Apply for SGS Bonds/T-Bills

Learn about Singapore Government Securities (SGS) Bonds and Treasury Bills (T-Bills). For more information on Singapore Savings Bonds, refer to this article instead.

Important information

  • Application of SGS Bonds/T-Bills are strictly not revocable; please ensure you select the correct issuance code during application.
    Ongoing Issuance
    Securities Type Securities Name Tenor Opening Date Closing Date
    T-Bills BS22123S 6 Mths 17 Nov 2022 23 Nov 2022
    T-Bills BS22124H 6 Mths 01 Dec 2022 07 Dec 2022
    T-Bills BS22125T 6 Mths 14 Dec 2022 20 Dec 2022
  • Multiple submissions are allowed; they will be treated as an additional application and will not overwrite the previous submission.
  • To apply for SGS Bonds/T-Bills, you must have an individual CDP account with Direct Crediting Service activated; please note that joint CDP accounts are not allowed. To apply for an individual CDP account click here.
  • For Singapore Permanent Residents or Foreigners, please ensure that your NRIC/Passport details matches CDP records.
  SGS Bonds T-Bills
Overview Long-term, tradable government debt securities that pay a fixed coupon every 6 months. Short-term, tradable government debt securities that investors buy at a discount.
Maturity Period 2 to 50 years 6 months to 1 year
How does it work? Coupon payment; semi-annual coupon starting from the month of issue. No coupon payment; discount is returned within 1-2 working days after the auction date.
Example Invest $10k, with a 10 Year Maturity date and coupon rate of 1% p.a.
  • Receive $50 every 6 months until maturity.
  • Receive $10k at maturity.
Invest $10k in 6-Mths T-Bill with a cut-off yield of 1% p.a.
  • Receive a one-time $50 refund 1-2 working days after the auction date.
  • Receive $10k at maturity.
SGS Bonds & T-Bills New Issue
Investment Mode Cash SRS
(DBS SRS Account Holders Only)
CPF
(DBS CPFIA Holders Only)
Application Start Announcement Date from 6 pm Announcement Date
Application End Online: 1 business day before the Auction Date at 9 pm 2 business days before the Auction Date at 10 am
Fees No Charges, all application fees are waived Ordinary Account (OA):
S$2.50 + GST for each transaction
Special Account (SA):
No Charges
Minimum Application S$1,000
Maximum Application Up to S$1m per applicant
How to Apply ATM, digibank Online and Mobile digibank Online Only Branch Only

How to apply SGS Bonds/T-bills on digibank Online

  • Login to internet-banking.dbs.com.sg
  • Complete the Authentication Process.
  • Under Invest tab, select Singapore Government Securities (SGS).
  • Select T-Bill or Bond.
  • Read the Important Notice and click OK.
  • Select Issue Code and click Next.
  • Select your Nationality and Payment Mode. Enter your CDP/SRS Account Number, select Competitive/Non-Competitive Bid, enter Amount to purchase and select your debiting account. Click Next.
  • Verify your application details and click Submit to confirm your application.
  Non-Competitive Competitive
Overview You only specify the amount you want to invest, not the yield. You need to specify the amount and yield you want to invest.
Allotment Non-competitive bids will be allotted first, up to 40% of the total issuance amount. Note that you may not get the full amount that you applied for, depending on how your bid compares to the cut-off yield.
Reason to select Choose this if you wish to invest in the bond regardless of the return or are unsure of what yield to bid. Submit a competitive bid, if you wish to invest in the bond only if it yields above a certain level.
Application using:
Timeline Application using Cash
Point of application Funds will be debited from your bank account at the point of application.
Auction date If you are successfully allotted by MAS, a discount (based on the cut-off price) will be refunded to your debiting account within 1-2 working days from the auction date.

If you are unsuccessful in your application, the entire application amount will be refunded to the debiting account within 1-2 working days from the auction date.
Issue date If you are successful in your application, your holdings will be credited to your CDP account. Please reach out to CDP if you are expecting an allocation.
Timeline Application using SRS
Point of application Funds will be earmarked from your SRS account balance at the point of application.
Auction date If you are successfully allotted by MAS, the earmarked amount will be released & revised amount will be earmarked based on the allocation amount, less the discount (based on the cut-off price).

If you are unsuccessful in your application, the full earmark amount will be released from your SRS account balance.
Issue date The allocation amount, less the discount (based on the cut-off price), will be deducted and displayed in your SRS Transaction.

If you are successful, you should check your SRS Account via DBS digibank to view your holdings.
Timeline Application using CPFIA / CPF-SA
Point of application No funds will be debited or earmarked at the point of application.
Auction date If you applied using a CPF Investment Account or CPF Special Account, you would only know the results on the Issue date.
Issue date If you applied using a CPF Investment Account or CPF Special Account, check your Ordinary Account(OA) & Special Account (SA) via the CPF portal for the allotment results.

If you are successfully allotted by MAS & have sufficient CPF balance, the allocation amount, less the discount (based on the cut-off price), will be debited from your CPF-OA/CPF-SA account.
Auction Result Where to check my allotment?
  • For Cash applications, please refer to your CDP account/statements.
  • For SRS/CPF applications, please refer to your SRS/CPF accounts/statements.

More information

  • There is no early redemption for SGS and T-Bills before the maturity date. but customers may sell the T-bill through our DBS/POSB branches via the secondary market.
  • However, please note that the prices of bonds may rise or fall before maturity & customers may lose their principal amount.
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