Singapore T-Bills 2026: Current Yield, How to Buy & Compare With SSBs & Fixed Deposits

Singapore T-Bills 2026: Current Yield, How to Buy & Compare With SSBs & Fixed Deposits

Updated April 2026 | MAS-Issued Government Securities | 6-Month & 1-Year T-Bills

Singapore T-bills remain one of the most popular low-risk investments for local retail investors — and for good reason. Issued by the Monetary Authority of Singapore (MAS), T-bills carry zero default risk and offer competitive short-term yields compared to bank fixed deposits.

The latest 6-month T-bill (March 31, 2026 auction) cleared at a cut-off yield of 1.46% p.a., while the most recent 1-year T-bill yielded 1.44% p.a. These rates have declined significantly from the 3.8–4.2% highs seen in 2023–2024 as Singapore interest rates follow global rate-cut cycles — but T-bills still edge out most bank fixed deposits in Singapore today.

This guide covers everything you need to know: what T-bills are, current yields, how to buy them (cash, CPF OA, SRS), and a full comparison with Singapore Savings Bonds (SSBs) and fixed deposits. This is not financial advice — please do your own research before investing.

Table of Contents

1. What Are Singapore T-Bills?

Singapore Treasury Bills — commonly called T-bills — are short-term debt securities issued by the Singapore government through MAS. They carry zero default risk and are backed by the full faith and credit of the Singapore government, which holds a AAA credit rating.

Unlike bonds that pay periodic coupon interest, T-bills are zero-coupon instruments. You buy them at a discount to their face value, and at maturity, MAS pays you the full face value. For example: a S$10,000 6-month T-bill clearing at 1.46% costs approximately S$9,927 upfront — you earn S$73 over 6 months.

Key T-bill facts:

• Tenors available: 6-month and 1-year
• Minimum investment: S$1,000 (multiples of S$1,000)
• Issuance frequency: Every 2 weeks (6-month); quarterly (1-year)
• Eligible investors: Singapore citizens, PRs, and foreigners (with CDP account)
• Payment methods: Cash, CPF OA (via CPFIS), SRS
• Agent banks: DBS/POSB, OCBC, UOB
• Issuer: MAS on behalf of the Singapore government

T-bills are tradeable on the secondary market but most retail investors hold to maturity. You will need a CDP (Central Depository) account linked to your bank account to apply.

2. Current T-Bill Yields (April 2026)

Singapore T-bill yields have declined sharply from the 2023–2024 highs as global central banks entered an easing cycle. SORA dropped from a 3.03% peak to approximately 1.07% by early 2026, pulling T-bill yields lower in tandem.

Latest T-bill cut-off yields (as at April 2026):

Source: MAS Treasury Bills Statistics. Figures as at April 2026.

The latest 6-month auction drew S$16.4 billion in total applications against S$8.2 billion issued — a bid-to-cover of 2.00x. This is down from the 3x+ ratios seen during the 2023 peak, reflecting reduced urgency as yields have normalised. With the US Fed holding at 3.50–3.75% and only 1 cut projected for 2026, T-bill yields are likely to remain in the 1.3–1.6% range through mid-2026.

3. T-Bills vs SSBs vs Fixed Deposits — Full Comparison

Singapore retail investors have several low-risk options for parking short-to-medium-term cash. Here’s how T-bills stack up against Singapore Savings Bonds (SSBs) and bank fixed deposits as at April 2026:

Rates as at April 2026. Fixed deposit rates subject to promotional terms and fresh fund requirements. Verify directly with banks.

Key takeaways: T-bills currently offer the best short-term yield among FDs and SSBs Year 1 at 1.46%. SSBs win for the long run (1.99% 10-year average, monthly liquidity). CPF OA’s guaranteed 2.5% floor beats all of these — a critical point covered in Section 5. For S-REIT investors seeking higher income yields (5–7%), see our Best S-REITs Singapore 2026 guide and Best Passive Income Ideas in Singapore.

4. How to Buy Singapore T-Bills (Step-by-Step)

You can buy Singapore T-bills using cash, CPF Ordinary Account (OA) funds, or SRS savings through DBS/POSB, OCBC, or UOB — via internet banking, mobile app, or ATM.

Option A: Buying T-Bills With Cash

1. Log in to your bank’s internet banking portal (e.g. DBS iBanking)
2. Navigate to Invest → Singapore Government Securities (SGS)
3. Select T-bill and choose the current issuance (e.g. BS26106T)
4. Select payment method: Cash
5. Choose bid type: Non-competitive bid (recommended — you accept the cut-off yield) or Competitive bid (you specify a minimum yield; risk of missing out if auction clears below your bid)
6. Enter your investment amount (minimum S$1,000, multiples of S$1,000)
7. Submit before the deadline: 9pm the day before the auction

Option B: Buying T-Bills With CPF OA Funds

T-bills are eligible under the CPF Investment Scheme (CPFIS). You need a CPFIS-OA investment account at one of the three agent banks. Applications via CPF OA through DBS iBanking must be made on the website (not mobile app).

1. Ensure you have a CPFIS-OA investment account set up at DBS/POSB, OCBC, or UOB
2. Log in to DBS iBanking (website only)
3. Navigate to Invest → Singapore Government Securities (SGS) → T-bill
4. Select payment method: CPF-OA
5. Choose non-competitive or competitive bid, enter amount
6. Submit before: 12pm (noon) on the 2nd business day before the auction
7. Note: a transaction fee of S$2.70 (incl. GST) applies per application

Option C: Buying T-Bills With SRS

Select SRS as payment method in iBanking. SRS contributions receive income tax relief (up to S$15,300/year for Singapore citizens), making this tax-efficient. Use our Retirement Planning Calculator to model T-bills and SSBs in your retirement strategy.

5. Should You Use CPF OA Funds for T-Bills in 2026?

This is the most important question in 2026 — and the answer has changed dramatically from two years ago.

In 2023–2024: T-bills yielded 3.8–4.2% — well above CPF OA’s 2.5% floor. Using CPF OA for T-bills made clear financial sense, and bid-to-cover ratios exceeded 3x as investors piled in.

In 2026: T-bill yields are 1.46% — more than 1 percentage point below CPF OA’s 2.5% floor. Using CPF OA for T-bills now locks you into a lower return than simply leaving money in CPF OA. The net cost: approximately S$52 per S$10,000 over 6 months.

When does CPF OA for T-bills make sense? Only when T-bill yields significantly exceed 2.5% again. Based on current Fed rate expectations and SORA at ~1.07%, this is unlikely before late 2026 at the earliest. For CPF strategy, read our CPF Investment Strategy guide.

For cash and SRS investors, T-bills at 1.46% remain attractive — they beat all major bank FDs, carry no lock-up penalty, and are fully government-backed. For those willing to lock in a longer horizon, the SSB April 2026 issue at 1.99% (10-year average) is worth considering. For higher yields with managed risk, Syfe and Endowus income portfolios target 4–6%+ distribution yields.

6. 2026 T-Bill Auction Calendar

MAS auctions 6-month T-bills approximately every two weeks, and 1-year T-bills quarterly. Always verify on the MAS Auctions and Issuance Calendar before applying.

Pro tip: Set a calendar reminder 3 days before each auction. Missing the CPF OA 12pm deadline (2 business days early) is the most common avoidable mistake.

7. Common Mistakes When Buying T-Bills

• Submitting a competitive bid that’s too high. If you bid 1.60% on a T-bill clearing at 1.46%, your application is rejected entirely. Most retail investors should use non-competitive bids.
• Using CPF OA when T-bill yield < 2.5%. In 2026, this costs you money vs leaving funds in CPF OA. Always compare T-bill yield vs CPF OA floor before deciding.
• Missing the CPF OA deadline. The 12pm, 2-business-days-before cut-off catches many investors off-guard. Cash has more leeway (9pm the day before).
• Not having a CDP account. You need a CDP account linked to your bank to buy T-bills. Apply via SGX if you haven’t already — it takes a few days to process.
• Ignoring SSBs for longer-term idle cash. With SSB Apr 2026 averaging 1.99% over 10 years and monthly redemption flexibility, SSBs beat rolling T-bill reinvestment for patient investors.
• Overlooking REIT ETFs for higher-yield needs. For capital-growth-tolerant investors, Singapore REIT ETFs deliver 4–5.5% distribution yields. See our Singapore REIT ETF guide.

8. Frequently Asked Questions

Conclusion: Are T-Bills Worth It in 2026?

Singapore T-bills remain a solid option for cash investors who want government-backed safety and better returns than bank fixed deposits. At 1.46% p.a., they beat DBS (1.00%), OCBC (1.20%) and UOB (1.25%), with no minimum holding penalty and full Singapore government guarantee.

However, the calculus has shifted. CPF OA investors should not move funds into T-bills at 1.46% when CPF OA guarantees 2.5%. For longer-term idle cash, the SSB Apr 2026 at 1.99% (10-year average) is attractive given its monthly redemption flexibility. For significantly higher yields with managed risk, consider S-REITs, dividend stocks, or robo advisor income portfolios via Endowus or Syfe.

Not financial advice. All figures as at April 2026. Please verify current rates before investing.