T-Bill Yield Calculator

A Singapore T-bill’s headline number is its cut-off yield, but that is not quite the cash return you get. This calculator converts the yield into the price you pay and the interest you actually earn.

Tool

Based on MAS — T-bill cut-off price method. As of 25 Oct 2026. Estimate only — confirm the latest cut-off yield at the MAS auction results before you apply.

How it is calculated

T-bills are zero-coupon securities quoted on a discount basis. The MAS method (Actual/365 day count) is:

Discount per S$100: D = days ÷ 365 × yield — MAS T-bills FAQ.
Price per S$100: P = 100 − D.
What you pay: face value × P ÷ 100.
Interest at maturity: face value − what you paid (you are repaid the full face value).
Effective return on outlay: interest ÷ amount paid, annualised over the tenor. This is a touch above the cut-off yield because you invested less than face value.

The cut-off yield itself is set at each auction — it is the highest accepted yield among successful competitive bids, and every successful applicant receives it.

A worked example (illustrative)

For a S$10,000 face-value 6-month (182-day) bill at a 1.95% cut-off yield:

Price = 100 − (182 ÷ 365 × 1.95) = S$99.028 per S$100.
You pay 10,000 × 99.028 ÷ 100 ≈ S$9,902.77.
At maturity you receive S$10,000, so interest ≈ S$97.23.
Effective return on the S$9,902.77 outlaid ≈ 1.97% p.a. — slightly above the 1.95% cut-off.

MAS’s own published example (182 days at 4.00% → price S$98.005) uses the same formula.

Limits of this estimate

It ignores any bank transaction or CPFIS/SRS charges, which reduce the net return.
It assumes you hold to maturity; selling early on the secondary market gives an uncertain price.
The prefilled yield is the latest auction result — the next auction’s cut-off will differ. Always check the official auction results before applying.

T-Bill Yield Calculator