Find out what are the frequently asked questions about buying and redeeming Treasury bills (Tbills) or learn more about the key product information for individuals.
Applying for Tbills
What is the difference between noncompetitive and competitive applications?
Noncompetitive Application
 In anoncompetitive application, you only specify the amount you want to invest and not the yield. You may wish to choose this option if you wish to invest in the bond regardless of the return or are unsure of what yield to bid.
 Do note that in an auction, noncompetitive applications will be allotted first, up to 40% of the total issuance amount. If the amount of noncompetitive applications exceeds 40%, the Tbills will be allotted to you on a prorated basis.
 You will get the Tbills at the cutoff yield, which is the highest accepted yield of successful competitive applications.
Note: Submitting multiple noncompetitive applications does not increase the chance of successful allotment. Allotment takes into account the aggregate total amount applied by each investor, and not the number of applications submitted by each investor.
Competitive Application
 If you wish to invest in the Tbills only if it yields above a certain level, you can submit a competitive application.
 In the application, you can specify the minimum yield you are willing to accept in percentage terms, up to 2 decimal places. Please be mindful not to submit in price terms.
 Please notethat you may not get the full amount that you applied for, depending on how your application compares to the cutoff yield.
Note: A lower yield represents a more competitive application, as you are indicating that you will accept a lower interest rate. You can submit multiple competitive applications.
How are the Tbills allotted and how are the yields of the Tbills allotted to me determined?
Tbills are issued via a uniformprice auction. This means that all successful applications, whether noncompetitive or competitive, will be allotted the Tbills at a uniform yield, which is the cutoff yield. The cutoff yield of the Tbills auction is the highest accepted yield of successful competitive applications submitted at the auction.
In a Tbills auction, allotment starts with the noncompetitive applications, followed by the competitive applications:
 Noncompetitive applications are allotted first, up to 40% of the total issuance amount. If the total amount of noncompetitive applications exceeds 40%, the Tbills will be allotted to noncompetitive applications on a prorated basis. However, to ensure that the final allotments are in denominations of S$1,000, adjustments will be made by the system on a randomised basis.
 The rest of the issuance amount will be awarded to competitive applications, starting from the lowest to the highest yields submitted.
Illustration
Here is a stylised example to illustrate the allotment process for Tbills, which assumes:
Total Issuance Size of Tbills  S$20,000 
Total Noncompetitive Applications Received  S$8,000 
Total Competitive ApplicationsReceived  S$18,000 
For this example, the allotment will be as follows:
 The noncompetitive applications will be allotted first. As the noncompetitive applications of S$8,000 is within 40% of the issuance size (i.e. S$8,000), the noncompetitive applications will be fully allotted. This means that everyone who submitted a noncompetitive application will be allotted the amount that they had bid for, capped at S$1 million per Tbills auction.
 The competitive applications will be allotted next based on the remaining auction amount of S$12,000. The applications will be allotted starting with the lowest yield, and move to the next lowest yield and so on until the remaining auction amount of S$12,000 is reached.
Competitive or Noncompetitive  Application amount  Allotment amount  Cumulative allotment amount  Remarks 
Noncompetitive applications (A)  S$1,000  S$1,000 (fully allotted)  S$1,000  
Noncompetitive applications (B)  S$3,000  S$3,000 (fully allotted)  S$4,000  
Noncompetitive applications (C)  S$4,000  S$4,000 (fully allotted)  S$8,000  
Total of Noncompetitive applications  S$8,000  S$8,000 (100% of noncompetitive applications allotted)  S$8,000  In this example, the noncompetitive applications were 100% allotted as the total amount of noncompetitive applications was within 40% of the total issuance amount. 
Competitive applications at 1%  S$3,000  S$3,000 (fully allotted)  S$11,000  All applications at this yield were fully allotted as it is below the cutoff yield. 
Competitive applications at 2%  S$4,000  S$4,000 (fully allotted)  S$15,000  All applications at this yield were fully allotted as it is below the cutoff yield. 
Competitive applications at 3%  S$4,000  S$4,000 (fully allotted)  S$19,000  All applications at this yield were fully allotted as it is below the cutoff yield. 
Competitive applications at 4%  S$5,000  S$1,000 (prorated allotment)  S$20,000 

Competitive applications at 5%  S$2,000      Applications at this yield were not allotted as the total issuance size has been met. 
Total of Competitive applications  S$18,000  S$12,000  S$20,000  4% becomes the cutoff yield for this auction. 
In summary  
Total of both Noncompetitive and Competitive applications  S$26,000 (Noncompetitive S$8,000, Competitive S$18,000)  S$20,000 (Noncompetitive S$8,000, Competitive S$12,000)  S$20,000  Cutoff yield = 4%. 
In this example, the cutoff yield is 4%. All allotted applications, noncompetitive and competitive, will receive the same cutoff yield of 4%.
What is the maximum amount of Tbills that I can apply for as an individual investor?
The sum of the competitive and noncompetitive applications that may be allotted to an individual is capped at 15% of the issuance size of the Tbills auction.
In addition, the maximum allotment for noncompetitive applications per individual is S$1 million per Tbills auction.
Why are there no coupon payments for my Tbills?
There are no coupon payments for Tbills.
Instead, Tbills are issued at a discount to the face (par) value. Face/par value refers to S$100 in principal amount of the Tbills applied for. The discount rate of the Tbills is the cutoff yield at the auction. The interest is paid at maturity and is the difference between the purchase price and the face value.
How and Where can I check my Tbills holdings?
For individual investors, if your application for the Tbills was successful, the Tbills holding will be reflected in your respective accounts after the issuance date.
 For cash applications: You can check your CDP notification statement via CDP Internet after 6pm on issuance date. If you have opted for paper statements from CDP, the statements are typically mailed to investors from the4^{th} business day of each month. Please note that every 10 units on the CDP statement represents S$1,000 in face value of your Tbills holdings. For questions on your CDP account or CDP statement, please contact CDP at 6535 7511.
 For SRS applications: You can check the statements from your SRS Operator (DBS/POSB, OCBC and UOB are SRS operators).
 For CPFISOA applications: You can check the CPFIS statement sent by your agent bank (DBS/POSB, OCBC and UOB are CPFIS agent banks).
 For CPFISSA applications: You can check your CPF statement.
How do I compute my initial investment amount for my Tbills based on the cutoff yield?
Tbills are issued at a discount to the face value.
The cutoff yield at an auction determines the cutoff price of the Tbills, based on the formula below:
D = M/365 X R
P = S$100 – D
Where:
D = full discount per S$100 face value
M = days to maturity
R = annual rate of discount (yield), expressed as %
P = dollar price per S$100 face value
For example, if the cutoff yield for a 6month Tbills with 182 days to maturity is 4.00%, this translates to a cutoff price of S$98.005 (rounded to 3 decimal places) per S$100 in face value. This means that for every S$1,000 of Tbills that was allotted to you, your initial investment amount would be S$980.05.
When will the funds be debited from my account?
For cash applications, funds will be deducted at the point of application. The discount to the face value of your allotted Tbills will be credited into your account within 1 – 3 business days after auction date.
For SRS applications, funds will be earmarked at the point of application, for subsequent deduction within 1 – 3 business days after auction date.
For CPFIS applications, funds will be deducted within 1 – 3 business days after auction date.
Note: Please check with your bank on the relevant transaction charges (if applicable) for using the different funds for application.
Why is the amount of refund I received different from what I had calculated based on the auction results?
This can happen if there is an oversubscription for noncompetitive applications (i.e. the total amount of noncompetitive applications exceeds 40% of the issuance size). In this situation, the allotment to noncompetitive applications will be prorated, with individual allotments adjusted on a randomised basis such that allotments are in denomination of S$1,000.
This may also happen if you have made a competitive application at the cutoff yield.
Illustration
Suppose a Tbills auction receives a total of S$15,000 in noncompetitive applications for a total issuance size of S$30,000.
As the noncompetitive applications of S$15,000 exceeds 40% of the issuance size (i.e. S$12,000), the allotment to noncompetitive applications will be prorated by approximately 80% (S$12,000/S$15,000). This means that everyone who submitted a noncompetitive application will have their allotments prorated and adjusted on a randomised basis to ensure that allotments are in denomination of S$1,000.
Competitive or Noncompetitive  Application amount  Allotment amount  Cumulative allotment amount 
Noncompetitive application (A)  S$1,000  S$0 (not allotted)  S$0 
Noncompetitive application (B)  S$2,000  S$1,000 (partially allotted)  S$1,000 
Noncompetitive application (C)  S$3,000  S$3,000 (fully allotted)  S$4,000 
Noncompetitive application (D)  S$4,000  S$4,000 (fully allotted)  S$8,000 
Noncompetitive application (D)  S$5,000  S$4,000 (partially allotted)  S$12,000 
Total of Noncompetitive applications  S$15,000  S$12,000  Applications are prorated by approximately 80%, with individual allotments adjusted on randomised basis to ensure that allotments are in denominations of S$1,000. 
When my application is prorated, what would I expect to see in terms of deduction?
For cash applications:You will receive a combined refund on the (i) nonallotted amount, and (ii) discount on the face value of Tbills which you have been allotted.
Using a 6month Tbills with a cutoff yield of 4.00% and cutoff price of S$98.005 (rounded to 3 decimal places) per S$100 in face value as an example. If you have submitted a noncompetitive application of S$2,000, and was only allotted S$1,000, you will receive a combined refund of (i) S$1,000 of your nonallotted amount, and (ii) discount on the face value of Tbills, which would be S$19.95.
Note: The discount rate of the Tbills is the cutoff yield at the auction.
For CPFIS and SRS applications: Only the settlement amount (allotted amount net of the discount) will be deducted from your respective accounts.
Using the same example above, if you submitted a noncompetitive application of S$2,000 and was only allotted S$1,000, only the settlement amount of S$980.05 will be deducted from your account.
Why was my application unsuccessful?
There are a few possible reasons why your application was unsuccessful. Some common reasons include:
 Joint CDP accounts cannot be used to buy Tbills. You will need to have an individual CDP Securities account as a holding account to deposit your allotted Tbills.
 Invalid or incorrect CDP account number entered during the application.
 The CDP account used does not have Direct Crediting Service activated.
In addition, please note that there is an allotment limit of S$1 million per individual per Tbills auction for noncompetitive applications.
You may wish to check with your bank for the exact reason(s) why your application was rejected.
Upon maturity of the Tbills, when will I receive the principal amount?
On maturity, the principal amount will be credited to your respective account by the end of the day, typically after 6pm.
 For cash applications: The principal amount will be credited to your designated Direct Crediting Service bank account.
 For SRS applications: The principal amount will be credited to your SRS account.
 For CPFISOA applications: The principal amount will be credited to your CPF Investment Account.
 For CPFISSA applications: The principal amount will be credited to your CPF SA account.
Please note that should the maturity date fall on a day when MAS’ electronic payment system is not in operation, the transaction will take place on the next business day.
Others
Can I redeem Tbills before maturity?
No, you are not able to redeem your Tbills prior to maturity.
However, you can sell your Tbills in the secondary market through DBS, OCBC or UOB by visiting their branches. You should indicate whether you are using cash, SRS or CPFIS funds. Please note that prices in the secondary market may change daytoday according to market conditions, and may be higher or lower than what you had paid for.
How do I read the Tbills auction results?
In a uniformprice auction, successful noncompetitive and competitive applications will be allotted the Tbills at the Cutoff Yield and Cutoff Price. The Cutoff Yield refers to the highest accepted yield of successful competitive applications, and the Cutoff Price refers to the price corresponding to the Cutoff Yield.See question on "How do I compute my initial investment amount for my Tbills based on the cutoff yield?"for the formula to compute the cutoff price.
If you have placed a noncompetitive application, you may refer to the % of NonCompetitive Applications Allotted for the percentage of allotment given to noncompetitive applications for the auction. If you have placed a competitive application at the Cutoff Yield, you may refer to the % of Competitive Applications at Cutoff Allotted for the percentage of allotment given to applicants who bid exactly at the cutoff yield for the auction.
Do note that in the event of oversubscription, individual allotments will be adjusted on a randomised basis to ensure that allotments are in denomination of S$1,000.
For more information on the competitive bidding behaviour in an auction, you may also refer to the Median Yield and Average Yield. The Median Yield refers to the yield corresponding to the median of successful competitive applications, while the Average Yield refers to the sum product of the amount of successful competitive applications and the respective application yields, divided by the total amount of successful competitive applications. The results for each Tbills issue may differ depending on investors’ bidding behaviour.