Singapore Savings Bonds Explained: Rates, Limits and How to Apply

Singapore Savings Bonds (SSBs) are issued by the Government of Singapore for individual savers. Your capital is fully protected, you can get your money back in any month without a penalty, and the interest rate rises the longer you hold the bond. That mix of safety, flexibility and rising returns makes SSBs one of the most popular savings options in Singapore. This guide explains how Singapore Savings Bonds work, how their rates are set, how to apply and redeem, and how they compare with T-bills and fixed deposits.

How Singapore Savings Bonds work

A new SSB issue is offered every month, and each issue has a maximum term of 10 years. Interest is paid every six months into your bank account. The rates follow a step-up schedule: they start lower in the first year and rise each year after that, rewarding you for holding longer. The schedule for each issue is fixed when you buy it and stays the same for the full 10 years.

How SSB interest rates are set

Each month's rates are based on the average yields of Singapore Government Securities in the previous month. When government bond yields rise, new SSB issues pay more; when they fall, new issues pay less. MAS announces each issue's rates before its application window opens, including the average return a year if you hold for the full 10 years. For example, the November 2026 issue offered an average of 2.45% a year over 10 years, starting at 1.67% in the first year and rising to 3.08% in the tenth.

Limits and how to apply

The minimum investment is S$500, in multiples of S$500. You can hold up to S$200,000 of SSBs in total, and each issue also has its own individual limit. Apply through DBS/POSB, OCBC or UOB ATMs or internet banking, which charge a S$2 transaction fee. You need an individual CDP account with Direct Crediting Service linked to your bank account. SRS money can also be used, keeping the interest inside your SRS account; see our guide to the Supplementary Retirement Scheme.

Applications for each issue close a few days before the end of the previous month. If an issue is oversubscribed, bonds are allotted in a way that favours smaller applications, so you may receive less than you asked for.

Redeeming your SSBs

You can redeem in any month and receive your money plus the interest earned so far, with no penalty. Redemption requests are processed monthly, and the money usually reaches your account early the following month. Because the early-year rates are the lowest, redeeming early earns less than the 10-year average shown for the issue.

SSBs, T-bills or fixed deposits?

Singapore Savings Bonds suit money you might keep for years but want to be able to reach, such as an emergency fund you hope not to use.

Treasury bills run for six months or a year and can pay more when short-term rates are high, but they are meant to be held to maturity. See our guide to Singapore T-bills and how to apply.

Fixed deposits lock your money for a set term, and promotional rates often come with conditions such as minimum balances.

A practical approach is to compare the current SSB issue with the latest T-bill yield and the best fixed deposit rate each time you have money to place, and to keep part of your savings in SSBs for flexibility.

Where SSBs fit in your plan

SSBs keep money safe and accessible, but they will not grow wealth quickly. Many Singaporeans combine them with CPF top-ups and diversified investments for long-term goals; see how to start investing in Singapore and CPF interest rates. Our savings calculator helps plan regular contributions.

Frequently asked questions

How often are Singapore Savings Bonds issued?

Every month, each with its own step-up interest rates.

What is the minimum investment in SSBs?

S$500, in multiples of S$500, up to S$200,000 in total.

Is there a penalty for redeeming SSBs early?

No. You get your capital back plus the interest earned so far.

Singapore Savings Bonds explained: how SSBs work and how to apply