Singapore T-Bill Auction Results 2026: Latest Yields, Dates & How to Apply
Your complete guide to every 6-month T-bill auction — updated with July 2026 data, application deadlines, and yield comparisons.
The latest 6-month Singapore T-bill cut-off yield is 1.47% p.a. (as at the 18 June 2026 auction). The next T-bill auction (BS26113X) is on 2 July 2026, with S$8.7 billion being issued — the largest issuance to date. Cash applications close at 9pm on 1 July; CPF OA applications via DBS and OCBC also close at 9pm on 1 July. Yields have fallen steadily from over 3% in early 2026, but T-bills remain competitive against most savings accounts and fixed deposits.
Not financial advice. All figures are for educational reference only. Data as at July 2026 unless noted.
- Latest 6-month T-bill yield: 1.47% p.a. (Jun 18 auction). Next auction July 2 — expected ~1.46–1.47%.
- Cash application deadline for July 2 auction: 9pm tonight (1 July). CPF OA via DBS/OCBC: also 9pm 1 July.
- T-bills still beat most savings accounts but trail the best fixed deposits (~1.55–1.60%) and CPF OA (2.5%).
Table of Contents
Latest T-Bill Auction Results (July 2026)
The most recent 6-month Singapore T-bill auction took place on 18 June 2026 (issue code BS26112T). Here are the key results:
| Detail | Value |
|---|---|
| Issue Code | BS26112T |
| Auction Date | 18 June 2026 |
| Cut-off Yield | 1.47% p.a. |
| Issuance Size | S$8.2 billion |
| Total Applications | S$19.4 billion |
| Tenor | 6 months (182 days) |
Source: Monetary Authority of Singapore (MAS), June 2026.
The cut-off yield held steady from the previous 4 June auction (1.48%), suggesting demand remains strong at current yield levels. Applications surged to S$19.4 billion from S$14.1 billion in the prior auction — a sign that investors are still parking significant cash in T-bills despite the lower yields versus 2025.
Next Auction: 2 July 2026 (BS26113X)
The upcoming 6-month T-bill auction on 2 July 2026 has an issuance size of S$8.7 billion — the largest ever for a 6-month T-bill. Here are the key dates you need to know right now:
| Application Channel | Deadline |
|---|---|
| Cash (DBS/POSB iBanking) | 9pm, 1 July (today) |
| Cash (OCBC iBanking) | 9pm, 1 July (today) |
| Cash (UOB iBanking) | 9pm, 1 July (today) |
| CPF OA via DBS | 9pm, 1 July (today) |
| CPF OA via OCBC | 9pm, 1 July (today) |
| Auction Date | 2 July 2026 (Thursday) |
Source: MAS Auctions and Issuance Calendar; bank websites, July 2026.
Important: UOB’s CPF OA applications closed at 9pm on 30 June (Tuesday). If you bank with UOB for CPF, you have missed the window for this auction via CPF OA — but you can still apply with cash.
T-Bill Yield History 2026
Singapore’s 6-month T-bill yields have dropped sharply through 2026. They started the year above 3%, reflecting the high global interest rate environment from 2024–25. By mid-2026, yields have settled near 1.47% — roughly half of their early-2026 peak.
Here’s a look at every major 6-month T-bill auction result in 2026:
| Auction Date | Issue Code | Cut-off Yield | Change |
|---|---|---|---|
| 18 Jun 2026 | BS26112T | 1.47% | −0.01% |
| 4 Jun 2026 | BS26111Z | 1.48% | +0.01% (YTD high) |
| 21 May 2026 | BS26110F | 1.60% | −0.13% |
| 7 May 2026 | BS26109J | 1.73% | −0.19% |
| 23 Apr 2026 | BS26108N | 1.92% | −0.28% |
| 9 Apr 2026 | BS26107R | 2.20% | −0.35% |
| 26 Mar 2026 | BS26106V | 2.55% | −0.15% |
| 12 Mar 2026 | BS26105Z | 2.70% | −0.24% |
| 26 Feb 2026 | BS26104D | 2.94% | −0.08% |
| 12 Feb 2026 | BS26103H | 3.02% | — |
Source: Monetary Authority of Singapore (MAS) Treasury Bills Statistics, July 2026. Issue codes are approximate for reference.
The sharp decline reflects Singapore’s shorter-duration rates following global interest rate cuts. The US Federal Reserve has signalled it may keep rates elevated, but Singapore’s 3-month SORA has already fallen to around 1.05% — dragging T-bill yields down with it.
That said, yields have stabilised around 1.46–1.48% since early June. The 3-month MAS bill yield ticked up slightly to 1.46% in late June — a small signal that yields may not fall much further in the near term. If you’re wondering whether to check our full Singapore T-bills 2026 guide for a deeper breakdown of what drives these yields.
How to Apply for the July 2 T-Bill
Applying is simple if you bank with DBS/POSB, OCBC, or UOB. The minimum application is S$1,000, in multiples of S$1,000. You can apply via internet banking — no brokerage account required.
Step-by-Step: Cash Application via DBS/POSB
- Log in to DBS iBanking or digibank app
- Go to Invest → Singapore Government Securities (SGS)
- Select Treasury Bills (T-bills)
- Choose the upcoming auction (BS26113X, 2 July 2026)
- Enter your application amount (S$1,000 minimum, multiples of S$1,000)
- Select bid type: Non-competitive is recommended for most investors — you get the auction cut-off yield automatically, no need to guess
- Confirm and submit before 9pm on 1 July 2026
The same flow applies for OCBC and UOB internet banking. The T-bill proceeds (principal + discount) will be credited to your bank account on the issue date (approximately 7 July 2026).
Competitive vs Non-Competitive Bids
Most retail investors should choose non-competitive bids. Here’s the difference:
| Bid Type | How It Works | Best For |
|---|---|---|
| Non-Competitive | You accept whatever cut-off yield the auction produces | Most retail investors — guaranteed allotment (up to S$1M) |
| Competitive | You specify your minimum yield. Filled only if cut-off ≥ your bid | Institutional / experienced investors willing to risk non-allotment |
Source: MAS T-Bills FAQs, July 2026.
Non-competitive bids for individuals are allotted first — up to S$1 million per application — before the remaining supply goes to competitive bidders. This makes the non-competitive route essentially risk-free in terms of allotment.
Applying with CPF OA or SRS
You can use your CPF Ordinary Account (OA) or Supplementary Retirement Scheme (SRS) funds to buy T-bills. This is one of the best ways to put otherwise idle CPF OA or SRS balances to work while maintaining government-backed security.
CPF OA Requirements
- You need a CPF Investment Account (CPFIS-OA) — open one at DBS, OCBC, or UOB if you don’t have one
- You must have at least S$20,000 in your CPF OA (the minimum investable balance)
- The T-bill yield (1.47%) is currently lower than the CPF OA interest rate of 2.5%, so you’re giving up yield by investing CPF OA funds in T-bills
- However, some investors use T-bills as a short-term parking tool if they expect CPF rules or rates to change
For most people, leaving money in CPF OA at 2.5% is better than locking it into T-bills at 1.47%. Use our Singapore retirement calculator to see how CPF compounding affects your long-term retirement balance before moving funds out.
SRS Application
- Apply through your SRS operator’s internet banking (DBS, OCBC, or UOB)
- SRS funds are already out of the CPF system, so the 2.5% OA rate comparison doesn’t apply
- T-bills are a low-risk SRS deployment option alongside Singapore Savings Bonds (SSB) and fixed deposits
- Withdrawal from SRS at retirement is taxed — so the focus is on growing the balance tax-efficiently
If you hold SRS funds, T-bills and SSBs are both good parking options. Check our Singapore Savings Bonds guide for a direct comparison of SSB vs T-bill for SRS deployment.
T-Bill vs Fixed Deposit vs SSB vs CPF OA
With yields now well below their 2024–2025 peaks, it’s worth comparing T-bills against alternatives for your cash parking needs. Here’s how they stack up as at July 2026:
| Option | Rate (Jul 2026) | Tenor | Capital Safe? | Liquidity |
|---|---|---|---|---|
| 6-Month T-Bill | ~1.47% | 6 months | ✓ Govt-backed | Low (locked-in) |
| Best Fixed Deposit | ~1.50–1.60% | 3–12 months | ✓ SDIC-insured | Low (penalty for early) |
| SSB (1-Year avg) | 1.46% | Up to 10 years | ✓ Govt-backed | High (redeem anytime) |
| High-Yield Savings | 1.20–1.50% | No lock-in | ✓ SDIC-insured | High |
| CPF OA | 2.50% | Ongoing | ✓ Govt-guaranteed | Very Low |
Source: MAS, CPF Board, bank websites. Rates as at July 2026. SDIC = Singapore Deposit Insurance Corporation.
The key takeaway: T-bills are no longer clearly the best yield option for cash. The best fixed deposits currently offer up to 1.60% — beating T-bills by 0.13%. SSBs are essentially neck-and-neck with T-bills on 1-year yield (1.46% vs 1.47%), but SSBs have a huge advantage: you can redeem early without penalty. CPF OA at 2.5% remains the benchmark that beats everything else — if you have CPF OA funds you don’t need soon, leaving them in CPF is likely the better choice.
When T-Bills Still Make Sense
Despite lower yields, T-bills remain a solid choice if:
- You want government-backed capital protection for a 6-month horizon (safer than fixed deposits in the unlikely event of bank stress)
- You prefer a defined maturity date — useful for laddering cash for a known expense 6 months away
- You are deploying SRS funds and want low-risk exposure without locking into a long-term product
- The fixed deposit offers at your bank are poor — smaller banks sometimes offer better FD rates; T-bills provide a universal baseline
Want to explore how to build passive income from your cash and investments beyond T-bills? See our guide on passive income in Singapore for ideas across T-bills, REITs, and dividend stocks.
Upcoming T-Bill Auction Calendar (2026)
The MAS issues 6-month T-bills roughly every two weeks. Here are the confirmed upcoming auction dates from the MAS Auctions and Issuance Calendar:
| Auction Date | Issue Code | Approximate Cash Deadline |
|---|---|---|
| 2 July 2026 | BS26113X | 9pm, 1 Jul (today) |
| ~16 July 2026 | TBC | ~9pm, 15 Jul |
| ~30 July 2026 | TBC | ~9pm, 29 Jul |
| ~13 August 2026 | TBC | ~9pm, 12 Aug |
Source: MAS Auctions and Issuance Calendar, July 2026. Future dates are estimated based on the bi-weekly issuance pattern; confirm exact dates on the MAS website before applying.
Always verify exact dates on the MAS website before applying. Banks’ cut-off times can vary slightly — DBS and OCBC generally allow applications until 9pm the day before, while UOB sometimes closes earlier.
Should You Apply for This T-Bill?
Here’s a quick framework to decide if the July 2 T-bill is right for you:
- You have idle cash you won’t need for 6 months
- You want government-backed capital protection
- Your bank’s fixed deposit rates are 1.47% or lower
- You’re deploying SRS funds short-term
- You can get a fixed deposit at 1.55%+ — that beats the T-bill outright
- The money is from CPF OA — leave it at 2.5% in CPF instead
- You might need the cash before 6 months — choose SSB (flexible redemption) instead
- You want longer-term yield certainty — SSB’s 10-year average of 2.11% beats both T-bills and fixed deposits
For investors who want to put their savings into higher-yielding assets over the long term, exploring the best S-REITs in Singapore 2026 or using a robo-advisor with an Endowus referral code (for 0 platform fee for the first S$10,000) could generate meaningfully higher returns — at higher risk.
Disclaimer: T-bills and other Singapore Government Securities are considered very low risk, but no investment is entirely without risk. Past yields are not a guarantee of future yields. The information above is for educational purposes only and does not constitute financial advice. Please seek independent financial advice if needed.
Frequently Asked Questions
What is the latest Singapore T-bill cut-off yield?
The latest 6-month Singapore T-bill cut-off yield is 1.47% p.a., from the auction on 18 June 2026 (issue code BS26112T). The next auction on 2 July 2026 is expected to produce a similar yield of around 1.46–1.47%, based on secondary market closing levels of 1.46% on 26 June 2026. Check the MAS website for official results after the 2 July auction.
How do I check Singapore T-bill auction results?
You can check official T-bill auction results on the Monetary Authority of Singapore (MAS) website at mas.gov.sg under Bonds & Bills → Auctions and Issuance Calendar. Results are typically published the same day as the auction (Thursdays). Your bank’s internet banking portal will also show you the allotment result and the amount credited to your account.
Is the T-bill yield better than a fixed deposit in July 2026?
Not necessarily. The best 6-month fixed deposit rates in Singapore are currently around 1.50–1.60% p.a. — slightly above the T-bill cut-off yield of 1.47%. However, T-bills are backed directly by the Singapore Government (not just SDIC-insured), which some investors prefer. If your bank’s best fixed deposit rate is below 1.47%, the T-bill is the better choice. If you can get 1.55% or more on a fixed deposit, the FD wins on yield alone.
Should I use CPF OA funds to buy T-bills?
Generally no, at the current yield of 1.47%. Your CPF Ordinary Account already earns 2.5% per year — more than the T-bill yield. You would be giving up 1.03% per year by moving CPF OA funds into T-bills. The main exception is if you have a specific short-term reason to hold funds outside CPF, or if you expect the CPF rules to change in a way that affects your strategy. For most people, leaving CPF OA funds in CPF is the better financial decision right now.
What happens if I miss the T-bill application deadline?
If you miss the deadline for the 2 July auction (9pm on 1 July 2026), you will need to wait for the next auction, which is typically scheduled about two weeks later (around 16 July 2026). Check the MAS Auctions and Issuance Calendar for the exact date. In the meantime, consider a Singapore Savings Bond (SSB) as an alternative — you can apply for SSBs at any time during the month, and they offer flexible redemption with no penalty.
Can I sell my T-bill before it matures?
Yes, you can sell your T-bill on the secondary market before maturity, but the price will depend on prevailing market yields at the time. If yields have risen since you bought, you would sell at a small loss. If yields have fallen, you would make a small gain. For most retail investors, it is simplest to hold T-bills to maturity. If liquidity is important, Singapore Savings Bonds are a better fit — you can redeem them any month with no penalty and full principal returned.
What is the minimum amount to invest in a Singapore T-bill?
The minimum investment in a Singapore T-bill is S$1,000, applied in multiples of S$1,000. So you can apply for S$1,000, S$2,000, S$5,000, S$10,000, and so on. There is no maximum for non-competitive bids from individuals — you can apply for up to S$1 million per application and be guaranteed allotment. T-bills are one of the most accessible low-risk investments available to Singapore residents.
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