T-Bill Calculator
Estimate the price, interest and total payout on a Singapore 6-month or 1-year Treasury Bill. Enter your bid amount and the cut-off yield to see what you would earn at maturity.
6-month cut-off yield
1.48%
Latest auction
2026-06
6-month T-bills are auctioned roughly every two weeks; 1-year T-bills quarterly. Exact auction dates auto-update from MAS.
| Issue | Tenor | Cut-off yield | Period |
|---|---|---|---|
| BS26111H | 6-month | 1.48% | 2026-06 |
| BS26110S | 6-month | 1.45% | 2026-05 |
Source: MAS Treasury Bills · auto-updates daily · as of 2026-06-05
Minimum S$1,000, in multiples of S$1,000.
Latest 6-month cut-off was 1.48% (2026-06-09). Yields are set at each auction — edit to your bid.
Total at maturity
$10,073.80
After 182 days at 1.48% p.a.
Interest earned
$73.80
Price per $100
$99.26
Up-front discount price
Effective yield
1.48%
| You pay up front (discount price) | $9,926.20 |
| Interest (face value − price) | $73.80 |
| Days to maturity | 182 |
| Received at maturity (face value) | $10,073.80 |
Estimates only. Yields are set at each auction and you receive the uniform cut-off yield, not your bid yield. Held to maturity, T-bills carry no interim coupon. Figures assume a 365-day year.
How Singapore T-bills work
Treasury Bills (T-bills) are short-term Singapore Government Securities issued by MAS. They are sold at a discount to their S$100 face value and pay no coupon — instead, your return is the gap between the discounted price you pay up front and the full face value you collect at maturity. Because they are backed by the Singapore Government, they are considered very low risk when held to maturity.
Reading the result
The price per $100 is what you effectively pay for each S$100 of face value. For example, a 6-month bill at a 4.00% cut-off yield is priced at about $98.005 per $100, so $1,000 of face value costs roughly $980.05 and returns about $19.95 in interest. The effective yield shown is the annualised cut-off yield; the dollar interest depends on how many days the bill runs (182 for the 6-month, 364 for the 1-year).
T-bill yields are reset at every auction and can move quickly, so treat the pre-filled yield as a starting point and enter your own figure. For a longer, capital-guaranteed alternative with step-up coupons, compare with our Singapore Savings Bonds calculator.
Frequently asked questions
How is a Singapore T-bill return calculated?
A T-bill is a discount instrument with no coupon. You pay a price below the S$100 face value and receive the full face value at maturity. MAS prices each $100 of face value as P = 100 × (1 − (R/100) × (M/365)), where R is the cut-off yield and M is the days to maturity. Your interest is simply the face value minus what you paid.
What is the difference between the 6-month and 1-year T-bill?
The 6-month T-bill matures in about 182 days and the 1-year T-bill in about 364 days. The longer tenor locks in the yield for longer, so for the same yield it pays roughly twice the dollar interest because your money is invested for twice as long.
Do I get the yield I bid?
Not necessarily. MAS runs a uniform-price auction: all successful bidders receive the same cut-off yield. Non-competitive bids are filled first (up to 40% of the issue, pro-rated if oversubscribed) and always get the cut-off yield. Competitive bids are filled from the lowest yield upwards until the issue is sold. This calculator uses whichever yield you enter as an estimate.
Can I use CPF or SRS to buy T-bills?
Yes. Singapore T-bills can be bought with cash, SRS funds, and CPF Investment Scheme monies from both the Ordinary Account (CPFIS-OA) and the Special Account (CPFIS-SA). The minimum bid is S$1,000, in multiples of S$1,000.