Singapore Savings Bonds
Singapore Savings Bonds (SSB) are government-backed bonds issued monthly by the Monetary Authority of Singapore, offering step-up interest rates over 10 years with the flexibility to redeem any month without penalty.
Singapore Savings Bonds are often described as the closest thing to a risk-free investment for retail investors in Singapore. Backed by the Singapore government (AAA-rated), SSBs pay increasing interest the longer you hold them and let you redeem at any month end without penalty. They’re particularly attractive during periods of elevated interest rates and as a safer alternative to fixed deposits. This is not financial advice.
Table of Contents
How SSBs Work
SSBs are 10-year bonds that pay semi-annual interest (every 6 months in January and July). The interest rate is linked to average SGS (Singapore Government Securities) yields and steps up each year — so Year 1 pays less than Year 10. If you hold for all 10 years, the average return equals the 10-year SGS yield at issuance. The key advantage is full capital protection and no lock-in: you can redeem in any given month by submitting a request and receive your principal plus accrued interest by the second business day of the following month. Applications are made via DBS/POSB, OCBC, or UOB online banking or ATMs using your CDP account.
SSB Interest Rates (2026)
SSB interest rates fluctuate with SGS yields. In Q1 2026, 10-year average SSB yields ranged from approximately 2.8% to 3.2% p.a. (following the rate easing cycle from 2024 peaks of ~3.7%). The first-year interest rate tends to be lower (~2.5–2.8%), stepping up to ~3.4–3.6% in the final years. Compare this to: 6-month T-bills at ~3.0–3.5%; 1-year fixed deposits at ~2.5–3.0%; CPF OA at 2.5% (floor); robo advisor cash management accounts at ~3.0–3.5%. Use our T-Bill, SSB & Fixed Deposit Comparison Calculator to compare these options side by side.
SSB Application Process
To apply: (1) You need a CDP (Central Depository) account linked to a DBS/POSB, OCBC, or UOB bank account — set this up at any bank branch; (2) Each month, a new SSB tranche is announced by MAS (usually 1st of each month) with the interest schedule; (3) Applications open around the 1st and close around the 25th of the month; (4) Maximum individual allotment is $200,000 per SSB tranche, and the total SSB holding per person is capped at $200,000; (5) If the issue is oversubscribed, allotments are made by ballot, with smaller applicants prioritised. Applications require a minimum of $500 (in multiples of $500).
SSB vs T-Bill vs Fixed Deposit
SSBs: 10-year tenor, flexible redemption, government guaranteed, interest stepped up over time. Best for: savings you might need within 1–10 years, conservative investors who want certainty. T-bills: 6-month or 1-year tenor, higher short-term yields (typically above SSB Year-1 rate), no early redemption (must sell on secondary market at a price). Best for: short-term parking of cash. Fixed deposits: 3–12 month tenor, bank credit risk (though SDIC insured up to $100K), typically competitive with T-bills but requires lock-in. Best for: specific known time horizons. For a detailed comparison, see our calculator tool. Many Singapore investors use all three: SSBs for the medium-term safety layer, T-bills for the short-term yield play.
SSB and SRS / CPF
SSBs can be purchased using SRS (Supplementary Retirement Scheme) funds — this is one of the best uses of SRS because it earns a risk-free return while keeping the funds within the SRS wrapper for tax deferral. SSBs cannot be purchased using CPF funds (OA or SA). The SRS SSB limit is separate from the cash SSB limit — both can be up to $200,000 each. If you have SRS funds sitting in the default bank deposit earning minimal interest, shifting them into SSBs is a straightforward upgrade. Learn more about SRS Tax Savings.