Latest Singapore Savings Bonds (SSB) Feb 2023 Guide: SSB Interest Rate, SSB Info, & How To Buy SSB Singapore
Singapore Bonds to Buy: Singapore Savings Bonds (SSB) Rates and More
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 December 2022 remained unchanged at 5.1% year on year (y-o-y) from November 2022.
Side note: we’ve noticed that the recent SSB rates are increasing steadily although they dipped in January this year.
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 Account | Fixed Deposits | |
---|---|---|---|
Liquidity | Yes | Yes | Somewhat (can withdraw but usually with penalties) |
Easy to Get Into? | Yes | Yes | Yes |
Returns >1% Per Annum? | Depends | No (0.05% base) | Depends (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:
- This Month’s SSB Interest Rates
- What Are The Benefits of Parking My Savings With SSB?
- Step-By-Step Guide to Investing in Your First SSB
- SSB vs Fixed Deposits.
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 Bond February 2023 — Singapore Savings Bond Interest Rate 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 ID | GX23030A SBMAR23 GX23030A in your CDP statement Interest payment will be reflected as CDP-SBMAR23 in your bank statement GX23030A in your SRS statement |
Tenor | Approximately 10 years |
Amount Offered | $600.0 million |
Issue Date | 1 Mar 2023 |
Maturity Date | 1 Mar 2033 |
Interest Payment Dates | Upcoming payment: 1 Sep 2023 Subsequent payments (until maturity): Every 6 months on 1 Mar and 1 Sep |
Application Period | Opens: 1 Feb 2023, 6pm Closes: 23 Feb 2023, 9pm Allotment: 24 Feb 2023, after 3pm Issuance: 1 Mar 2023 (by end of day) |
Redemption Period | Opens: 1 Feb 2023, 6pm Closes: 23 Feb 2023, 9pm Redemption of Bonds: 1 Mar 2023 (by end of day) |
Investment Amounts | Minimum 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.
What Is the Interest Rate for Singapore Savings Bond? February 2023 SSB Interest Rate
The interest rate for this month’s bonds is:
Year From Issue Date | Interest Rate(%) | Average Return Per Year (%)* |
---|---|---|
1 Year | 2.76 | 2.76 |
2 Years | 2.76 | 2.76 |
3 Years | 2.76 | 2.76 |
4 Years | 2.76 | 2.76 |
5 Years | 2.76 | 2.76 |
6 Years | 2.76 | 2.76 |
7 Years | 2.90 | 2.78 |
8 Years | 3.13 | 2.82 |
9 Years | 3.26 | 2.86 |
10 Years | 3.26 | 2.90 |
If you invest $1,000 in this issue of Singapore Savings Bonds and hold it for the full 10 years.
Latest Singapore Savings Bond Yield
The effective interest rate per year will be 2.90%, and you’ll get $291 in interest (via the official SSB calculator).
What Is a Singapore Savings Bond? Is Singapore Savings Bonds a Good Investment?
Singapore Savings Bonds are issued by the Singapore Government to provide Singaporeans with a safe and flexible option for long-term savings.
Is Singapore Savings Bond a Good Investment?
Before we jump into investing in the SSB, let’s take a closer look at the risks and benefits.
1. 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.
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 will have to pay a $2 transaction fee for each withdrawal.
2. Are 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 cities like 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 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.
4. Can I Use My CPF to Buy Singapore Savings Bonds?
Also, if you were wondering, you cannot use your Central Provident Fund (CPF) to buy SSB.
How to Buy a Savings Bond in SG: 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:
- A bank account with any local banks in Singapore (DBS/POSB, OCBC or UOB)
- Central Depository (CDP) account that is linked to the bank account you intend to invest with.
2. How To Invest In Singapore Savings Bonds: CDP Login and SRS Login
You can apply for a Singapore Savings Bond through two methods:
- Apply at an ATM (only DBS/POSB, OCBC, or UOB) near you, OR
- 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 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.
You also can withdraw it at any time.
And there will be a $2 transaction fee charged for each application or withdrawal and it will take one month before you can get your money back.
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 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.
Is Singapore Savings Bonds Better Than Fixed Deposit?
Let’s say you wish to invest in SSBs.
If we look at the most recent Fixed Deposit Promotion Rates with a tenor of less than one year, your best bet would be the CIMB 12-month Fixed Deposit that is offering 4.15% 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 Fixed Deposit is a better investment for the short term if you have the $10,000 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 a big 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.
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?

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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- This Month’s Singapore Savings Bonds (SSB): Interest Rates & How To Buy
- Best Fuss-Free Savings Accounts With No Conditions in Singapore 2022
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