A Singapore Savings Bond (SSB) is a government-backed bond you can buy from $500, hold for up to 10 years, and cash out in any month with no penalty and no capital loss. The interest steps up each year you hold, so the longer you stay in, the higher your average return. The June 2026 bond (SBJUN26) pays 1.46% in year one and an average of 2.11% a year if held the full 10 years. You can hold up to $200,000 of SSBs across all issues, using cash or SRS. This guide covers the step-up structure, the liquidity rules, how to apply and redeem, and when an SSB makes more sense than a T-bill.
An SSB is a special type of Singapore Government Securities (SGS) built for individual savers. The wider SGS family includes tradable SGS bonds and Treasury bills aimed mostly at institutions, where prices swing daily and you can lose money selling early. The Savings Bond strips out that volatility: it never trades on a market, so its value to you stays fixed. It is fully backed by the Singapore Government, which carries the highest credit ratings, so the risk of not getting your money back is as low as it gets in Singapore.
Three features set it apart from a normal bond. You can always redeem it for the exact amount you put in, so there is no capital loss whatever happens to interest rates. You can hold it for up to 10 years and earn interest that rises the longer you hold. And you do not have to decide upfront how long to stay in, because you can get your money back within a month with no penalty.
Only individuals can buy SSBs. Companies, trusts and joint accounts cannot. You need to be at least 18 to open the account used to hold them, and foreigners are eligible too. New SSBs are issued every month and MAS has said the programme will run until at least 2030.
MAS announced the Savings Bond programme in 2015 and issued the very first bond on 1 October 2015. The aim was simple: give ordinary savers a way into Singapore Government Securities, which until then traded in lots too large and too illiquid for most individuals. The opening issue drew $413,161,000 in applications from 19,505 people, and every applicant was filled in full.
The rules have loosened twice since launch, both in the saver's favour. At the start, each person could put at most $50,000 into any single monthly issue (the Issue Limit) and hold at most $100,000 of SSBs in total (the Individual Limit). MAS scrapped the $50,000 per-issue cap from 1 March 2018, so you can now apply for as much of one month's bond as you like, subject only to the overall holding cap. Then from 1 February 2019 it doubled the Individual Limit to the current $200,000 and let people invest through their SRS accounts for the first time.
A new bond is issued every month, and MAS has committed to keeping the programme running until at least 2030. The practical takeaway: there is no longer any maximum per application, only the single $200,000 cap on what one person can hold at a time.
SSB interest is not a single fixed rate. Each issue has a schedule of coupons that rise year by year, which is the "step-up" feature. The longer you hold, the higher the average annual return you lock in.
Take the June 2026 issue (SBJUN26), issued on 2 June 2026. It pays 1.46% in the first year. The coupons rise over the following years so that an investor who holds for the full 10 years earns an average of 2.11% a year, compounded. Redeem after one year and you earn roughly the year-one rate; hold longer and your average creeps up toward the 10-year figure.
MAS sets the coupons off the SGS yield curve. The 1, 2, 5 and 10-year benchmark SGS yields from the month before issuance are used as the reference, and the coupons are chosen so the average return over each holding period tracks an SGS bond of matching tenor. Because of this, the rate changes every month. The figure you see when you apply is the figure you keep for that specific bond, for its whole life.
Interest is paid every 6 months, on the 1st business day of the month, starting 6 months after your bond is issued. For a bond issued in June, coupons land in June and December each year. Cash subscribers receive interest in the bank account linked to their CDP account; SRS subscribers receive it in their SRS account. Interest from SSBs is tax-exempt and does not go into your chargeable income, so you keep the full coupon.
| Holding period | Average return per year |
|---|---|
| Hold 1 year | 1.46% |
| Hold full 10 years | 2.11% |
Each monthly issue is priced off the prevailing SGS yield curve, so an SSB bought this month can pay a different rate from one bought next month. There is no way to buy a past issue or top up an issue you already hold. If a future issue pays more than your current bond, you can redeem the old one and apply for the new one, but weigh the higher starting coupon against the stepped-up coupons you would give up on the bond you have held for a few years.
Always confirm the current month's rates on the [official SSB page](https://www.mas.gov.sg/bonds-and-bills/singapore-savings-bonds) before you apply. MAS announces the available amount and interest rates on the 1st business day of each month. To see the full year-by-year coupon schedule and what a given holding period would actually pay you, run the figures through the [MAS Savings Bond calculator](https://eservices.mas.gov.sg/ssb/calculator), which uses the exact coupons for each issue.
A nominal 2% to 3% looks safe, but what matters is the real return after prices rise. When inflation runs above the SSB coupon, your money still grows on paper while losing a little purchasing power. SSB rates track the SGS yield curve, which moves with rate expectations, so in a low-inflation stretch an SSB can comfortably out-pace price rises, and in a high-inflation spell it may lag. Check the current rate against the latest figures in our Singapore inflation guide before deciding how much to park here.
The point of an SSB is not to maximise return; it is to hold cash safely with a fighting chance of keeping up with inflation, while staying liquid. For money you genuinely want to grow over decades, a diversified portfolio usually does more work, which is why many savers use SSBs for the defensive slice and invest the rest. See our investing basics for where each part fits.
This is the feature that makes SSBs different from a normal bond. Once an SSB is issued, changes in interest rates have no effect on its value to you. A conventional bond can fall below what you paid if rates rise and you sell early. An SSB cannot: you can always redeem it for the original amount you invested, plus any interest you have earned since the last coupon.
You can redeem in any month before the bond matures, with no penalty. There is no minimum holding period, so you can even apply to redeem in the same month the bond was issued. Redemption is in multiples of $500, up to the amount you hold in that issue, and you can do partial redemptions.
The catch is timing. The redemption window opens on the 1st business day of the month and closes on the 4th-last business day. Your money, plus accrued interest, reaches you by the 2nd business day of the following month. So redemption is not instant: budget for roughly a month between requesting and receiving. SSBs also cannot be traded on the open market or pledged as collateral, since the only buyer is the Government.
If you redeem between two coupon dates, you do not forfeit the interest earned so far. You receive accrued interest for the days since the last payment, on top of your principal. MAS gives this worked example: hold $1,000 of a January bond that pays a $6 coupon in July, redeem the full amount in March, and you receive your $1,000 plus about $3 of accrued interest (Jan to Mar) by the 2nd business day of April.
You can start from $500, and any further investment is in multiples of $500. The most you can hold at any one time, across every SSB issue and across both cash and SRS, is $200,000. This is the Individual Limit. There is no separate cash limit and SRS limit; they share the single $200,000 cap.
If you are already at the limit, you can redeem some holdings and apply for a new bond in the same month to rotate into a better rate, as long as your total stays within $200,000 at allotment. Just make sure you have enough cash in your account at application time, because redemption proceeds only arrive by the 2nd business day of the following month.
To buy with cash you need a bank account with DBS/POSB, OCBC or UOB with ATM or internet banking access, plus an individual CDP Securities account linked to a Direct Crediting Service (DCS) bank account. CDP holds the bonds and your coupons and redemption proceeds are paid to that linked account. To buy with SRS you need an SRS account with one of the three operators (DBS/POSB, OCBC or UOB) and internet banking with that operator. You cannot use CPF money to buy SSBs. Opening a CDP account and activating DCS takes around 5 business days, so set this up before the month you want to apply. Use our fixed deposit vs investing calculator to sanity-check whether an SSB return beats your other low-risk options first.
| Feature | Detail |
|---|---|
| Minimum investment | $500, then multiples of $500 |
| Individual Limit | $200,000 across all issues, cash and SRS combined |
| Term | 10 years, redeemable any month with no penalty |
| Interest paid | Every 6 months, on the 1st business day of the month |
| Transaction fee | $2 (incl. GST) per application and per redemption |
| Eligibility | Individuals 18 and above; foreigners eligible |
SSBs cannot be transferred or sold to another person while you are alive, since the only buyer is the Government. They can still pass on after death. Cash-held bonds sit in your CDP account and form part of your estate, so they go to your beneficiaries through CDP's estate transfer process once probate or letters of administration are sorted. SRS-held bonds follow the rules of your SRS account. If you have set up a CDP nomination, that route applies. Either way the bonds keep earning their coupons until they are redeemed or transferred, so nobody loses accrued interest in the handover.
Once your CDP and DCS (for cash) or SRS account (for SRS) is ready, applying takes a few minutes. The application window for each issue opens at 6pm on the 1st business day of the month and closes at 9pm on the 4th-last business day. Submission hours are 7am to 9pm, Monday to Saturday, excluding public holidays.
When demand exceeds the amount on offer, MAS does not fill applications first-come-first-served. It spreads bonds as evenly as possible. Each applicant gets at least $500, with allotment rising in $500 steps until everyone is filled or the bonds run out. If even $500 each is too much for the supply, the remaining bonds are allotted randomly at $500 each. Applying for a larger sum does not improve your odds, so apply only for what you want. Any unfilled cash is refunded by the next business day after allotment; earmarked SRS funds are released the same way.
You cannot amend or cancel an application once submitted. You can submit more than one application, but each carries its own $2 fee, and MAS combines them and applies the $200,000 limit at allotment.
Redeeming works much like applying. For cash investments, submit a redemption request through DBS/POSB, OCBC or UOB ATMs, internet banking, or OCBC's app. You do not have to use the same bank you applied through. For SRS investments, you must redeem through your SRS operator, and proceeds go back to your SRS account.
The minimum redemption is $500 per issue, in $500 multiples, up to what you hold. A $2 transaction fee (incl. GST) applies to each redemption request. You cannot amend or cancel a submitted redemption, but you can submit several and they will all be processed as long as you hold enough.
The combined principal and accrued interest is paid as a single amount by the 2nd business day of the following month, to the bank account linked to your CDP account or to your SRS account. If you simply hold to maturity, you do nothing: at year 10 your principal and final coupon are credited automatically, with no fee.
SSBs sit alongside two other popular low-risk options for cash: Treasury bills and bank fixed deposits. They suit different jobs. A 6-month T-bill locks in a known yield for a short, fixed period and you commit to that window. An SSB lets you stay liquid month to month while still earning a government-backed return, with the rate rising the longer you hold.
The trade-off usually comes down to the rate on offer and how long you want to commit. When short-term rates are high, a T-bill can out-yield a fresh SSB in the first year. When you want a safe parking spot you can exit any month, or a longer-term holding that ratchets up, the SSB's flexibility wins. A fixed deposit can beat both on a promotional rate, but it ties money up and charges penalties for early withdrawal, and it is protected by SDIC deposit insurance up to a cap rather than being a direct government obligation.
If you are weighing the first two head to head, our T-bill vs SSB comparison breaks down the yield, liquidity and effort for each. For the mechanics of short-dated government paper, see our guide to Singapore Treasury bills, and for cash you want fully liquid, compare the latest fixed deposit rates.
| Feature | Singapore Savings Bond | 6-month T-bill | Fixed deposit |
|---|---|---|---|
| Backing | Singapore Government | Singapore Government | Bank (SDIC-insured up to cap) |
| Term | Up to 10 years, exit any month | 6 months, fixed | Typically 3-24 months, fixed |
| Early exit | Any month, no penalty | Sell on secondary market, price varies | Penalty / loss of interest |
| Minimum | $500 | $1,000 | Varies by bank |
| Rate behaviour | Steps up the longer you hold | Fixed at auction | Fixed for the term |
SSBs fit a few clear use cases. They work well as an emergency buffer that earns more than a savings account while staying accessible within a month, since you face no capital loss and no penalty for redeeming. They also suit savers who want a safe, long-term holding that quietly ratchets up its return, without the effort of rolling over T-bills every few months.
They are a poor fit if you need money the same day, because redemption takes until the 2nd business day of the next month. They also will not maximise short-term yield when T-bill or fixed deposit promo rates are clearly higher, and the $200,000 cap means large portfolios cannot park everything here. For most young working adults building a low-risk core, though, the combination of government backing, monthly liquidity and a rising rate is hard to fault.
The June 2026 issue (SBJUN26) pays 1.46% in the first year and averages 2.11% a year if held for the full 10 years. The rate changes every month because it is set off the SGS yield curve, so check the MAS SSB page for the current issue before you apply.
No. You can always redeem an SSB for the exact amount you invested, plus any accrued interest. Unlike conventional bonds, its value to you does not fall when interest rates rise, because the Government always buys it back at par.
You start from $500, in multiples of $500. The most you can hold at any one time is $200,000 across every SSB issue, with cash and SRS sharing that single limit.
For cash, you need a DBS/POSB, OCBC or UOB bank account and an individual CDP account linked to Direct Crediting Service, then apply via internet banking, ATM or OCBC's app. For SRS, apply through your SRS operator's internet banking. Each application carries a $2 fee.
Redemption proceeds, including accrued interest, reach you by the 2nd business day of the following month after you submit the request. There is no penalty, but it is not instant, so plan for about a month if you need the cash.
It depends on your goal. SSBs give monthly liquidity and a rate that rises the longer you hold, while a 6-month T-bill locks in a known yield for a fixed period. When short-term rates are high, T-bills can out-yield a new SSB in year one; when you want flexibility, the SSB usually wins.
No. SSBs can only be bought with cash or SRS funds. CPF money cannot be used for Singapore Savings Bonds.
No. Interest earned from SSBs is tax-exempt and does not need to be declared in your chargeable income, so you keep the full coupon.
No. MAS removed the old $50,000 per-issue cap from 1 March 2018, so you can apply for as much of a single month's bond as you want, as long as your total SSB holdings stay within the $200,000 Individual Limit.
The Monetary Authority of Singapore launched the programme with the first bond on 1 October 2015 to give individual savers access to government securities. A new bond is issued every month, and MAS has committed to running the programme until at least 2030.
SSBs cannot be sold or transferred while you are alive, but they form part of your estate. Cash-held bonds in your CDP account pass to beneficiaries through CDP's estate process, while SRS-held bonds follow your SRS account rules. The bonds keep earning interest until redeemed.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.