What is a Singapore Savings Bond (SSB)? 2026

Singapore Savings Bonds are Singapore Government Securities issued for individual investors: a 10-year bond, fully backed by the Government, whose interest steps up over its term and which can be redeemed in any month with no penalty. A new issue opens every month — the October 2026 issue averages 2.32% a year if held for the full 10 years.

Updated 24 Sep 2026 Published 24 Jul 2026 5 min read INVESTMENTS

Add us as a preferred source

Singapore · October 2026 issue · average return over 10 years

2.32%

Year 1 interest1.65%

MinimumSGD 500

Holding limitSGD 200,000

Fee to buy or redeemSGD 2

10-year average2.32%October 2026 issue

Year 1 interest1.65%rises each year after

Tenor10 yearsredeemable any month

MinimumSGD 500then multiples of SGD 500

Holding limitSGD 200,000cash and SRS combined

Transaction feeSGD 2per application or redemption

On this pageHow it works The monthly cycle What it means for you Misconceptions Related terms Sources

Key takeaways

A Savings Bond is a 10-year Singapore Government Security for individuals, backed in full by the Government. Interest steps up over the term, never falling from one year to the next, and is paid every 6 months.
It can be redeemed in any month before maturity with no penalty and no capital loss: the amount invested comes back in full, with interest accrued to the redemption date.
The minimum is SGD 500, in multiples of SGD 500, and one person may hold at most SGD 200,000 at any time across cash and SRS holdings together. Each application or redemption costs SGD 2.
Rates are based on the average Singapore Government Securities yields of the month before applications for that issue open, so each issue carries its own schedule — fixed for that bond for its full term, whatever market rates do afterwards.
Individuals aged 18 and above may apply, with cash or SRS funds. CPF savings cannot be used, and corporations cannot buy them.

Definition

A government bond you can leave any month

What separates a Savings Bond from a conventional Singapore Government Security is the exit. Conventional SGS trade on SGX with a SGD 1,000 minimum and no holding cap; Savings Bonds are redeemed from the Government, not sold, with a SGD 500 minimum and a SGD 200,000 cap.

Step-up interest1.65% → 2.32%Year 1 interest is lower than the 10-year average, because the rate steps up over the term and never falls from one year to the next. The longer the holding, the higher the average return.

Monthly exitno penaltyRedeem in multiples of SGD 500 in any month. The money is paid by the second business day of the following month, with interest accrued to that point.

Rate locked at issue10 yearsEach issue’s full schedule is fixed when it is announced. A later rise or fall in market rates does not change a bond already held.

MAS sets the step-up coupons so the average return over each holding period tracks the same-tenor government bond yield, using the one, two, five and ten-year benchmarks. MAS also notes the 10-year yield has sat between 2% and 3% most of the time over the last decade — a description of the past, not a forecast.

Worked example

One issue, from application to redemption

Every Savings Bond follows the same monthly timetable. Business days, not calendar days, set each date, so public holidays can move them.

Step	When	What happens
Applications open	6pm on the first business day of the month	MAS publishes the issue and its 10-year rates
Applications close	9pm on the fourth last business day of the month	a submitted application cannot be changed
Allotment	the third last business day of the month, results after 3pm	Quantity Ceiling if oversubscribed
Bond issued	the first business day of the following month	interest starts
First interest	6 months after issue	then every 6 months
Redeem	any month, same window	paid by the second business day of the following month

SGD 10,000 in the October 2026 issue

Year 1 interest rate1.65%

Interest in year 1SGD 165

Average over 10 years2.32%

The year-1 figure is what the bond pays if redeemed after a year; holding longer earns the higher later-year rates, which is how the average reaches 2.32%. Each SGD 2 application or redemption fee comes off the return.

What it means for you

Where a Savings Bond fits

Access before maturitySSB rate tracker

A Savings Bond can be redeemed in any month without losing principal, with the proceeds paid by the second business day of the following month. MAS notes that most fixed deposits have tenors of up to two or three years against up to ten for a Savings Bond, and that Savings Bonds are backed by the Government rather than a bank.

Compared with T-billsT-bill rate tracker

A Treasury bill has a six-month or one-year tenor, is issued at a discount and pays its face value at maturity; it cannot be redeemed early but can be sold in the secondary market. A Savings Bond has a ten-year term with step-up interest and can be redeemed in any month.

SRS moneySRS calculator

SRS funds can buy Savings Bonds through the SRS operator, and those holdings count towards the same SGD 200,000 limit as cash holdings.

Longer holdingsCompound interest calculator

Interest is paid out every 6 months rather than added to the bond, so any compounding depends on what is done with each payment.

TaxIncome tax calculator

MAS states that Savings Bond interest is tax-exempt and does not have to be included in chargeable income. IRAS lists interest from debt securities such as bonds among non-taxable interest for individuals, other than bonds owned by a partnership or held as trading inventory.

Common misconceptions

Five things people get wrong

Redeeming early means losing the amount invested.

There is no penalty and no capital loss: the full amount invested comes back, with interest accrued to the redemption date. The SGD 2 application and SGD 2 redemption fees still apply, and on a short holding they can exceed the interest earned.

CPF savings can be used to buy them.

They cannot. Savings Bonds can be bought with cash or with SRS funds only.

They can be sold on the stock exchange.

Savings Bonds are not traded. They are redeemed from the Government, which is why their value does not move with market interest rates the way conventional government bonds on SGX do.

The interest rate changes each year with the market.

The whole schedule is fixed when the issue is announced. It steps up over the ten years by design, never falling from one year to the next, and a bond already bought keeps the rates announced for its issue.

Applying guarantees the amount applied for.

When an issue is oversubscribed, MAS allots by Quantity Ceiling: every applicant receives at least SGD 500, and larger applications may be only partly filled.

Sources and reviewChecked against the MAS Savings Bonds pages and FAQs on 2026-09-24

MAS — Singapore Savings Bonds — what a Savings Bond is, who may buy one and how interest works
MAS — Investing in Savings Bonds: Product Information, How to Buy and How to Redeem — the minimum, the limit, the fee and the monthly timetable
MAS — Singapore Savings Bonds FAQs (16 Mar 2026) — how rates are set, SRS and CPF use, and the comparison with conventional SGS
MoneySense — Understanding Bonds — Savings Bonds against conventional government bonds
IRAS — Interest: what is taxable, what is not — the tax treatment of bond interest for individuals

Official MAS product rules and the current issue’s published rates, for general information only. Not financial advice.

Sources: MAS MoneySense IRAS

This page is provided for educational and informational purposes only. It does not constitute financial advice. All figures and worked examples are estimates for illustrative purposes, are subject to change, and do not reflect any individual’s circumstances. Always refer to the Monetary Authority of Singapore (MAS), MoneySense and IRAS and seek independent professional advice before making any financial decisions.