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Latest Singapore Savings Bonds (SSB) Dec 2023 Guide

profileMing Feng

The Singapore Savings Bonds (SSB) is one of the more common options for Singaporeans to invest their money and one of the easier ways for risk-averse investors to fight inflation in Singapore.

For reference, the Monetary Authority of Singapore (MAS) Core Inflation (excludes accommodation and private transport costs) in Oct 2023 increased to 3.3% year-on-year (y-o-y), which is sadly higher than the 3.0% y-o-y reported in Sep 2023. Whereas Overall Inflation during the same period increased to 4.7% y-o-y compared to 4.1% y-o-y in Sep 2023.

Source: Friends | Giphy

But if you would like to protect your money against inflation, then this SSB guide will be your best friend.

Click to Teleport:


TL;DR: Singapore Savings Bond Dec 2023 — SSB Interest Rates, SSB This Month SSB Deadline and More

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 IDGX24010F

SBJAN24 GX24010F in your CDP statement

Interest payment will be reflected as CDP-SBJAN24 in your bank statement

GX24010F in your SRS statement
TenorApproximately 10 years
Amount Offered$1.1 billion
Issue Date2 Jan 2024
Maturity Date1 Jan 2034
Interest Payment DatesUpcoming payment: 1 Jul 2024
Subsequent payments (until maturity): Every 6 months on 1 Dec and 1 Jun
Application PeriodOpens: 1 Dec 2023, 6pm

Closes: 26 Dec 2023, 9pm

Allotment: 27 Dec 2023, after 3pm

Issuance: 2 Jan 2024 (by end of day)
Redemption PeriodOpens: 1 Dec 2023, 6pm

Closes: 26 Dec 2023, 9pm

Redemption of Bonds: 2 Jan 2024 (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 the total eligible subscriptions are less than the maximum amount offered.

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 due diligence and consider their financial goals before investing in any investment product.


What Is a Singapore Savings Bond (SSB)? 

Singapore Savings Bonds are issued by the Monetary Authority of Singapore (MAS) to provide Singaporeans with a safe and flexible option for long-term savings.

These bonds are regarded as a secure and low-risk investment choice for individuals residing in Singapore.

What Is the Interest Rate on Singapore Savings Bond?

The interest rates for this month’s SSB are:

Year From Issue DateInterest Rate(%)Average Return Per Year (%)*
1 Year3.00 3.00
2 Years3.00 3.00
3 Years3.00 3.00
4 Years3.00 3.00
5 Years3.00 3.00
6 Years3.00 3.00
7 Years3.00 3.00
8 Years3.203.02
9 Years3.273.05
10 Years3.273.07
*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.

SSB Interest Calculator: Find the Latest Singapore Savings Bond Interest With the SSB Calculator

The effective interest rate per year will be 3.07%, and you’ll get $307 in interest (via the official SSB calculator).

SSB Interest Rate Prediction

Wondering if you should invest in the current month’s Singapore Savings Bond (SSB) or wait for next month for potentially higher interest rates?

Thanks to SSB technical specifications by the Money Authority of Singapore (MAS) and some really complicated mathematics done by user “@hwckhs” from I Love SSB, we can actually predict with high accuracy what next month’s SSB interest rate will be!

This article, which was published on 23 Nov 2023, actually ‘predicted’ this month’s SSB rates pretty well, as it was only off by 0.02%:

So there’s no need to rush to apply for SSBs when the window to apply opens as confidence increases towards the end of the month as more daily SGS yields become available.

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Is Singapore Savings Bond Worth Buying? How Does SSB Work?

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

1. SSB Redemption / SSB Withdrawal: Can I Withdraw 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 second 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 second business day of February.

Find out how to redeem SSBs here:

2. How Do I Withdraw Money From SSB? Can I Withdraw SSB Anytime?

You also can withdraw it at any time.

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

But you must pay a $2 transaction fee for each withdrawal.

3. SSB Redemption Period: How to Sell SSB

You can initiate the process of redeeming your Savings Bonds as soon as the month the bond is issued. The funds from the redemption will be disbursed no later than the second business day of the subsequent month.

4. Are Singapore Savings Bonds Risk-Free? How Safe Are Government Bonds?

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 are still risks).

Switzerland and cities like Hong Kong are the only other countries that enjoy the same “AAA” credit rating.

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

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

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

The minimum amount to invest is $500.

Which makes it suitable for almost everybody.

SSB Limit

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 dump all your money into SSBs.

6. Can I Use My CPF to Buy SSB? Can SSB Use CPF?

Also, if you were wondering, you cannot use your Central Provident Fund (CPF) to buy SSB.

7. Is SSB Taxable?

Also, in case you are wondering, SSB is exempt from tax in Singapore.

8. SG Bonds Upcoming Bonds

In case you were wondering, the Singapore-based SSBs are issued every month. This means you will only have to wait until next month for the next SSB.

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How to Buy a Singapore Savings Bond: 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. SSB Application: 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.

How to Purchase SSB: How Much Singapore Savings Bonds Can I Buy?

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.

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What to Do After Application of SSB? How is SSB Allotted?

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 important dates like the “last day to apply date”.

SSB Subscription and SSB Allotment Explained

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

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

SSB Allocation: SSB Redemption Calendar

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

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

Interests are payable every six months.

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

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Is SSB a Good Investment? Should I Buy a Savings Bond or a Fixed Deposit in Singapore?

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
LiquidityYesYesSomewhat
(can withdraw but usually with penalties)
Easy to Get Into?YesYesYes
Returns >1% Per Annum?DependsNo
(0.05% base)
Depends
(at least better than regular bank savings account)

You might also want to at the most recent Fixed Deposit Promotional Rates:

What Is the Average Return on Singapore Savings Bonds?

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 Fixed Deposit is a better investment for the short term if you have at least $5,000 in fresh funds.

But if your investment horizon is longer, you might want to consider SSBs. Also, an important thing to note is that you won’t be able to get an ample allotment.

Alternatively, you could also look at high-interest savings accounts. But you might need to jump through a few hoops to get the highest interest rate possible. The interest rate is also not guaranteed:

For example, with the UOB One account, you can get a blended 5% p.a. interest on the first interest on the first $100,000, provided you credit your salary and spend $500 a month on eligible cards.

SSB vs. Digital Banks

There are also digital banks like Trust Bank, GXS Bank and MariBank:

The best of the bunch here is undoubtedly MariBank, which currently offers 2.88% p.a.

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Singapore Savings Bond Past Issuance Results

For those of us who want to build a bond ladder or are just curious about past results, here are the past issuance results for 2023:

Issue Month/YearJan 2023Feb 2023Mar 2023Apr 2023May 2023Jun 2023Jul 2023Aug 2023Sep 2023Oct 2023Nov 2023Oct 2023
SSB Interest Rate
(Average 10-year return p.a.)
3.26%2.97%2.90%3.15%3.07%2.81%2.82%2.99%3.06%3.16%3.32%3.40%

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Are Bonds a Good Investment? What If I Have Questions About SSBs?

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

SSB vs. T-Bills vs. Fixed Deposit

Are you wondering if investing in bonds like SSBs is better than T-bills?

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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