Understanding Singapore Government Securities (SGS)
SGS are debt instruments issued and fully backed by the Singapore government. Three types are available to retail investors:
- Treasury Bills
- SGS Bonds
- Singapore Savings Bonds
Features
Treasury Bills (T-bills)
These are short-term SGS issued at a discount to their face value. You will receive the full face value at maturity. The Government issues 6-month and 1-year T-bills.
SGS Bonds
These pay a fixed interest rate and have maturities ranging from two to 50 years. They fall into three categories: SGS (Market Development), SGS (Infrastructure), Green SGS (Infrastructure).
Singapore Savings Bonds (SSBs)
These are issued monthly and pay fixed coupons that increase the longer you hold the bond for.
Things you should know
How to apply for SGS bonds/ T-bills
Step 1: Log in to UOB Personal Internet Banking, tap on ‘Investment’, followed by ‘IPO/ Bonds/ Tbills’.
Step 2: Select from a list of securities, then click ‘Action’ and choose your payment method.
Step 3: Fill up the application and click ‘Submit’.
Step 4: Review your application and tap on ‘Confirm’.
Eligibility
- You must be at least 18 years old and not an undischarged bankrupt.
- A minimum investment amount of S$500 for Singapore Savings Bonds and S$1,000 for Treasury Bills and Singapore Government Securities Bonds.
- You need to open a Central Depository (CDP) Securities Account.
- Funds from Central Provident Fund (CPF) and Supplementary retirement Scheme (SRS) account can be used to purchase Government bonds and Treasury bills. In order to transact, you need to open a CPF Investment Account / SRS Account with UOB or any other agent bank.
- You may either transact SGS on a secondary market through us directly, or tender for new and re-opened SGS issues through our Automated Teller Machines (ATM).
- Foreigners are also eligible to apply.
Additional information
- You may redeem your Singapore Savings Bonds (SSB) from as early as their month of issuance onwards, with redemption proceeds paid out on the 1st business day of the next month following redemption. Please do not submit redemption requests for SSBs maturing in the following month as redemption proceeds will be automatically paid out to the bank account linked to your individual CDP Securities account upon maturity. (For example, you should not submit a redemption request in September 2025 for an SSB maturing in October 2025).
- To view a detailed comparison of T-bills, SGS Bonds, and SSBs, visit MAS’ website here.
- To view MAS issuance calendar, click here.
Timeline of Events
| Timeline | Cash application | SRS application | CPF-OA / CPF-SA application |
| Point of application | Funds will be debited from your bank account at the point of application. | Funds will be earmarked from your SRS account balance at the point of application. | No funds will be debited or earmarked at the point of application. Please ensure you have sufficient CPF funds after setting aside S$20,000 in your OA or S$40,000 in your SA. |
| Auction Date | If you receive a successful allotment, 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. |
If you receive a successful allotment, the unallocated earmarked amount including the discount (based on the cut-off price) will be released. |
If you apply using CPF-OA or CPF-SA, you will only know the outcome on the Issue Date. |
| Issue Date + 1 Day | If you are successful in your application, your allocated holdings will be credited to your CDP account. Please login to your SGX-CDP Portal to view your allocated holdings. |
If you are successful in your application, the allocated amount less the discount (based on the cut-off price), will be deducted and reflected in the SRS account. |
If you are successful in your application, the allocated amount will be available for viewing via the UOB TMRW app. For CPF-OA, the allocated amount will be reflected in your CPFIS account. For CPF-SA, the allocated amount will be reflected in your Debt Securities Account. |
SGS Bonds & T-bills Application submission cut-off time
- Investment Mode
- Cash
- SRS
(UOB SRS Account Holders Only) - CPF-OA
(UOB CPFIA Holders Only) - CPF-SA
| Investment Mode | Cash | SRS (UOB SRS Account Holders Only) |
CPF-OA (UOB CPFIA Holders Only) |
CPF-SA |
| Application Starts | Announcement Date from 6pm | Online (T-bills) Announcement Date from 6pm Branch (SGS Bonds) Announcement Date |
Announcement Date | |
| Application Ends | Online: 1 business day^ before the Auction Date at 9pm | Online (T-bills) 2 business days^ before the Auction Date at 9pm Branch (SGS Bonds) 2 business days^ before the Auction Date at 12pm |
CPF-SA with DSA* 2 business days^ before the Auction Date at 12pm CPF-SA without DSA* 3 business days^ before the Auction Date at 12pm |
|
| Fees | All transaction fees are waived | S$2.00 + GST for each transaction | All transaction fees are waived | |
| Channels | ATM, Internet Banking | Internet Banking | Internet Banking (For T-bills ) Branch Only (For SGS Bonds) |
Branch Only |
^Business day = Mon to Sat, excluding Public Holidays
*Debt Securities Account for custody of the securities
More Information
More Information
For a no-obligation consultation today, please call our 24-hour toll-free number at 1800 222 2121
Terms and Conditions
Click here to download the Consolidated Terms for Sale and Purchase of Singapore Government Securities (SGS)
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