Surprising fact: demand at the 5 Jun 2025 auction reached S$17.9b against S$7.6b offered, showing strong appetite even as yields moved lower.
We translate the headline “singapore t-bills interest rate” into plain terms you can use. For many investors, this means clearer expectations for short-term cash and planning.
This is a low-risk investment that helps protect capital while keeping funds accessible. The latest 6‑month cut-off yield sat at 2.05% on 5 Jun 2025 after 2.20% on 22 May, and 1‑year yield was 2.95% earlier in the year.
We will show how auction yields are set, where today’s figures sit versus last year, and what that means for liquidity, emergency funds, or near-term commitments.
If you want tailored guidance, Whatsapp us for a discovery session so we can map the latest t-bill to your financial goals and timeline.
Key Takeaways
- Strong demand: recent auction interest outstripped supply, signaling investor confidence.
- Yields have eased from 2024 highs, affecting short-term yield expectations.
- These instruments suit those seeking capital preservation and predictability.
- We explain auction mechanics simply, so you know when to apply.
- Whatsapp us to align the option with your financial goals and next steps.
What Are Singapore T-Bills and Why They Matter Now
When you need predictable, near-term returns, short-dated government securities deserve a close look.
treasury bills are short-term government securities issued and guaranteed by the singapore government. You lend money for a fixed period and receive full face value at maturity.
You buy these bills at a discount and get the face amount when they mature. That discount is your yield, and results are set by each auction.
Why investors choose them
These papers are a low-risk investment because they carry high credit quality. Minimum bids start at S$1,000 in S$1,000 multiples, so you can scale allocations to match your savings or short-term goals.
They differ from regular accounts and longer-term securities like singapore government bonds by focusing on stability and quick access to funds at a known date.
For official practical details and how to apply, see Singapore T‑bill information.
How the singapore t-bills interest rate Is Set: Auctions, Cut-off Yield, and Allocation
We explain the mechanics so you can bid with confidence.
Monetary Authority Singapore runs uniform-price auctions where one cut-off yield clears the market.
Competitive vs non-competitive bids
- Competitive: you name a yield. If your yield is below the cut-off, you get full allocation at the cut-off.
- At the cut-off: successful competitive bids are pro-rated when demand exceeds supply.
- Non-competitive: you accept the final cut-off yield and receive allocation, but it may be pro-rated if limits are exceeded.
- Above the cut-off: bids receive no allocation.
Cut-off yield mechanics and demand signals
The cut-off yield is the single price that applies to all successful bidders. This makes outcomes simpler and more transparent.
Bid-to-cover ratios show demand. In 2025, six-month auctions ranged near 2.0–3.2; for example, 2.35 on 5 Jun 2025 and 2.69 on 27 Feb 2025. Higher ratios usually push final yields lower for that tranche.
Auction schedule and practical takeaway
Six-month tranches are roughly biweekly; one-year tranches come about quarterly. Knowing the calendar helps you time cash flows.
Practical tip: choose competitive bids if you want control over yield. Pick non-competitive when certainty of allocation matters more than chasing a slightly better yield.
Latest T-Bill Rates in Singapore: Where Yields Stand in Jan 2025 and Beyond
Here’s a concise snapshot of where short-term government paper sits as we move through Jan 2025 and into the next auctions.
6‑month snapshot: the cut-off yield fell to 2.05% on 5 Jun 2025 (BS25111T), down from 2.20% on 22 May and well below mid‑2024 peaks near 3.7%. Several late‑2024 tranches cleared near 3.0% (3.02% on 19 Dec 2024), showing a steady drift lower.
1‑year snapshot: the 1‑year cut-off yield sat at 2.95% on 23 Jan 2025, after prints of 3.45% (30 Jan 2024) and 3.58% (18 Apr 2024). That gap highlights the broader downshift in yields between 2024 and early 2025.
Demand note: applications reached S$17.9b versus S$7.6b offered on 5 Jun 2025. Strong bids like this can compress cut-off yields in a competitive t-bill auction.
“When auctions draw more than twice the supply, final yields often tighten as allocations are pro‑rated.”
We flag the macro driver: market expectations for global policy easing have pushed local yields down. For accuracy, please verify official schedules and awarded results at the issuing source or the monetary authority singapore announcements before you apply.
Reading the Trend: Historical Context, Inverted Curves, and What It Means for Investors
Understanding how yields climbed and then softened since 2022 puts today’s auction outcomes into clearer perspective.
Quick history: six-month cut-off yields rose from below 1% in early 2022 to about 4.40% by Dec 2022. They then eased through 2023–2024 around the mid‑3% to 4% band before slipping to 2.05% on 5 Jun 2025.
On the longer side, 1-year auctions printed 3.87% in Jan 2023, 3.58% in Apr 2024, and 2.95% in jan 2025. Those swings shaped shorter-tenor appeal during inversion episodes.
Why this history matters
An inverted curve sometimes made short maturities more attractive than longer bonds. That pushed demand at auctions and compressed cut-off yields even when macro signals were mixed.
- Practical tip: stage entries across several tranches to manage reinvestment risk.
- Portfolio role: use short paper as a steady fixed income anchor while you seek growth elsewhere.
“Focus on what current prints imply for the next quarters, not last cycle’s peak.”
6-Month vs 1-Year T-Bills: Tenure, Yield, Liquidity, and Your Cash Needs
Choosing between short and one-year government paper starts with matching the term to the cash you will need.
Quick view: six-month tranches run roughly biweekly; the 1-year comes about quarterly. Recent prints show the 6-month cut-off yield at 2.05% (5 Jun 2025) and the 1-year at 2.95% (Jan 2025).
Key contrasts are yield potential, access frequency, liquidity, and how each aligns with your obligations.
| Feature | 6-month t-bills | 1-year t-bill | Practical note |
|---|---|---|---|
| Yield potential | More variable month-to-month; recent prints fell from 3–4% (2024) to 2.05% | Locks a known yield longer; 2.95% in Jan 2025 | Shorter tenor can reprice faster if yields drift lower |
| Access frequency | Auction ~biweekly; easier to time cash needs | Auction ~quarterly; plan ahead | Match auctions to your calendar for expected outflows |
| Liquidity & risk | No early redemption; limited secondary market via banks | Same constraints; slightly less trading interest | Credit risk is negligible; liquidity and reinvestment risk matter |
- When to pick 6-month: you expect cash needs within a year and want lower reinvestment uncertainty.
- When to pick 1-year: you want to lock a yield for longer and can wait until maturity.
- Practical checklist: minimum S$1,000 lots, settlement dates, and whether you can accept limited bank liquidity.
“Stage maturities or ladder across tranches to smooth outcomes between auctions.”
How T-Bills Compare with Alternatives: Fixed Deposits, SSBs, and High-Yield Accounts
Compare short-term government paper with common bank products to pick the right spot for your cash.
Fixed deposits are simple and insured up to S$75,000 per bank, making them a low credit-risk choice for many savers.
Singapore Savings Bonds (SSBs) offer monthly redemption and a step-up payout profile. That flexibility helps if you need an exit before maturity, though SSBs can be less competitive for very short holds.
High-yield savings accounts
These accounts can show attractive headline returns but often include hoops like salary crediting, minimum spends, or caps that lower the effective yield.
- We compare treasury bills, fixed deposits, SSBs, and high-yield accounts so you see yield, liquidity, and protection at a glance.
- Please verify current numbers with each official source before committing funds.
| Feature | treasury bills | fixed deposits | SSB |
|---|---|---|---|
| Typical Mar 2025 example | Mid‑2% (6‑month) | 2.0%–2.9% (6‑month) | ~2.85% (10‑yr avg) |
| Liquidity | Locked to maturity; limited secondary market | Locked; possible penalties for early exit | Monthly redemption allowed |
| Protection | High credit quality; government securities | Deposit insurance up to S$75,000 | Government-backed with step-up coupons |
“Match your choice to cash needs: prefer accounts for access, lock products to harvest yield.”
For a compact comparison that helps you decide, compare yields and features across options. This helps investors balance fixed income goals, liquidity, and risk.
Getting Started: How to Invest in Singapore T-Bills (Beginner-Friendly Steps)
Begin by matching where your cash sits to the easiest route for application — bank, broker, or SRS.
Minimum application units are S$1,000 and must be in S$1,000 multiples. Choose the channel that holds your funds to avoid transfer delays.
Quick setup steps
- Pick your channel: internet banking (Investments > Treasury Bills), broker linked to CDP, or your SRS operator.
- Fund in S$1,000 lots: prepare settlement funds before the auction cutoff.
- Choose tenor: 6-month or 1-year to match your cash needs.
- Bid style: pick competitive to target a t-bill yield or non-competitive to accept the final cut-off.
- Monitor the MAS auction calendar: set reminders — deadlines are firm.
Yield math made simple
Discount pricing means you buy below face value and receive full face at maturity. For example, buying S$1,000 at S$980 for 182 days annualizes to roughly 4.01%.
| Item | What to expect | Timing | Practical note |
|---|---|---|---|
| Minimum | S$1,000 per application | Immediate funding prior to auction | Buy in S$1,000 multiples |
| Channels | Bank internet banking, broker/CDP, SRS | Apply before auction close | Choose based on where your funds sit |
| Liquidity | No early redemption; thin secondary market | Hold to maturity for guaranteed face value | Secondary trades may be limited |
| Allocation | Competitive or non-competitive bids | Results posted after auction | Non-competitive favours allocation certainty |
Please verify auction dates, application forms, and cut-off results on official pages before you submit. We also recommend staging bids across tranches to average outcomes as t-bill yields shift.
“Plan the term to your cash needs and use simple math to check outcomes.”
If you want help mapping timing to school fees, tax payments, or renovation milestones, Whatsapp us for a discovery session. We will align t-bill yield choices to your financial goals and next steps.
Conclusion
When cash timing matters, short-tenor government instruments offer clarity and safety. Today’s 6‑month cut-off yield of 2.05% (5 Jun 2025) and the 1‑year at 2.95% (Jan 2025) show a clear shift from last year’s highs. Demand has recently outpaced supply at auctions, keeping these papers popular.
Match your yield targets with certainty of maturity so funds are available when needed. For many investors, a simple ladder across tranches smooths outcomes as yields move.
Pair a singapore t-bill allocation with insured deposits and other fixed income options to build a resilient short-term base. Watch auction prints and the cut-off yield to set realistic expectations.
Whatsapp us for a discovery session and we’ll help translate these yields into a practical plan tailored to tuition, renovations, or other cash goals. The singapore government backing supports safety; your trade-offs are mainly liquidity and reinvestment timing.
FAQ
Current Singapore T-Bills interest rate — where can I find the latest cut-off yields?
The Monetary Authority of Singapore publishes auction results, including cut-off yields, after each auction. You can also check major banks, brokers, and financial news sites for summarized tables showing the latest 6‑month and 1‑year yields and recent trend snapshots.
What are Singapore T‑Bills and why should I consider them now?
T‑Bills are short-term, government‑backed securities issued at a discount and redeemed at face value at maturity. They offer low credit risk, predictable short-term returns, and are useful for parking cash while preserving capital during periods of market uncertainty.
How do discounted purchases work and how is the return calculated?
You buy a bill for less than its face value and receive the full face amount at maturity. The difference is the return; annualized yield equals the discount divided by purchase price, adjusted to a yearly basis. Auction results show the cut-off yield to help you estimate returns.
How is the T‑bill yield set at auction?
The MAS uses uniform‑price auctions. Bidders submit competitive or non‑competitive bids. The cut‑off yield is the highest accepted yield; all successful competitive bidders receive the same yield. The bid‑to‑cover ratio indicates demand versus supply.
What’s the difference between competitive and non‑competitive bids?
Competitive bids specify the yield you’re willing to accept; allocation depends on ranking. Non‑competitive bids accept the cut‑off yield and are guaranteed allocation up to the allowed amount, making them simpler for smaller investors.
How often are 6‑month and 1‑year tranches issued?
Typically, 6‑month tranches are offered biweekly and 1‑year tranches quarterly. Check the MAS auction calendar for exact dates and any schedule changes.
What were recent cut‑off yields for 6‑month and 1‑year bills around Jan 2025?
In Jan 2025, 1‑year yields sat near 2.95% after higher levels in 2024. Six‑month yields peaked in 2024 around 3–4% and were reported lower into mid‑2025; always verify current published results for precise figures.
How have yields trended since 2022 and what does that mean for investors?
Yields rose from sub‑1% to above 4% during 2022–2024, then eased as global central banks signaled cuts. For investors, this means short‑term bills can be a useful cash allocation when longer‑term rates are uncertain; shifting yields also affect reinvestment returns.
What is an inverted yield curve and why does it matter here?
An inverted curve occurs when short‑term yields exceed long‑term yields. It can signal market expectations of slowing growth. For bill investors, inverted moments can make short tenors relatively more attractive for cash preservation.
How do 6‑month and 1‑year bills compare for liquidity and returns?
Six‑month bills mature sooner, offering quicker access to funds and faster rate resets. One‑year bills typically pay a higher yield for longer lock‑in. Choose based on your cash needs and view on near‑term rates.
How do government bills compare with fixed deposits and savings bonds?
Fixed deposits offer bank‑guaranteed deposit insurance up to S,000 per bank but may lock funds for a term. Singapore Savings Bonds have step‑up coupons and flexible redemption. T‑bills provide straightforward, low‑risk, short‑term returns with auction transparency.
Are high‑yield savings accounts better than bills?
High‑yield accounts can match or exceed short‑term returns but often have caps, conditions, or tiered bonuses. Bills offer predictable auction‑driven yields and clear maturity dates; compare effective annualized returns and access conditions.
What’s the minimum to invest and how do I apply?
The minimum is S
FAQ
Current Singapore T-Bills interest rate — where can I find the latest cut-off yields?
The Monetary Authority of Singapore publishes auction results, including cut-off yields, after each auction. You can also check major banks, brokers, and financial news sites for summarized tables showing the latest 6‑month and 1‑year yields and recent trend snapshots.
What are Singapore T‑Bills and why should I consider them now?
T‑Bills are short-term, government‑backed securities issued at a discount and redeemed at face value at maturity. They offer low credit risk, predictable short-term returns, and are useful for parking cash while preserving capital during periods of market uncertainty.
How do discounted purchases work and how is the return calculated?
You buy a bill for less than its face value and receive the full face amount at maturity. The difference is the return; annualized yield equals the discount divided by purchase price, adjusted to a yearly basis. Auction results show the cut-off yield to help you estimate returns.
How is the T‑bill yield set at auction?
The MAS uses uniform‑price auctions. Bidders submit competitive or non‑competitive bids. The cut‑off yield is the highest accepted yield; all successful competitive bidders receive the same yield. The bid‑to‑cover ratio indicates demand versus supply.
What’s the difference between competitive and non‑competitive bids?
Competitive bids specify the yield you’re willing to accept; allocation depends on ranking. Non‑competitive bids accept the cut‑off yield and are guaranteed allocation up to the allowed amount, making them simpler for smaller investors.
How often are 6‑month and 1‑year tranches issued?
Typically, 6‑month tranches are offered biweekly and 1‑year tranches quarterly. Check the MAS auction calendar for exact dates and any schedule changes.
What were recent cut‑off yields for 6‑month and 1‑year bills around Jan 2025?
In Jan 2025, 1‑year yields sat near 2.95% after higher levels in 2024. Six‑month yields peaked in 2024 around 3–4% and were reported lower into mid‑2025; always verify current published results for precise figures.
How have yields trended since 2022 and what does that mean for investors?
Yields rose from sub‑1% to above 4% during 2022–2024, then eased as global central banks signaled cuts. For investors, this means short‑term bills can be a useful cash allocation when longer‑term rates are uncertain; shifting yields also affect reinvestment returns.
What is an inverted yield curve and why does it matter here?
An inverted curve occurs when short‑term yields exceed long‑term yields. It can signal market expectations of slowing growth. For bill investors, inverted moments can make short tenors relatively more attractive for cash preservation.
How do 6‑month and 1‑year bills compare for liquidity and returns?
Six‑month bills mature sooner, offering quicker access to funds and faster rate resets. One‑year bills typically pay a higher yield for longer lock‑in. Choose based on your cash needs and view on near‑term rates.
How do government bills compare with fixed deposits and savings bonds?
Fixed deposits offer bank‑guaranteed deposit insurance up to S$75,000 per bank but may lock funds for a term. Singapore Savings Bonds have step‑up coupons and flexible redemption. T‑bills provide straightforward, low‑risk, short‑term returns with auction transparency.
Are high‑yield savings accounts better than bills?
High‑yield accounts can match or exceed short‑term returns but often have caps, conditions, or tiered bonuses. Bills offer predictable auction‑driven yields and clear maturity dates; compare effective annualized returns and access conditions.
What’s the minimum to invest and how do I apply?
The minimum is S$1,000 and investments proceed in S$1,000 increments. You can apply via participating banks, brokers linked to CDP, or through SRS accounts. Follow the MAS calendar and submit bids before auction deadlines.
How is the discount price converted to an annualized yield?
The discount (face value minus purchase price) divided by purchase price gives the holding‑period return. Annualize that return by scaling to 365 days to compare with other instruments. Auction publications also report the cut‑off yield directly.
What risks should I be aware of when buying government bills?
Credit risk is minimal for sovereign bills. Main considerations are reinvestment risk (changing yields at rollover), liquidity if you need to sell before maturity, and opportunity cost versus other instruments. For most, bills are a conservative cash tool.
Can I bid non‑competitively if I’m new to auctions?
Yes. Non‑competitive bids are ideal for newcomers: you accept the cut‑off yield and get priority allocation up to limits, removing the need to set a yield in a competitive bid.
Where should I verify numbers like cut‑off yields and auction results?
Always check primary sources: the Monetary Authority of Singapore’s website and official auction press releases. Banks and licensed brokers also repost results but verify against MAS for accuracy.
How can I match T‑bills with my financial goals?
Align tenor with your liquidity needs and risk tolerance. Use short tenors for emergency cash, longer bills for temporary parking of funds, and mix maturities for laddering. If you’d like guidance, arrange a discovery session with your financial advisor to map bills into your overall plan.
,000 and investments proceed in S
FAQ
Current Singapore T-Bills interest rate — where can I find the latest cut-off yields?
The Monetary Authority of Singapore publishes auction results, including cut-off yields, after each auction. You can also check major banks, brokers, and financial news sites for summarized tables showing the latest 6‑month and 1‑year yields and recent trend snapshots.
What are Singapore T‑Bills and why should I consider them now?
T‑Bills are short-term, government‑backed securities issued at a discount and redeemed at face value at maturity. They offer low credit risk, predictable short-term returns, and are useful for parking cash while preserving capital during periods of market uncertainty.
How do discounted purchases work and how is the return calculated?
You buy a bill for less than its face value and receive the full face amount at maturity. The difference is the return; annualized yield equals the discount divided by purchase price, adjusted to a yearly basis. Auction results show the cut-off yield to help you estimate returns.
How is the T‑bill yield set at auction?
The MAS uses uniform‑price auctions. Bidders submit competitive or non‑competitive bids. The cut‑off yield is the highest accepted yield; all successful competitive bidders receive the same yield. The bid‑to‑cover ratio indicates demand versus supply.
What’s the difference between competitive and non‑competitive bids?
Competitive bids specify the yield you’re willing to accept; allocation depends on ranking. Non‑competitive bids accept the cut‑off yield and are guaranteed allocation up to the allowed amount, making them simpler for smaller investors.
How often are 6‑month and 1‑year tranches issued?
Typically, 6‑month tranches are offered biweekly and 1‑year tranches quarterly. Check the MAS auction calendar for exact dates and any schedule changes.
What were recent cut‑off yields for 6‑month and 1‑year bills around Jan 2025?
In Jan 2025, 1‑year yields sat near 2.95% after higher levels in 2024. Six‑month yields peaked in 2024 around 3–4% and were reported lower into mid‑2025; always verify current published results for precise figures.
How have yields trended since 2022 and what does that mean for investors?
Yields rose from sub‑1% to above 4% during 2022–2024, then eased as global central banks signaled cuts. For investors, this means short‑term bills can be a useful cash allocation when longer‑term rates are uncertain; shifting yields also affect reinvestment returns.
What is an inverted yield curve and why does it matter here?
An inverted curve occurs when short‑term yields exceed long‑term yields. It can signal market expectations of slowing growth. For bill investors, inverted moments can make short tenors relatively more attractive for cash preservation.
How do 6‑month and 1‑year bills compare for liquidity and returns?
Six‑month bills mature sooner, offering quicker access to funds and faster rate resets. One‑year bills typically pay a higher yield for longer lock‑in. Choose based on your cash needs and view on near‑term rates.
How do government bills compare with fixed deposits and savings bonds?
Fixed deposits offer bank‑guaranteed deposit insurance up to S$75,000 per bank but may lock funds for a term. Singapore Savings Bonds have step‑up coupons and flexible redemption. T‑bills provide straightforward, low‑risk, short‑term returns with auction transparency.
Are high‑yield savings accounts better than bills?
High‑yield accounts can match or exceed short‑term returns but often have caps, conditions, or tiered bonuses. Bills offer predictable auction‑driven yields and clear maturity dates; compare effective annualized returns and access conditions.
What’s the minimum to invest and how do I apply?
The minimum is S$1,000 and investments proceed in S$1,000 increments. You can apply via participating banks, brokers linked to CDP, or through SRS accounts. Follow the MAS calendar and submit bids before auction deadlines.
How is the discount price converted to an annualized yield?
The discount (face value minus purchase price) divided by purchase price gives the holding‑period return. Annualize that return by scaling to 365 days to compare with other instruments. Auction publications also report the cut‑off yield directly.
What risks should I be aware of when buying government bills?
Credit risk is minimal for sovereign bills. Main considerations are reinvestment risk (changing yields at rollover), liquidity if you need to sell before maturity, and opportunity cost versus other instruments. For most, bills are a conservative cash tool.
Can I bid non‑competitively if I’m new to auctions?
Yes. Non‑competitive bids are ideal for newcomers: you accept the cut‑off yield and get priority allocation up to limits, removing the need to set a yield in a competitive bid.
Where should I verify numbers like cut‑off yields and auction results?
Always check primary sources: the Monetary Authority of Singapore’s website and official auction press releases. Banks and licensed brokers also repost results but verify against MAS for accuracy.
How can I match T‑bills with my financial goals?
Align tenor with your liquidity needs and risk tolerance. Use short tenors for emergency cash, longer bills for temporary parking of funds, and mix maturities for laddering. If you’d like guidance, arrange a discovery session with your financial advisor to map bills into your overall plan.
,000 increments. You can apply via participating banks, brokers linked to CDP, or through SRS accounts. Follow the MAS calendar and submit bids before auction deadlines.
How is the discount price converted to an annualized yield?
The discount (face value minus purchase price) divided by purchase price gives the holding‑period return. Annualize that return by scaling to 365 days to compare with other instruments. Auction publications also report the cut‑off yield directly.
What risks should I be aware of when buying government bills?
Credit risk is minimal for sovereign bills. Main considerations are reinvestment risk (changing yields at rollover), liquidity if you need to sell before maturity, and opportunity cost versus other instruments. For most, bills are a conservative cash tool.
Can I bid non‑competitively if I’m new to auctions?
Yes. Non‑competitive bids are ideal for newcomers: you accept the cut‑off yield and get priority allocation up to limits, removing the need to set a yield in a competitive bid.
Where should I verify numbers like cut‑off yields and auction results?
Always check primary sources: the Monetary Authority of Singapore’s website and official auction press releases. Banks and licensed brokers also repost results but verify against MAS for accuracy.
How can I match T‑bills with my financial goals?
Align tenor with your liquidity needs and risk tolerance. Use short tenors for emergency cash, longer bills for temporary parking of funds, and mix maturities for laddering. If you’d like guidance, arrange a discovery session with your financial advisor to map bills into your overall plan.
