1year T bill COY 3.87%.

I bid 3.88% 

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I bid 3.89 miss by 0.01

The last issue one year bill i also miss by 0.01

OCBC is making a fairly attractive offer, but bear in mind the most recent T-bill had an EIR of 4.04%. That's the rate you should be comparing to fixed deposits, not the T-bill's cut-off yield (COY). Then you adjust the T-bill for the shorter tenor, CPF Investment Scheme (OA) fees (if any different from the fixed deposit; maybe not), placement delay (OCBC's fixed deposit can start on any banking day), and EIR uncertainty.

On the other hand it's now possible (at least at DBS) to place a T-bill order online, from the comfort of your sofa, using CPF Ordinary Account dollars. OCBC is still requiring a trip to a branch to open their fixed deposit using CPF Ordinary Account funds. Some people may prefer the sofa-based offer.

OCBC is requiring a minimum placement of $20,000, meaning you have to have at least $40,000 in your OA to start (since you cannot invest the first $20,000). The T-bill minimum is much lower: slightly less than the $1,000 face value. Also, if you're age 55+ (or soon will be) then a T-bill can be effectively used to withdraw funds from OA via a transfer of the T-bill to your CDP account and CPF Investment Account closure. I don't think the same option is available via OCBC's fixed deposit with OA dollars.

And of course these are both short-term vehicles, not long-term ones. If your OA dollars are not going to be used relatively soon (for housing in particular) then they really should be going into one or a couple long-term vehicles. The easiest long-term vehicle is simply to transfer OA dollars to your SA. The next easiest is to transfer your OA dollars to a family member's SA or RA. (Limits apply.) But the CPF Investment Scheme (OA) offers lots of other long-term vehicles, too.

HWZ says 4.88% a bug, might revised rate

WTF! If DBS dont honor the rate then it's a real shitty bank!

Just checked again after 8:30pm and I can see the principal was also credited to my saving account as well 
Looks like DBS credit the interests and principal at different time within same day.

Ya, I tried out the steps for premature withdrawal for my other 5-month eFD and saw there's a penalty fees of SG$10.17.  However, the higher interest (3.8%pa for 5 months) due for this premature withdrawal seems to make it worthwhile even with this penalty compared to my matured 3.5%pa 3-month FD.

T-bills tide to turn in May, says DBS's Piyush Gupta