Singapore Treasury Bills (T-bills)
Direct Purchase:
- T-bills are issued by the Singapore government and can be purchased during scheduled auctions.
- Individuals can participate directly through the Monetary Authority of Singapore (MAS) website or via internet banking platforms of major local banks.
- You will need a Central Depository (CDP) account linked to your bank account to receive and hold T-bills.
Through Banks or Brokers:
- Most major banks in Singapore (e.g., DBS/POSB, OCBC, UOB) allow you to apply for T-bills via their internet banking platforms.
- Applications are typically made under the “Invest” or “Bonds/Treasury Bills” section.
- Some brokers also facilitate T-bill purchases, but you must ensure your CDP account is linked.
Auction Process:
- You may choose to submit a competitive or non-competitive bid.
- Non-competitive bids are simpler for retail investors and guarantee allocation at the cut-off yield.
Secondary Market:
- After issuance, T-bills can be traded on the secondary market through brokers, but liquidity may vary.
Singapore Savings Bonds (SSBs)
Direct Purchase:
- SSBs are designed for retail investors and are available for purchase every month.
- You can apply directly through the internet banking portals or ATMs of DBS/POSB, OCBC, and UOB.
- You must have an individual CDP account (not a joint account) to apply.
Through Banks:
- Log in to your internet banking account, look for the “Singapore Government Securities” or “Singapore Savings Bonds” section, and follow the application instructions.
- Applications are made in multiples of S$500, up to S$200,000 per individual per issue.
Redemption:
- SSBs can be redeemed monthly, and redemption requests are also submitted via your bank’s internet banking portal or ATM.
Key Differences in Purchase Process
| Feature | T-bills | SSBs |
| Where to apply | Internet banking, brokers, MAS | Internet banking, ATMs (DBS/OCBC/UOB) |
| Account needed | CDP account | Individual CDP account |
| Minimum amount | S$1,000 (varies by bank) | S$500 |
| Application type | Auction (competitive/non-competitive) | Fixed price, monthly application |
| Secondary market | Tradable | Not tradable; redeemable with issuer |
Summary
- T-bills: Apply via banks’ internet banking, brokers, or MAS; require a CDP account; can be traded in the secondary market.
- SSBs: Apply via internet banking or ATMs of DBS/POSB, OCBC, UOB; require an individual CDP account; not traded, but can be redeemed monthly with the government.
Both products are designed for ease of access by Singapore residents, but SSBs are especially tailored for retail investors seeking flexibility and simplicity.