since you can redeem at any month. In both cases, the investment only makes sense if the yield exceeds 2.5% (the OA base rate) — and for the first S$20,000 in OA (which earns 3.5% with the bonus), the hurdle is even higher. Check our CPF Investment Strategy Guide for a full breakdown.

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