Published on 
October 9, 2023

Unravelling the Singapore Savings Bonds (SSBs): Interest Rates, How to Buy, and More

Aleksandra Yurchenko
Table of Contents

1. What Are Singapore Savings Bonds?

2. How Does SSB Work?

3. The Average Return on SSB  

- Singapore Savings Bonds Returns and The Interest Rate Environment

- Singapore Savings Bond Interest Rate History  

4. How to Find the Latest SSB Rates?

5. Pros of Investing in SSBs

6. Cons of Investing in SSBs

7. Is SSB Taxable?

8. How to Buy Singapore Savings Bonds?

9. How to Sell Singapore Savings Bonds?

10. Is Singapore Savings Bond Worth Buying?

11. Unlock Exclusive Private Market Deals with Kilde: Diversify Your Portfolio for Higher Returns

We'll provide you with a comprehensive understanding of how these bonds work, delve into their historical performance, and offer practical insights into buying, selling, and withdrawing these bonds. Join us as we demystify the world of SSBs and help you determine whether they are the right investment avenue for you.

What Are Singapore Savings Bonds?

SSBs are a special type of government security designed to provide individuals with a safe and flexible investment option. Issued and backed by the Government of Singapore, they are considered one of the safest forms of investment in the country.

These bonds offer a unique proposition to investors by combining the best of both worlds: the safety of government-backed securities and the flexibility of a savings account. Unlike traditional fixed-term investments, these bonds do not have a fixed tenure, allowing investors to hold them for as long as they wish. This feature makes them a versatile option for short-term and long-term financial goals.

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How Does SSB Work?

Understanding how these bonds work is crucial before exploring their interest rates and application process. SSBs operate on a straightforward principle where investors essentially lend money to the government in exchange for these bonds. The government then pays periodic interest on the borrowed funds, making SSBs a reliable way for individuals to grow their savings while ensuring the safety of their investment.

Purchase: Investors buy these bonds at their initial offer period, which typically occurs every month. The bonds are available for purchase through participating banks in Singapore, such as DBS/POSB, OCBC, and UOB, making them accessible to most residents.

Interest Rates: The interest rates for SSBs are not fixed but linked to long-term Singapore Government Securities (SGS) yields. This means that the rates can vary monthly, providing the potential for competitive returns.

Bond Description Interest Rate
(if held for 10 years)
GX22110A SSB issued by the MAS on November 1, 2022 3.21%
GX22090Z SSB issued by the MAS on September 1, 2022 2.80%
GX22070T SSB issued by the MAS on July 1, 2022 2.71%

Holding Period: These bonds do not have a fixed holding period. Investors can hold them for as little as one month or up to ten years. The longer you hold the bonds, the higher the returns you can potentially earn.

Redemption: At any point, investors can choose to redeem their bonds without incurring any penalty. This flexibility allows investors to access their funds when needed.

Interest Payments: Interest payments are made every six months from the date of purchase. This means that investors receive a regular income stream from their investments in these bonds.

Safety: These bonds are considered an extremely safe investment because they are backed by the Singapore government. This means that the repayment of the principal amount and the interest is virtually guaranteed.

The Average Return on SSB  

One of the most attractive features of these bonds is the potential for competitive returns, especially when compared to traditional savings accounts. While the interest rates are not fixed and can fluctuate, here's a summary of the interest rates for the bond SBNOV22 GX22110A.

Interest Rates

Year from issue date 1 2 3 4 5 6 7 8 9 10
Interest % 3.08 3.15 3.18 3.19 3.21 3.23 3.25 3.26 3.28 3.30
Average return per year %* 3.08 3.11 3.14 3.15 3.16 3.17 3.18 3.19 3.20 3.21

*At the end of each year, on a compounded basis.

In recent years, the average returns on these bonds have generally exceeded those of traditional savings accounts and even some fixed-term deposits. This makes these bonds an appealing option for individuals seeking a balance between safety and yield in their investment portfolio. 

Singapore Savings Bonds Returns and The Interest Rate Environment

The returns on these bonds are closely tied to the interest rate environment, specifically the yields of long-term SGS. When SGS yields rise, interest rates of these bonds tend to follow suit, potentially offering investors higher returns.

Conversely, interest rates on these bonds may be less attractive in a low-yield environment. Therefore, monitoring the interest rate environment can help investors make informed decisions about when to purchase these bonds to maximise their returns.

Singapore Savings Bond Interest Rate History  

It is essential to examine their historical rates to understand the interest rate dynamics of these bonds. This historical data can provide insights into trends and patterns, helping investors make informed decisions about when to invest.


While these bonds have historically offered competitive interest rates, past performance does not indicate future results. However, examining the historical data can provide valuable context for potential investors.

How to Find the Latest SSB Rates?

The Monetary Authority of Singapore (MAS) provides easy access to the most up-to-date information on these bonds.

Investors can visit the official MAS website or use financial news platforms to check the latest SSB rates. Additionally, participating banks that offer these bonds also provide information on current rates.

Pros of Investing in SSBs

Investing in these bonds has several advantages that make them an attractive option for many investors.

  • Safety

These bonds are backed by the Singapore government. When you invest in these bonds, you essentially place your money in the safest place possible. Government-backed bonds like these bonds are virtually risk-free, making them a secure sanctuary for your hard-earned funds.

  • Flexibility

Unlike many other investment options in Singapore with rigid lock-in periods, these bonds offer flexibility to decide how long you want to hold them. There is no need to commit to a fixed tenure; you can keep your these bonds for as long as you desire. Whether you are in it for the short term or planning a long-haul investment journey, these bonds adapt to your needs.

  • Competitive Returns  

When it comes to returns, these bonds have consistently delivered competitive interest rates. They often outshine traditional savings accounts, ensuring that your money works harder for you. It is a reliable way to grow your wealth without exposing yourself to unnecessary risks.

  • Regular Income

These bonds work diligently to generate regular income for you. Interest payments are made every six months, providing you with steady earnings. It is an excellent way to supplement your monthly income or reinvest for compounded growth.

  • Liquidity

These bonds offer exceptional liquidity. You can redeem them at any time without incurring any penalty. Your funds are never locked away, and you can access them whenever necessary.

  • Accessibility

These bonds are readily accessible to most residents of Singapore through participating banks. Whether you are a seasoned investor or just starting your financial journey, these bond are within your reach.

Cons of Investing in SSBs

While these bonds have many advantages, it is crucial to acknowledge the potential downsides.

  • Variable Rates

SSB interest rates can fluctuate with the market. While this can lead to higher returns in a rising interest rate environment, it may also result in lower returns when rates are on a downward trajectory. Investors should be prepared for this variable nature and consider its impact on their financial strategy.

  • Inflation Risk

Like many fixed-income investments, these bonds may be susceptible to the creeping effects of inflation over the long term. While they provide safety and stability, the purchasing power of your returns might diminish if inflation outpaces your interest earnings. It is vital to strike a balance between security and the impact of inflation on your wealth.

Is SSB Taxable?

No, the interest earned on these bonds is not taxable for individual investors.

The interest income from these bonds is exempt from income tax for individuals, meaning that they do not have to declare it in their tax returns or pay any tax on it. This makes these bonds a more attractive investment option for individual savers.

How to Buy Singapore Savings Bonds?

Here is a step-by-step guide to help you purchase these bonds and kick-start your journey to financial growth.

  1. Eligibility Check: Ensure You Qualify

To be eligible to purchase SSBs, you typically need to be either a Singapore citizen or Permanent Resident. Non-residents may also be eligible, provided they meet specific criteria related to their accounts in Singapore. It's important to confirm your eligibility status based on your citizenship or residency and any additional account requirements before proceeding further with the application.

  1. Choose Your Banking Partner

Singapore offers a variety of participating banks and financial institutions where you can purchase these bonds. It is crucial to select a bank that aligns with your preferences and provides the services you need. Some major banks in Singapore, such as DBS/POSB, offer these bonds as part of their financial offerings.

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  1. Application Time: Open an SSB Account

Once you have chosen your banking partner, the next step is to open an SSB account with them. During the issuance period of these bonds, submit your application to get started. Fortunately, you have options regarding the application process: you can apply online through the bank's user-friendly website or visit a physical branch to initiate the application process in person.

  1. Fund Your Investment

SSBs are accessible to a wide range of investors, regardless of their capital size. You can begin your investment journey with as little as $500. However, there is also a maximum limit, which can vary depending on your chosen bank and the specific SSB issuance. Decide on your investment amount and ensure your SSB account is adequately funded.

  1. Confirmation of Your Purchase

Once you have completed your application and the necessary funds are in your SSB account, you can expect to receive a confirmation of your SSB purchase. 

  1. Bonds in Your Central Depository (CDP) Account

After your application is successfully processed, you will find your SSB bonds securely nestled in your CDP account. This account acts as a safe repository for your bonds, ensuring their protection and accessibility whenever you need them.

  1. Start Earning Interest: Begin Your Investment Journey

Your investment in these bonds officially commences from the date of purchase. Interest payments are made every six months, providing you with a consistent and reliable stream of earnings.

How to Sell Singapore Savings Bonds?

The process of selling these bonds is relatively straightforward and is designed to accommodate your financial needs when required.

Here is a step-by-step guide on how to sell your SSBs.

  1. Check Holding Period

Before you sell your bonds, you must ensure that you have held them for at least one month. These bonds cannot be redeemed or sold within the first month of purchase.

  1. Contact Your Bank

The first step in the selling process is to contact the bank or financial institution where you hold your SSB account. Reach out to them through their online platform or by visiting a branch in person. Inform the bank of your intention to sell these bonds and seek guidance on the next steps.

  1. Complete Redemption Form

The bank will provide you with a redemption form, which you must complete. This form is a crucial part of the process, as it contains essential details about your SSB holdings and serves as an official request for Singapore Savings Bond redemption. Make sure that you complete the form with precision and thoroughness.

  1. Identity Verification

As part of the redemption process, the bank will verify your identity and the specific details of your SSB holdings. This verification step is essential for security and ensuring the transaction's legitimacy.

  1. Receive the Proceeds

Once the redemption process is successfully completed, the proceeds from the sale of your bonds will be credited to your designated bank account. This account is typically the one linked to your SSB investment. The time it takes for the proceeds to reach your account may vary depending on your bank and other logistical factors.

Is Singapore Savings Bond Worth Buying?

The answer largely depends on your financial goals, risk tolerance, and investment strategy. For those seeking safety, flexibility, and competitive returns, these bonds present a compelling option. They provide a secure way to grow your wealth, with the flexibility to access your funds when needed. Additionally, the tax-exempt status of SSB interest makes them even more attractive to individual investors.

However, it is essential to consider your overall investment portfolio and how these bonds fit into your financial strategy. While they offer safety, they may not provide the same potential for growth as riskier investments. Therefore, a diversified portfolio with various asset classes may be the best approach to achieving your financial goals.   

Ultimately, the decision to invest in these bonds should align with your unique financial circumstances and objectives.

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This advertisement has not been reviewed by the Monetary Authority of Singapore.

About the author

Unravelling the Singapore Savings Bonds (SSBs): Interest Rates, How to Buy, and More

Aleksandra is managing investor relations at KILDE, a regulated platform for alternative investments. KILDE is powering digital lending firms with debt capital to reach underbanked customers in South East Asia.


Are SSBs subject to penalties if redeemed early?

No, there are no penalties for redeeming these bonds early. You will receive your full investment amount, including any accrued interest. However, each redemption request will have a $2 transaction fee.

How to apply for Singapore Savings Bond?

To apply for SSBs, you should first confirm your eligibility as a Singapore citizen, Permanent Resident, or eligible non-resident. Then, choose a participating bank, open an SSB account either online or at a physical branch, fund your investment with a minimum of $500, and wait for confirmation. Once your application is approved, your SSBs will be held in your Central Depository (CDP) account, and you'll start earning interest every six months from the purchase date. Specific procedures may vary by bank, so it's advisable to consult your chosen bank for precise details.

Is there a minimum age requirement for holding SSBs?

To open an individual CDP Securities account or Supplementary Retirement Scheme (SRS) account to hold Savings Bonds, you must meet the minimum age requirement of 18 years.

How do SSBs differ from T-bills?

SSBs and T-bills (treasury bills) are both government securities, but they serve different purposes. SSBs are long-term savings bonds with varying tenures, while T-bills are short-term debt instruments typically used for government financing and monetary policy management.

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