SSB Yield, T-Bill Allotment and Fixed Deposit Rates Singapore 2026
Three calculators for the safest investment tier in Singapore — where your principal is guaranteed by the Singapore government. The SSB Yield Calculator projects your total return on Singapore Savings Bonds across the 10-year step-up interest structure, showing the effective yield if you hold for 1, 3, 5, or 10 years — because SSB yields increase each year, and the average return depends entirely on your holding period. The T-Bill Allotment Calculator helps you estimate your allotment on the popular 6-month and 1-year MAS Treasury Bill auctions, where oversubscription can mean receiving only 40-60% of what you applied for. And the Fixed Deposit Comparison Calculator compares the best FD rates from DBS, OCBC, UOB, Standard Chartered, and digital banks against SSBs and T-Bills — revealing which risk-free option delivers the highest return for your time horizon.
Understanding Singapore Savings Bonds in 2026 — How the MAS-Issued SSB Step-Up Interest Structure Works, the S$200,000 Individual Cap and Why SSBs Offer the Only Truly Flexible Government-Backed Return in Singapore
Singapore Savings Bonds (SSBs) are 10-year government bonds issued monthly by the Monetary Authority of Singapore (MAS) with a unique step-up interest structure — the coupon rate increases each year, rewarding longer holding periods. SSBs are the only investment product in Singapore that combines all three of: government guarantee (AAA-rated sovereign), full principal redemption at any time with no penalty, and increasing returns over time.
The SSB interest structure works as follows: each monthly issuance sets 10 annual coupon rates that step up progressively. For a typical 2026 issuance, Year 1 might pay 2.07%, Year 2 pays 2.17%, and Year 10 pays 3.10%. The average return depends on how long you hold: if you redeem after 1 year, you earn only the Year 1 rate (2.07%). If you hold for 5 years, you earn the average of Years 1-5 (approximately 2.35%). If you hold the full 10 years, you earn the average of all 10 years (approximately 2.55%). This step-up design incentivises longer holding without penalising early exit.
Key SSB features for 2026: minimum investment of S$500, maximum individual holding of S$200,000 across all SSB issues combined, interest paid semi-annually, redeemable in any month with no penalty (principal returned in full), and fully guaranteed by the Singapore government. SSBs are applied for through DBS/POSB, OCBC, or UOB internet banking or ATMs, with allotment results announced on the 4th business day of each month.
The SSB Yield Calculator takes the investment amount, the specific SSB issuance coupon rates (or the latest available rates), and the planned holding period. It computes: semi-annual interest payments, cumulative interest over the holding period, average annual yield, total return at each year from 1 to 10, and a comparison against the current bank FD rate to show the yield advantage or disadvantage at each holding horizon.
SSB vs CPF OA — When SSBs Beat the 2.5% CPF Floor
CPF Ordinary Account pays a guaranteed 2.5% per annum. SSBs occasionally offer higher average yields for 5-10 year holding periods — making SSBs a viable alternative to voluntary CPF top-ups if you want government-backed returns with full liquidity. However, CPF OA contributions also receive employer matching (free money) and can be used for housing. The comparison is only relevant for excess cash beyond CPF contributions. Use the CPF Compounding Calculator to compare growth trajectories.
Understanding T-Bill Yields and Allotment in Singapore 2026 — How the 6-Month and 1-Year MAS Treasury Bill Auctions Work, the Competitive vs Non-Competitive Bidding System and Why Oversubscription Means You May Receive Only 40-60% of Your Application
Singapore Government Treasury Bills (T-Bills) are short-term government debt instruments issued by MAS via fortnightly auctions. They come in two tenures: 6-month T-Bills (the most popular with retail investors) and 1-year T-Bills. T-Bills are sold at a discount to face value — you pay less than S$1,000 per unit and receive S$1,000 at maturity, with the difference being your return.
The auction system has two bidding modes. Non-competitive bidding (used by most retail investors): you accept whatever cut-off yield the auction determines. You are guaranteed allotment (subject to the overall non-competitive quota) but do not choose the yield. Competitive bidding (used by institutions and sophisticated investors): you specify the yield you want. If your bid is at or below the cut-off yield, you are allotted. If above, you receive nothing.
In 2026, 6-month T-Bill cut-off yields have ranged from 2.8% to 3.4% per annum, with significant variation between auctions. The popularity of T-Bills with retail investors has led to consistent oversubscription — meaning the total applications exceed the available amount. When oversubscribed, non-competitive bidders receive a pro-rata allotment: if the auction is 2x oversubscribed, you receive approximately 50% of what you applied for. If you applied for S$50,000, you may receive only S$25,000-S$30,000 in allocation.
Minimum application is S$1,000 in multiples of S$1,000 through DBS/POSB, OCBC, or UOB internet banking or ATMs. There is no individual holding cap for T-Bills (unlike SSBs). T-Bills can be sold on the secondary market before maturity through your bank, though liquidity is limited for retail-sized holdings.
The T-Bill Calculator takes your application amount, the recent cut-off yield (or an estimated yield), and the historical oversubscription ratio. It computes: estimated allotment amount based on the oversubscription ratio, the discount price per S$1,000 unit, total return at maturity, annualised yield, and a comparison against SSBs and FDs for the same tenure showing which delivers the best risk-free return.
The “T-Bill Ladder” Strategy — Spreading Applications Across Multiple Auctions
Because T-Bill yields and allotment ratios vary between auctions, sophisticated investors build a T-Bill ladder — applying for smaller amounts across multiple consecutive auctions rather than placing one large bet. If you have S$100,000 to deploy, applying S$20,000 across 5 consecutive fortnightly auctions averages your yield and allotment across different market conditions. The ladder also creates staggered maturity dates, providing liquidity every 2 weeks rather than a single maturity 6 months out. This reduces both yield risk and reinvestment risk.
Understanding Fixed Deposit Rates in Singapore 2026 — How DBS, OCBC, UOB and Digital Banks Price FD Tenures From 1 to 36 Months, the S$20,000-S$50,000 Minimum Placement Thresholds and When a Bank FD Beats Government Bonds
A fixed deposit (FD) is the simplest form of guaranteed-return investment: you place a lump sum with a bank for a fixed tenure (typically 1 to 36 months), earn a fixed interest rate, and receive your principal plus interest at maturity. FDs are protected up to S$100,000 per depositor per bank under the Singapore Deposit Insurance Corporation (SDIC) scheme — making them effectively risk-free for amounts within this limit.
In 2026, FD rates in Singapore vary significantly by bank type and tenure. The Big 3 local banks (DBS, OCBC, UOB) offer 2.5% to 3.2% for 6-12 month tenures on placements of S$20,000 or more. Digital and challenger banks (GXS Bank, MariBank, Trust Bank) offer 2.8% to 3.5% for similar tenures, often with lower minimum placement (S$500-S$1,000). Foreign banks (Standard Chartered, Citibank, HSBC) periodically offer promotional rates of 3.0% to 3.8% for new-to-bank customers, subject to minimum placement of S$50,000-S$100,000.
The key trade-off: FDs offer higher headline rates than SSBs for short tenures (1-12 months) but come with an early withdrawal penalty. Breaking an FD before maturity typically forfeits all interest or reduces it to the prevailing savings rate (0.05%). SSBs, by contrast, can be redeemed any month with no penalty and full interest earned to date. T-Bills have no early redemption (you must hold to maturity or sell on secondary market), but their 6-month tenure is short enough that lock-up is minimal.
The FD Comparison Calculator takes your investment amount, desired tenure, and up to 5 bank FD rates for comparison. It computes: total interest earned from each bank, effective annual yield (accounting for compounding frequency), ranking from best to worst, and a three-way comparison against the latest SSB average yield and T-Bill cut-off yield for the equivalent tenure — showing which risk-free option delivers the most return for your time horizon.
How These 3 Investment Calculators Work — SSB Step-Up Yield Projection, T-Bill Allotment Estimation and FD Rate Comparison for Singapore 2026
The SSB Calculator takes the investment amount and the 10 annual coupon rates from the chosen issuance. It computes: semi-annual interest payments at each step, cumulative total interest at each year-end from Year 1 to Year 10, average annual yield at each exit point, and total return percentage. It also shows the breakpoint year where the SSB average yield surpasses the prevailing FD rate.
The T-Bill Calculator takes the application amount, estimated cut-off yield, and oversubscription ratio. It computes: discount price = S$1,000 ÷ (1 + yield × days/365), estimated allotment = application ÷ oversubscription ratio, total units received, total return at maturity, annualised yield, and cash deployed versus cash returned.
The FD Comparison Calculator takes the principal, tenure, and up to 5 bank rates. It computes: total interest = principal × rate × tenure/12, net amount at maturity for each bank, ranking by total return, and a side-by-side comparison with SSB and T-Bill returns for the same principal and approximate tenure.
3 Real Singapore Fixed Income Examples — S$50,000 SSB Over 5 Years, S$100,000 T-Bill Application Receiving 55% Allotment and S$30,000 FD at 3.2% vs SSB at 2.35%
Example 1: S$50,000 in SSB Held for 5 Years — Average Yield 2.35%, Total Interest S$5,875
Mr Tan invests S$50,000 in the latest SSB issuance. The 10-year step-up coupon rates start at 2.07% and increase to 3.10%. He plans to hold for 5 years.
The step-up structure means Mr Tan earns more each year. His average 5-year yield of 2.35% is below current FD promotional rates (3.0-3.2%) but offers something no FD provides: full liquidity with no early withdrawal penalty. If rates rise and better opportunities emerge, he can redeem his SSB any month and redeploy. If rates fall, he is locked into an attractive step-up schedule. This “optionality” is the SSB's true value. Use the SSB Calculator with the latest issuance rates.
Example 2: S$100,000 T-Bill Application at 3.0% — 55% Allotment, S$55,000 Deployed, S$825 Return in 6 Months
Mrs Wong applies for S$100,000 in the latest 6-month T-Bill auction via non-competitive bid. The auction is 1.8x oversubscribed. Cut-off yield: 3.0% p.a.
Mrs Wong wanted to deploy S$100,000 but the 1.8x oversubscription meant only S$55,000 was allotted. The remaining S$45,000 is returned to her account within days. Her S$55,000 deployed earns S$813 in 6 months — a 3.0% annualised return. The unallocated S$45,000 sits earning savings account interest (0.05%) until the next auction. This is the T-Bill frustration: high yields but partial allotment. The ladder strategy (S$20,000 across 5 auctions) mitigates this by spreading allotment risk. Use the T-Bill Calculator to estimate your allotment.
Example 3: S$30,000 FD at 3.2% for 12 Months vs SSB at 2.35% — FD Wins by S$255 But Has Zero Flexibility
Mr Lim has S$30,000 in excess cash. He compares a 12-month FD at OCBC (3.2%) against the SSB (2.35% average for 1 year, based on the first-year coupon).
The FD wins on pure return: S$960 vs S$621 (SSB) or S$900 (T-Bill ladder). But the FD is completely illiquid for 12 months — breaking it early forfeits all S$960 in interest. The SSB can be redeemed any month with full interest earned to date. Two rolled 6-month T-Bills deliver S$900 with natural liquidity every 6 months. For a 12-month horizon where Mr Lim is certain he will not need the money, the FD is optimal. For uncertain horizons, SSB's zero-penalty flexibility is worth the S$339 yield sacrifice. Use the FD Comparison Calculator to run your own scenario.
3 Expert Tips for SSBs, T-Bills and Fixed Deposits in Singapore
Use SSBs for Your Emergency Fund — Government-Guaranteed, Redeemable Monthly, and Earning 2%+ Instead of 0.05% in Savings
Most Singaporeans keep their 3-6 month emergency fund in a savings account earning 0.05%. Moving it into SSBs earns 2%+ with identical safety (government-guaranteed) and near-identical liquidity (redeemable in any month, cash returned within 2-3 business days). On a S$30,000 emergency fund, the difference is S$600-S$900/year in extra interest versus a savings account. The only trade-off: SSB redemption takes 2-3 business days versus instant ATM access. Keep S$3,000-S$5,000 in savings for true emergencies and place the rest in SSBs.
Apply for 2x What You Want in T-Bills — Oversubscription Consistently Cuts Allotment to 40-60%
If you want S$50,000 deployed in T-Bills, apply for S$100,000. Recent 6-month T-Bill auctions have been 1.5x to 2.5x oversubscribed, meaning non-competitive bidders receive only 40-65% of their application. The unallocated cash is returned within 2-3 business days at no cost. Over-applying is the only reliable way to get your target deployment. Alternatively, build a T-Bill ladder by applying S$20,000-S$30,000 every 2 weeks across consecutive auctions.
Check Digital Bank FD Rates Before the Big 3 — GXS, MariBank and Trust Bank Often Offer 0.3-0.5% Higher Yields
Digital banks (GXS Bank by Grab, MariBank by SEA Group, Trust Bank by Standard Chartered) frequently offer FD rates 0.3-0.5% above DBS/OCBC/UOB for equivalent tenures, with lower minimum placements (S$500-S$1,000 vs S$20,000). The digital bank FDs are covered by the same SDIC insurance up to S$100,000. The only limitation: digital banks have smaller branch networks (or none), so all transactions are app-based. For rate-sensitive depositors, checking digital bank rates before the Big 3 can earn an extra S$150-S$500/year on a S$50,000 placement.
16 Frequently Asked Questions About SSBs, T-Bills and Fixed Deposits in Singapore
What is a Singapore Savings Bond?
An SSB is a 10-year government bond issued monthly by MAS with a step-up interest structure. Interest rates increase each year, rewarding longer holding periods. SSBs are fully guaranteed by the Singapore government, redeemable any month with no penalty, and capped at S$200,000 per individual across all issues.
How do I apply for SSBs?
Apply through DBS/POSB, OCBC, or UOB internet banking, mobile banking, or ATMs during the application window (typically the 1st to 25th of each month). Minimum investment is S$500 in multiples of S$500. Results are announced on the 4th business day of the following month.
What is the current SSB yield?
SSB yields change monthly based on prevailing Singapore Government Securities market rates. In 2026, typical 10-year average yields range from 2.3% to 2.7% per annum. The latest rates are published on the MAS website each month before the application window opens.
What is a Treasury Bill?
A T-Bill is a short-term government debt instrument issued at a discount to face value. You pay less than S$1,000 per unit and receive S$1,000 at maturity. The difference is your return. Singapore T-Bills are available in 6-month and 1-year tenures, auctioned fortnightly by MAS.
What is the difference between competitive and non-competitive T-Bill bidding?
Non-competitive bidding means you accept the auction cut-off yield without specifying a rate. You are guaranteed allotment subject to the non-competitive quota. Competitive bidding lets you specify your desired yield, but you receive nothing if your bid exceeds the cut-off. Most retail investors use non-competitive bidding.
Why do I receive less T-Bills than I applied for?
When total non-competitive applications exceed the available quota, allotment is pro-rated. If the auction is 2x oversubscribed among non-competitive bidders, each applicant receives approximately 50% of their application. Unallocated funds are returned within 2-3 business days.
What is SDIC deposit insurance?
The Singapore Deposit Insurance Corporation insures bank deposits (including fixed deposits) up to S$100,000 per depositor per bank. This means your FD is effectively risk-free up to S$100,000. Deposits above this limit are not insured. SSBs and T-Bills do not need SDIC insurance because they are directly guaranteed by the Singapore government.
Can I withdraw my SSB early?
Yes. You can redeem your SSB in any month with no penalty. You receive your full principal plus all accrued interest up to the last semi-annual payment date. Redemption is processed within 2-3 business days. There is no lock-in period and no early withdrawal fee.
Can I sell my T-Bill before maturity?
Yes, T-Bills can be sold on the secondary market through your bank. However, the secondary market for retail-sized T-Bill holdings has limited liquidity, and you may receive slightly less than the theoretical market price. Most retail investors hold T-Bills to maturity (6 months or 1 year).
What happens if I break my fixed deposit early?
Breaking an FD before maturity typically results in forfeiture of all interest earned, or the interest may be reduced to the prevailing savings rate (approximately 0.05%). The exact penalty varies by bank and is stated in your FD terms. Some banks allow partial early withdrawal on larger placements.
Which gives better returns: SSB, T-Bill, or FD?
For short tenures (6-12 months), T-Bills and promotional FDs typically offer the highest yields (2.8-3.5%). For medium tenures (2-5 years), SSBs with their step-up structure can match or exceed FD rates while offering full liquidity. The best choice depends on your time horizon and liquidity needs.
Are SSB and T-Bill returns taxable?
No. Interest income from Singapore Government Securities (SSBs and T-Bills) is tax-exempt for individual investors in Singapore. Fixed deposit interest is also generally not taxed for individuals. There is no withholding tax on these returns for Singapore tax residents.
What is a T-Bill ladder?
A T-Bill ladder spreads applications across multiple consecutive auctions rather than placing one large application. This averages your yield across different auction conditions, provides staggered maturity dates for regular liquidity, and reduces the impact of oversubscription on any single auction.
Can foreigners buy SSBs or T-Bills?
SSBs are available only to Singapore Citizens and Permanent Residents with a bank account at a participating bank. T-Bills are available to individuals with a CDP Securities account, including some categories of foreigners. Check with your bank for specific eligibility requirements.
What is the minimum investment for SSBs?
The minimum SSB investment is S$500, in multiples of S$500. The maximum individual holding is S$200,000 across all SSB issues combined. There is no maximum for any single issuance, but if total applications exceed the available amount, allotment may be pro-rated.
How do digital bank FD rates compare to traditional banks?
Digital banks like GXS Bank, MariBank, and Trust Bank typically offer FD rates 0.3-0.5% higher than DBS, OCBC, and UOB for equivalent tenures. Digital bank minimums are often lower (S$500-S$1,000 vs S$20,000). All are covered by the same SDIC insurance up to S$100,000 per depositor per bank.
Related Investment, CPF and Wealth Calculators for Singapore
Legal Disclaimer and Editorial Transparency
SSB terms, step-up interest rates, and S$200,000 individual cap per MAS Singapore Savings Bond published guidelines. T-Bill auction mechanics, competitive and non-competitive bidding rules per MAS T-Bill information for individuals. SDIC deposit insurance coverage of S$100,000 per depositor per bank per Singapore Deposit Insurance Corporation. Fixed deposit rates are estimates based on published rates from DBS, OCBC, UOB, Standard Chartered, GXS Bank, MariBank, and Trust Bank as of 2026 and change frequently. SSB and T-Bill yields used in examples are illustrative and based on recent issuance data; actual yields vary by issuance date. Tax exemption for SGS interest per IRAS individual tax guidelines. This guide is for informational and educational purposes only. It does not constitute financial, investment, or tax advice. Past yields are not indicative of future returns. Consult a licensed financial advisor before making investment decisions. Published by MAFHH INTERNATIONAL LTD. Editorially independent. We do not collect any data you enter into our calculators.
