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/amendable after submission; please ensure you select the correct issuance code during application.

Ongoing Issuance
Securities Type	Securities Name	Tenor	Opening Date	Closing Date
T-Bills	BS24107N	6 Mths	03 Apr 2024	09 Apr 2024
T-Bills	BS24108V	6 Mths	18 Apr 2024	24 Apr 2024
T-Bills	BY24101X	1 Year	11 Apr 2024	17 Apr 2024

*Closing date is 1 business day before auction, and applies to all transactions except CPFIS-SA transactions

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.
For CPFIS-OA applications, there will be a validation at point of application to ensure that you have sufficient balance. Please ensure that you continue to have sufficient balance till issue date – this can be checked under “Amount available from Ordinary Account for professionally managed products” in your investment dashboard on “my CPF Online Services”.
For CPFIS-SA applications, please ensure that the “Amount available from Special Account for professionally managed products” in your investment dashboard on “my CPF Online Services” is sufficient from point of application till issue date.

Application deadlines, channels and fees

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			2 business days before the Auction Date at 10 am
Fees	No Charges, all application fees are waived		$2.50 + GST each for purchase and maturity. There is an additional fee of $2.00 + GST per counter per quarter.	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 and mobile only		Branch Only

How to apply?

How to apply SGS Bonds/T-bills on digibank

digibank mobile
digibank online

During the application period, login to digibank mobile with your Touch / Face ID or digibank User ID & PIN during office hours (7am to 9pm, Mon to Sat, excluding public holidays).
Complete the Authentication Process.
Under Invest, tap on SGS.
Select T-Bill or SGS Bond.
Select Issue Code of the T-Bill or SGS Bond and tap Apply.
Select your Nationality.
Select Competitive/Non-competitive bid and enter your Investment amount (in multiples of S$1,000 with upper limit of S$1,000,000).
Select your Payment Mode.
- CPFIS-OA is for Singaporean/ Permanent Resident DBS CPF Investment Account holders only. Foreigners applying using CPF funds will need to submit applications at our DBS/POSB branches.
- SRS is for DBS SRS Account holders only
For Cash Payment, select your debiting account and enter your CDP Account Number.
Verify your application details and tap Submit to confirm your application.

Note

You may check your bank-registered email for a confirmation on the successful status of your application submission. Learn more about how to Update Email Address.

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During the application period, log in to digibank online with your User ID and PIN.
Complete the Authentication Process.
Under Invest, click on Singapore Government Securities (SGS).
Select T-Bill or SGS Bond.
Select Issue Code of the T-Bill or SGS Bond and click Apply.
Select your Nationality.
Select Competitive/Non-competitive bid and enter your Investment amount (in multiples of S$1,000 with upper limit of S$1,000,000).
Select your Payment Mode.
- CPFIS-OA is for Singaporean/ Permanent Resident DBS CPF Investment Account holders only. Foreigners applying using CPF funds will need to submit applications at our DBS/POSB branches.
- SRS is for DBS SRS Account holders only
For Cash Payment, select your debiting account and enter your CDP Account Number.
Verify your application details and click Submit to confirm your application.

Note

You may check your bank-registered email for a confirmation on the successful status of your application submission. Learn more about how to Update Email Address.

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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:

Cash
SRS
CPFIA / CPF-SA

Timeline	Application using Cash
Application	Where to apply: digibank online/ digibank mobile /ATM When to apply: From 6pm on Announcement Date to 1 business day before Auction Date at 9pm. Funds will be debited from your bank account at the point of application.
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. (For T-bills only) If you are successfully allotted a T-bill 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.
Issue date	If you are successful in your application, your holdings will be credited to your CDP account by 1 business day after the issue date.
Coupon payouts (SGS Bonds only)	(For SGS bonds only) You will receive the coupon payment for your SGS bonds on the first day of the month, every 6 months from the bond's issue date, into your Direct Crediting Service (DCS) bank account*. In the event the payment date falls on a public holiday, the coupon will be paid on the next business day. T-bills do not pay coupons; instead, they are issued at a discount to the face (par) value. The interest is paid at maturity and is the difference between the purchase price and the face value.
Maturity Date	On maturity date, the following will be automatically credited to your Direct Crediting Service (DCS) bank account: T-bills - Face value of the T-bill SGS Bond – Face value of the SGS bond and last coupon payment Note: Your DCS account may not necessarily be the bank account that you used to apply for the SGS Bond/T-bill. Check your CDP account to see which bank account is listed as your DCS account.

Timeline	Application using SRS
Application	Where to apply: digibank online/ digibank mobile When to apply: From 6pm on Announcement Date to 1 business day before Auction Date at 9pm. Funds will be earmarked from your SRS account balance at the point of application.
Auction date	If you are unsuccessful in your application, the full earmark amount will be released from your SRS account balance. (For T-bills only) 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).
Issue date	If you are successful, the allocation amount (for T-bills, this will be less the discount, based on the cut-off price), will be deducted from your SRS account and displayed in your SRS Transactions. You may check your SRS Account via DBS digibank to view your holdings by the issue date (end of day).
Coupon payouts (SGS Bonds only)	(For SGS Bonds only) You will receive the coupon payment for your SGS bonds on the first day of the month, every 6 months from the bond's issue date, into your SRS Account. In the event the payment date falls on a public holiday, the coupon will be paid on the next business day. Note: T-bills do not pay coupons; instead, they are issued at a discount to the face (par) value. The interest is paid at maturity and is the difference between the purchase price and the face value.
Maturity Date	On maturity date, the following will be automatically credited to your SRS bank account: T-bills - Face value of the T-bill SGS Bond – Face value of the SGS bond and last coupon payment

Timeline	Application using CPFIA / CPF-SA
Application	Where to apply: CPFIS-OA – digibank online/ digibank mobile CPFIS-SA – Branch only When to apply: CPFIS-OA – From 6pm on Announcement Date to 1 business day before Auction Date at 9pm. CPFIS-SA – From the announcement date to 2 business days (before 10 am) before the auction date. No funds will be debited or earmarked at the point of application.
Auction date	If you applied using (a) CPF Investment Scheme - Ordinary Account or (b) CPF Special Account, you would only know the results on the Issue date.
Issue date	If you were successfully allotted by MAS & have sufficient CPF balance, the allocation amount* would have been debited from your CPF-OA/CPF-SA account at a date between the auction date and issue date. You will then be able to refer to digibank for your CPFIA holdings (for CPFIS-OA applications) or CPF Portal (for CPFIS-SA applications) by the issue date (end of day). *For T-bills only, the amount deducted would be less the discount (based on the cut-off price).
Coupon payouts (SGS Bonds only)	(For SGS Bonds only) You will receive the coupon payment for your SGS bonds on the first day of the month, every 6 months from the bond's issue date, into your CPF Investment Account (for CPFIS-OA) or CPF Special Account (for CPFIS-SA). In the event the payment date falls on a public holiday, the coupon will be paid on the next business day. Note: T-bills do not pay coupons; instead, they are issued at a discount to the face (par) value. The interest is paid at maturity and is the difference between the purchase price and the face value.
Maturity Date	On maturity date, the following will be automatically credited to your CPF Investment Account or CPF Special Account: T-bills - Face value of the T-bill SGS Bond – Face value of the SGS bond and last coupon payment

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).

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.

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. 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.

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.

Apply for SGS Bonds/T-Bills | DBS Singapore (2024)