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.
- 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 BS23104X 6 Mths 23 Feb 2023 01 Mar 2023 T-Bills BS23105W 6 Mths 09 Mar 2023 15 Mar 2023 T-Bills BS23106N 6 Mths 23 Mar 2023 29 Mar 2023
- For payment by CPF, cut-off time is one working day earlier at 12 noon.
- 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.
Differences between SGS Bonds and 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 and how to apply?
|SGS Bonds & T-Bills New Issue|
(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):
|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.
Difference between Competitive and Non-Competitive bid
|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
|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
- 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.
- 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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