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 BS23111W 6 Mths 31 May 2023 07 Jun 2023 T-Bills BS23112N 6 Mths 15 Jun 2023 21 Jun 2023 T-Bills BS23113V 6 Mths 28 Jun 2023 5 Jul 2023 - For payment by CPF, cut-off time is one working day before closing date at 12noon.
- 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 in cash, 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.
How to apply for T-bills using CPF OA funds on digibank online?
For CPF IA Holders only
Differences between SGS Bonds and T-Bills
| 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.
|
Invest $10k in 6-Mths T-Bill with a cut-off yield of 1% p.a.
|
When to apply?
| SGS Bonds & T-Bills New Issue | ||||
|---|---|---|---|---|
| Investment Mode | Cash | SRS (DBS SRS Account Holders Only) |
CPF - Ordinary Account (DBS CPFIA Holders Only) |
CPF - Special Account |
| Application Start | Announcement Date from 6 pm | Announcement Date | ||
| Application End | Online: 1 business day before the Auction Date at 9 pm | Online: 2 business days before the Auction Date at 12 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?
How to apply SGS Bonds/T-bills on digibank Online
- Login to digibank online
- 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.
If you would like to invest in T-bill using your CPF OA funds, please select CPF OA as your payment method. (For DBS CPF Investment Account Holders only) - Verify your application details and click Submit to confirm your application.
Difference between Competitive and Non-Competitive bid
| 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. |
Timeline of Events
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. |
Announcements and results
Auction Result
- For non-competitive final bid prices, refer to MAS Auctions and Issuance Calendar > View Details > Closing Yield (SGS Bonds) / Cut-off Yield (T-Bills).
- 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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