# SSB & T-Bill Calculator Singapore: Savings Bond Interest and T-Bill Returns

Work out Singapore Savings Bonds interest year by year and what you get if you redeem early, or a 6-month or 1-year T-bill's price and interest from its cut-off yield.

Interactive tool: https://lookup.sg/tools/singapore-savings-bonds-calculator

## How this works
Singapore Savings Bonds (SSB) pay a step-up rate that rises each year for up to 10 years. Interest is paid every 6 months at half that year's rate, so S$10,000 in a year paying 2% earns two payments of S$100. Each issue publishes its own 10 rates on the MAS website; enter them, or a single average rate for a quick estimate.

You can redeem an SSB in any month with no penalty: MAS returns the principal by the second business day of the following month, plus interest accrued to date. The calculator pro-rates accrued interest by month, and deducts the S$2 fee MAS charges for each application and each redemption. Bonds come in multiples of S$500, up to S$200,000 per person.

Treasury bills (T-bills) are sold at a discount and repaid at face value. MAS sets the price from the auction's cut-off yield: price per S$100 = 100 × (1 − yield × days to maturity ÷ 365), rounded to 3 decimals. At 4.00% on a 182-day bill that is S$98.005, so S$1,000 of T-bills costs S$980.05. Interest is the face value minus what you pay.

T-bills for individuals come in 6-month and 1-year tenors, from S$1,000 in multiples of S$1,000. Interest on Singapore Government Securities, including SSBs and T-bills, is tax-exempt for individuals.

## FAQs
### How much interest does a 6-month T-bill pay on S$10,000?
At a 2.00% cut-off yield on a 182-day bill, the price is S$99.003 per S$100, so S$10,000 of T-bills costs S$9,900.30 and pays back S$10,000: S$99.70 of interest. A 1-year bill at 2.00% (364 days) earns S$199.50.

### How is the T-bill price calculated from the cut-off yield?
Price per S$100 = 100 × (1 − cut-off yield × days to maturity ÷ 365), rounded to 3 decimal places. MAS's own example: a 4.00% yield on a 182-day bill gives a price of S$98.005.

### What happens if I redeem Singapore Savings Bonds early?
You get your full principal back plus interest accrued to date, with no penalty other than the S$2 redemption fee. With the example rates here (1.80% in year 1 rising to 2.55% in year 10), S$10,000 redeemed after 1 year earns S$180, against S$2,220 if held for all 10 years.

### How much can I invest in Singapore Savings Bonds?
From S$500, in multiples of S$500, up to S$200,000 per person across all SSB issues you hold. Each application and each redemption costs a S$2 transaction fee.

## Sources
- [MAS: Investing in Singapore Savings Bonds](https://www.mas.gov.sg/bonds-and-bills/investing-in-singapore-savings-bonds)
- [MAS: T-bills, information for individuals](https://www.mas.gov.sg/bonds-and-bills/singapore-government-t-bills-information-for-individuals)
- [MAS: How SGS auctions are conducted](https://www.mas.gov.sg/bonds-and-bills/investing-in-singapore-government-securities/how-sgs-auctions-are-conducted)
- [Ask.gov.sg (MAS): converting T-bill cut-off yield to price](https://ask.gov.sg/mas/questions/clx8ktis0009xryoz7wranh5z)
- [Ask.gov.sg (MAS): S$2 transaction fee for SSB applications and redemptions](https://ask.gov.sg/mas/questions/clx8ktirw0081ryoz9ee5wkpf)

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Source: Lookup (https://lookup.sg) · Data as of October 2026 · Listings compiled from Singapore government open data (data.gov.sg), OneMap and Overture Maps places. Free listings never show contact details; contact details appear only on Lookup Verified listings.