Singapore T-bill Interest Rate

T-bills are short-term Singapore government bonds issued and guaranteed by the Singapore government. Singapore government issues 6-month T-bills every two weeks and 1-year T-bills every quarter. Here you will find the historical Singapore T-bill interest rate for 6-month and 1-year T-bills.

 

Singapore T-bill Historical Interest Rates

Here we summarize the Singapore T-bill auction results up to the latest auction.

6-Month Singapore T-bill Interest Rate

Here are the historical interest rates for 6-month T-bills:

The historical 6-month Singapore T-bill interest rates are listed in the table below:
Issue DateAuction DateCodeInterest Rate (p.a.)Bid-to-Cover Ratio
6 Aug 20241 Aug 2024BS24115ATBDTBD
23 Jul 202418 Jul 2024BS24114V3.64%2.3
9 Jul 20244 Jul 2024BS24113N3.7%2.4
25 Jun 202420 Jun 2024BS24112W3.74%2.34
11 Jun 20246 Jun 2024BS24111X3.76%2
28 May 202423 May 2024BS24110T3.65%2.07
14 May 20249 May 2024BS24109A3.7%2.4
30 Apr 202425 Apr 2024BS24108V3.74%2.18
16 Apr 202411 Apr 2024BS24107N3.75%2.54
2 Apr 202427 Mar 2024BS24106W3.8%2.55
19 Mar 202414 Mar 2024BS24105X3.78%2.29
5 Mar 202429 Feb 2024BS24104T3.8%1.94
20 Feb 202415 Feb 2024BS24103H3.66%2.05
6 Feb 20241 Feb 2024BS24102S3.54%2.32
23 Jan 202418 Jan 2024BS24101Z3.7%2.12
9 Jan 20244 Jan 2024BS24100F3.74%2.09
26 Dec 202320 Dec 2023BS23125H3.73%2.29
12 Dec 20237 Dec 2023BS23124S3.74%2.25
28 Nov 202323 Nov 2023BS23123Z3.8%2.17
14 Nov 20238 Nov 2023BS23122F3.75%2.31
31 Oct 202326 Oct 2023BS23121E3.95%2.02
17 Oct 202312 Oct 2023BS23120A3.87%2.73
3 Oct 202328 Sep 2023BS23119H4.07%1.76
19 Sep 202314 Sep 2023BS23118S3.73%2.03
5 Sep 202331 Aug 2023BS23117Z3.7%2.04
22 Aug 202317 Aug 2023BS23116F3.73%2.11
8 Aug 20233 Aug 2023BS23115E3.75%2.24
25 Jul 202320 Jul 2023BS23114A3.85%2.18
11 Jul 20236 Jul 2023BS23113V3.99%1.91
27 Jun 202322 Jun 2023BS23112N3.89%1.98
13 Jun 20238 Jun 2023BS23111W3.84%2.21
30 May 202325 May 2023BS23110X3.85%2.3
16 May 202311 May 2023BS23109E3.78%2.39
2 May 202326 Apr 2023BS23108A3.83%2.22
18 Apr 202313 Apr 2023BS23107V3.75%2.56
4 Apr 202330 Mar 2023BS23106N3.85%2.23
21 Mar 202316 Mar 2023BS23105W3.65%2.77
7 Mar 20232 Mar 2023BS23104X3.98%2.77
21 Feb 202316 Feb 2023BS23103T3.93%2.25
7 Feb 20232 Feb 2023BS23102H3.88%2.63
25 Jan 202318 Jan 2023BS23101S4%2.61
10 Jan 20235 Jan 2023BS23100Z4.2%2.56
27 Dec 202221 Dec 2022BS22125T4.28%2.68
13 Dec 20228 Dec 2022BS22124H4.4%2.03
29 Nov 202224 Nov 2022BS22123S3.9%2.48
15 Nov 202210 Nov 2022BS22122Z4%3.17
1 Nov 202227 Oct 2022BS22121F4.19%2.38
18 Oct 202213 Oct 2022BS22120E3.77%2.27
4 Oct 202229 Sep 2022BS22119T3.32%2.42
20 Sep 202215 Sep 2022BS22118H3.32%2.17
6 Sep 20221 Sep 2022BS22117S2.99%2.59
23 Aug 202218 Aug 2022BS22116Z2.98%2.42
10 Aug 20224 Aug 2022BS22115F2.87%2.52
26 Jul 202221 Jul 2022BS22114E2.93%2.65
12 Jul 20227 Jul 2022BS22113A2.66%1.89
28 Jun 202223 Jun 2022BS22112V2.36%2.41
14 Jun 20229 Jun 2022BS22111N2.04%2.11
31 May 202226 May 2022BS22110W1.8%2.74
17 May 202211 May 2022BS22109F1.69%2.42
4 May 202227 Apr 2022BS22108E1.56%2.41
19 Apr 202213 Apr 2022BS22107A1.32%1.92
5 Apr 202231 Mar 2022BS22106V1.22%2.21
22 Mar 202217 Mar 2022BS22105N0.95%1.92
8 Mar 20223 Mar 2022BS22104W0.78%2.63
22 Feb 202217 Feb 2022BS22103X0.76%2.47
8 Feb 20223 Feb 2022BS22102T0.67%2.07
25 Jan 202220 Jan 2022BS22101H0.48%2.58
Source: MAS

 

1-Year Singapore T-bill Interest Rate

Here are the historical interest rates for 1-year T-bills:

The historical 1-year Singapore T-bill interest rates are listed in the table below:
Issue DateAuction DateCodeInterest Rate (p.a.)Bid-to-Cover Ratio
30 Jul 202425 Jul 2024BY24102WTBDTBD
23 Apr 202418 Apr 2024BY24101X3.58%1.97
30 Jan 202425 Jan 2024BY24100T3.45%3.19
24 Oct 202319 Oct 2023BY23103V3.7%2.65
1 Aug 202327 Jul 2023BY23102N3.74%2.11
25 Apr 202320 Apr 2023BY23101W3.58%2.96
31 Jan 202326 Jan 2023BY23100X3.87%2.91
18 Oct 202213 Oct 2022BY22103A3.72%2.32
26 Jul 202221 Jul 2022BY22102V3.1%2.33
19 Apr 202213 Apr 2022BY22101N2%1.45
25 Jan 202220 Jan 2022BY22100W0.75%1.68
19 Oct 202114 Oct 2021BY21103E0.6%1.62
27 Jul 202122 Jul 2021BY21102A0.35%2.07
20 Apr 202115 Apr 2021BY21101V0.43%2.14
26 Jan 202121 Jan 2021BY21100N0.38%2.02
Source: MAS

 

What is Singapore T-bill?

Singapore T-bills are short-term government bonds issued and fully backed by the Singapore government, which has one of the highest credit ratings in the world. Investing in T-bills guarantees your principal and interest payout; therefore, T-bills are usually considered low-risk investments.

If you want to learn more about T-bills, you can read our comprehensive guide on Treasury Bills (T-bills) Singapore.

 

How Competitive is Singapore T-bill Interest Rate?

We can measure the current Singapore T-bill interest rate competitiveness in two ways:

Compared to Historical Rates

By looking at the historical interest rates chart or table above, we can see where we are compared to historical rates. As of this writing, the T-bill interest rate is at one of the highest levels in recent times.

In a normal economic environment, bonds with shorter-term maturity usually have lower interest rates than those with longer-term maturity. The higher rates for longer-term bonds are due to the risk premium associated with holding the bonds in the long term. There is opportunity cost and a higher probability of default when holding for longer.

In an uncertain economic environment, the shorter-term maturity yields higher than the longer-term maturity. This phenomenon is called an inverted yield curve. In this economic condition, the T-bill may become one of the most attractive fixed-income investments because of its relatively high-interest rate and low risk.

Compared to Alternatives

The closest alternative to T-bill is the fixed deposit. You can compare the latest T-bill rates above with the latest fixed deposit rates to check which offers better rates. However, please note that fixed deposits are only insured up to $75,000 per bank.

Another T-bill alternative is Singapore Savings Bonds (SSB) which allows redemption at any month. Investors can also use SSB as short-term instruments to park their cash. However, due to the step-up nature of the SSB interest rates offering, it is less likely for SSB to provide better rates for short-term holding.

Otherwise, investors may also consider high-yield savings accounts, which can offer competitive rates (but with a catch!). They usually require you to fulfill specific requirements such as crediting salary, spending on their credit card, etc. If you can fulfill those hoops, you may qualify for higher and more competitive interest rates.

Each alternative is unique, but T-bill is usually still one of the more attractive instruments for investors seeking capital preservation.

 

How is Singapore T-bill Interest Rate Determined?

Singapore T-bills interest rates are determined through an auction. You won’t know the interest rate (cut-off yield) until the auction ends.

T-bills adopt uniform price auctions. The highest successful competitive bids submitted in the auction will be the cut-off yield. Once this cut-off yield is determined:

  • Non-competitive bids will get this yield as the interest rate. The allocation is pro-rated if the demand exceeds the limit.
  • Competitive bids below this cut-off yield will receive full allocation with this cut-off yield as the interest rate.
  • Competitive bids at this cut-off yield will be allocated pro-rated.
  • Competitive bids higher than the cut-off yield will not get allocations.