facebookLatest Singapore Savings Bonds (SSB) Guide (June 2022): SSB Interest Rates, SSB Info, & How To Buy SSB


010622 Singapore Savings Bonds (SSB) June 2022

Latest Singapore Savings Bonds (SSB) Guide (June 2022): SSB Interest Rates, SSB Info, & How To Buy SSB

profileMing Feng

Singapore Bonds to Buy: Singapore Savings Bonds (SSB)

The Singapore Savings Bonds (SSB) is one of the more common options for Singaporeans to invest their money in as it usually offers a higher return as compared to bank fixed deposits.

It is also one of the easier ways for risk-averse investors to combat overall inflation in Singapore.

For reference, the latest Monetary Authority of Singapore (MAS) Core Inflation in April 2022 increased to 3.3% year on year (y-o-y), up from 2.9% y-o-y in March 2022.

Whereas overall inflation or the Consumer Price Index (CPI) inflation stayed the same at 5.4% y-o-y in April 2022 compared to 5.4% y-o-y in March 2022.

Side note: we’ve noticed that the recent SSB rates are inching up slowly.

If you’re deciding between SSBs and fixed deposits.

This quick comparison should help you with your decision:

 Singapore Savings Bond (SSB)Regular Bank Savings AccountFixed Deposits
(can withdraw but usually with penalties)
Easy to Get Into?YesYesYes
Returns >1% Per Annum?DependsNo
(0.05% base)
(at least better than regular bank savings account)

And if you’d like to find out more about SSBs, then this guide will be your best friend:

Disclaimer: The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product.

TL;DR: Singapore Savings Bonds (SSB) – An Investment in Singapore

The interest rate for SSB changes every month with each issue…

Here are the details for this month’s Singapore Savings Bonds (via MAS):

Details Of This Month's Bond
Bond IDGX22070T

SBJUL22 GX22070T in your CDP statement

Interest payment will be reflected as CDP-SBJUL22 in your bank statement

GX22070T in your SRS statement
TenorApproximately 10 years
Amount Offered$600 million*
Issue Date01 Jul 2022
Maturity Date01 Jul 2032
Application PeriodOpens: 01 Jun 2022, 6pm

Closes: 27 Jun 2022, 9pm

Allotment: 28 Jun 2022, after 3pm

Issuance: 01 Jul 2022 (by end of day)
Redemption PeriodOpens: 01 Jun 2022, 6pm

Closes: 27 Jun 2022, 9pm

Redemption of Bonds: 01 Jul 2022 (by end of day)
Investment AmountsMinimum of $500 (in multiples of $500)

The total amount of Savings Bonds you can hold at any one time cannot exceed $200,000

*The total amount issued may be less than the maximum amount offered if total eligible subscriptions are less than the maximum amount offered.

Note: Where the issue/settlement date, coupon payment, redemption or maturity date specified above falls on a day that the electronic payment system, established by the MAS, is not in operation, issuance/settlement, coupon payment or redemption, as the case may be, will be effected on the next day when the electronic payment system is in operation.

Singapore Bond Yield: This Month’s Singapore Savings Bonds Interest Rates for June 2022

The interest rate for this month’s bonds is:

Year From Issue DateInterest Rate(%)Average Return Per Year (%)*
1 Year1.691.69
2 Years2.65 2.16
3 Years2.802.37
4 Years2.80 2.47
5 Years2.83 2.54
6 Years2.892.60
7 Years2.892.63
8 Years2.89 2.66
9 Years2.892.69
10 Years3.002.71
*At the end of each year on a cumulative basis.

If you invest $1,000 in this issue of Singapore Savings Bonds and hold it for the full 10 years.

The effective interest rate per year will be 2.71%, and you’ll get $273 in interest (via the official SSB calculator).

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Investing in Bonds: What Is a Singapore Savings Bond?

Singapore Savings Bonds are issued by the Singapore Government, to provide Singaporeans with a safe and flexible option for long-term saving.

Is Singapore Savings Bonds Worth Buying?

Before we jump into investing in the SSB, let’s take a closer look at the risks and benefits.

1. No Penalty for Early Redemption: How Do I Redeem My Singapore Savings Bonds?

The longer you hold on to the bond, the higher the interest rate you enjoy.

There is also no penalty for individuals who wish to exit their investment early.

Once you submit your redemption request, you will get your principal back (along with any accrued interest) by the 2nd business day of the following month.

What does this mean?

Assuming you choose to redeem $1,000 anytime during January…

You’ll receive $1,000 and any accrued interest by the end of the 2nd business day of February.

So if you hate the feeling of having your money locked up for extended periods of time, the SSB is one of the many solutions available.

2. Is Singapore Savings Bonds Risk Free?

The amount you invest in the SSB is completely backed by the Singapore Government.

Whatever your political views might be, it IS a fact that the Singapore Government received a “AAA” credit rating.

This reduces the risks of investing in the SSB to the bare minimum (read: there’re still risks tho).

The only other countries that enjoy the same “AAA” credit rating are countries such as Switzerland and Hong Kong.

Having such a strong rating arguably makes the SSB one of the safest products in the market.

3. How Much Should I Invest in Singapore Savings Bonds? $500 Is All It Takes

You don’t need to starve or eat grass in order to invest in SSBs.

The minimum amount to invest is $500.

Which makes it suitable for almost everybody.

However, the Individual Limit for SSB is currently set at $200,000 (this includes bonds bought with cash and your SRS monies).

So even if you’re a millionaire, you can’t just dump all your money into SSBs either.

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How to Buy Singapore Bonds: Step-By-Step Guide to Investing in Your First Singapore Savings Bonds (SSB)

Here’s how you go about applying for the Singapore Savings Bonds.

1. What Do You Need?

Before applying, make sure you have the following:

2. How To Invest In Singapore Savings Bonds: CDP Login and SRS Login

You can apply for a Singapore Savings Bond through two methods:

  1. Apply at an ATM (only DBS/POSB, OCBC, or UOB) near you, OR
  2. Apply through Internet Banking under Singapore Government Securities

Note: If you are using OCBC, the OCBC mobile app works too!

Remember to have your CDP account number on hand when applying.

Take note that a minimum investment of $500 is required.

If you wish to invest more, you can do so in multiples of $500.

Each application is capped at $50,000.

And there will be a $2 transaction fee involved for each application.

What to Do After Application of SSB?

Once you have applied for your SSB, all you have to do is sit back and relax.

The results will be announced after the “last day to apply date”.

You can find out important dates like the “last day to apply date”.

Do note that if there is an event of over-subscription, meaning more demand than the amount available, you might find yourself only investing a portion of the amount you applied for.

The rest of the amount will be returned back to your bank account.

Other Important Dates

The successful allocated Savings Bonds will be issued on the first business day of the following month.

You can expect your first interest 6 months after the bonds are issued.

Interests are payable every 6 months.

All these will be reflected in your statement, and interests are automatically credited to your bank account.

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Singapore Savings Bond (SSB) vs Fixed Deposits

We’ve established in other articles that SSBs are a better investment as compared to fixed deposits given their:

  • higher interest
  • higher flexibility, and
  • lower barrier to invest

HOWEVER, with the recent drop in average return per year for SSBs, this claim is highly contestable if we compared Singapore Savings Bond vs. Fixed Deposits.

Let’s say you wish to invest $10,000 in SSBs.

If we look at the most recent Fixed Deposit Promotion Rates with a 1-year tenor, your best bet would be a little more than 1.0% per annum.

And if we compared it with the average return per year for this month’s SSB…

It seems like leaving your money in with the Singapore Savings Bond is a better investment regardless of whether your investment horizon is 1 year or 10 years.

Source: Seedly community


If you have $10,000 and a long investment horizon, then you might want to consider Singapore Savings Bond as another viable option.

Alternatively, you could also look at high-interest savings accounts… although you might need to jump through a few hoops in order to get the highest interest rate possible.

Or even consider other financial instruments like insurance savings plans.

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What If I Have Questions About SSBs?

We know that you’ve got limited funds to work with and you want to maximise your investment potential.

Are you wondering if investing in SSBs is better than Temasek bonds?

Wondering what is the best SSB strategy to adopt?

Thinking about investing in ETFs or SSB?

Source: SpongeBob SquarePants | Giphy

There’s an easier way out.

Why not try asking the friendly community members on Seedly?

This way you can get answers and everybody learns too!

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About Ming Feng
A stint in Bloomberg gifted me with a beer belly, which only grew larger when I moved on to become a Professional Trader. Now I turn caffeine into digestible finance-related content.
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