Singapore Savings Bond (SSB): Complete Guide 2026

How to buy SSB, current rates, step-up returns, and how it compares to T-bills and fixed deposits.

The Singapore Savings Bond (SSB) is a government-backed savings instrument issued monthly by the Monetary Authority of Singapore (MAS). It offers step-up interest rates — starting at 1.46% in Year 1 and rising to 2.81% by Year 10 for the July 2026 tranche — with full capital protection, no lock-in period, and interest that is completely exempt from Singapore income tax. You can invest from as little as S$500, up to a lifetime cap of S$200,000.

Not financial advice. All figures are for educational reference only. Data as at July 2026 unless noted.

Table of Contents

What Is the Singapore Savings Bond?

The Singapore Savings Bond is a special type of Singapore Government Security (SGS) designed specifically for individual retail investors. MAS launched the scheme in October 2015 to give everyday Singaporeans a safe, flexible, and accessible way to earn returns on their savings.

Unlike regular bonds, the SSB has no secondary market. You can only buy it from MAS during the monthly application window, and if you want out early, you redeem directly with MAS — you get back your full principal every time. There is zero capital loss risk.

Each SSB tranche lasts up to 10 years. Interest is paid every six months directly into your bank account (or SRS account if you applied using SRS funds). The interest rate steps up each year you hold — so the longer you stay invested, the higher the effective return.

The SSB is backed by the full faith and credit of the Singapore Government — the same sovereign that has maintained a AAA credit rating from all three major agencies (Moody’s, S&P, Fitch). Your money is as safe as it gets in any financial instrument globally.

July 2026 SSB Rates at a Glance

The July 2026 tranche (issue code GX26070F, also called SBJUL26) was issued on 1 July 2026 with the following step-up rates:

Source: Monetary Authority of Singapore (MAS), July 2026 issuance GX26070F.

The application window for this tranche opened on 2 June 2026 and closed on 25 June 2026. Total demand was S$242.5 million applied, with S$221.0 million fully allotted. This means demand was within supply — all eligible applicants received their full requested amount.

Looking ahead, the August 2026 SSB application window typically opens on the first business day of July. Check MAS’s official SSB page for the latest tranche details.

How the Step-Up Interest Works

The SSB’s step-up structure is different from a standard fixed deposit. With a fixed deposit, you lock in one rate for the full term. With SSB, your interest rate increases every year you stay invested.

Here’s what that means in practice. Say you invest S$10,000 in the July 2026 SSB:

• Year 1: 1.46% = S$146 interest
• Year 3: 1.82% = S$182 interest
• Year 5: 1.98% = S$198 interest
• Year 10: 2.81% = S$281 interest
• Total 10-year return: ~S$2,110 (2.11% p.a. compounded average)

Interest is paid every six months — in January and July each year — directly to your bank account. So you receive cash twice a year, every year you hold the bond. You don’t need to wait until maturity.

The critical advantage over a standard fixed deposit: there is no penalty for early withdrawal. Redeem after Year 1, Year 2, or anytime — you always get your full S$10,000 back plus the interest you’ve earned up to that point. You simply sacrifice the higher rates of future years, not the principal.

This flexibility is what makes SSB unique among Singapore’s risk-free savings instruments. It functions like a savings account that automatically pays you more the longer you stay — without locking you in.

How to Buy SSB in Singapore (Step-by-Step)

Buying an SSB is straightforward. You need three things: a Singapore bank account with DBS/POSB, OCBC, or UOB; a CDP Securities account (or SRS account); and an ATM card or internet banking access.

Step 1 — Open a CDP Account (if you don’t have one)

Your SSB holdings are held in your Central Depository (CDP) account, linked to your bank. If you don’t have a CDP account, open one at SGX’s website — it’s free and takes about 10 minutes online. You’ll need your NRIC and bank account details.

Step 2 — Check the Application Window

Each monthly SSB tranche has a fixed application period — roughly the 1st to 4th-last business day of the month. The window for August 2026 SSB opens in early July 2026. Check the MAS SSB page for exact dates.

Step 3 — Apply via Internet Banking or ATM

You can apply through any of the three local banks:

• DBS/POSB: Log into iBanking → Invest → Singapore Savings Bonds → Apply. Select the issue code, enter amount in multiples of S$500.
• OCBC: Log into OCBC Online Banking → Invest → Singapore Savings Bonds → Apply.
• UOB: Log into UOB Personal Internet Banking → Invest/Insure → Singapore Government Securities → Apply for SSB.
• ATM: All three banks support ATM applications — go to Other Services → Investments → Singapore Savings Bonds.

Each application has a S$2 transaction fee. The minimum investment is S$500, and you can invest up to S$50,000 per tranche (with a S$200,000 lifetime limit across all tranches).

Step 4 — Wait for Allotment

Allotment happens the day after the window closes. If demand is within supply (as was the case for July 2026), you get the full amount you applied for. If oversubscribed, MAS uses a ballot/ceiling system to allocate fairly. Unsuccessful funds are returned to your bank account.

Using Your SRS Account

You can also buy SSB using Supplementary Retirement Scheme (SRS) funds — a useful strategy for higher-income earners who want to park SRS savings in a risk-free instrument while earning better returns than the default 0.05% SRS rate. Apply through your bank’s SRS portal during the application window.

For a broader view of how SSB fits into your retirement planning, see our Singapore retirement calculator — it can help you model how SSB returns compound over time.

SSB vs T-Bill vs Fixed Deposit (2026 Comparison)

The SSB competes directly with Singapore’s other low-risk savings instruments: Treasury Bills (T-bills) and bank fixed deposits. Here’s how they stack up in July 2026:

Source: MAS, DBS, OCBC — July 2026. FD rates indicative across major banks; verify before investing.

The headline takeaway: T-bills and FDs may offer slightly higher short-term rates, but SSB wins on flexibility and tax treatment. If you’re investing for 3–5+ years, SSB’s step-up rates catch up and often surpass what you’d get from rolling T-bills — especially once you factor in the tax exemption.

For context on the latest T-bill rates, see our Singapore T-bills 2026 guide.

Who Should Buy SSB?

SSB is ideal for you if:

• You want a guaranteed, risk-free return with no possibility of capital loss
• You’re unsure when you’ll need the money and want flexible redemption — no T-bill-style lock-in
• You’re in a higher income tax bracket and value the tax-exempt interest (saves you 7%–24% vs T-bill interest)
• You want to park SRS funds earning more than the 0.05% default rate, with zero risk
• You’re building a conservative core portfolio alongside S-REITs, ETFs, or stocks — see our best S-REITs in Singapore 2026 guide for higher-yield options
• You have S$10,000–S$200,000 in cash savings earning near-zero bank interest

SSB may not be the right fit if:

• You want the highest possible short-term yield and have no liquidity needs — a 6-month T-bill or 12-month FD may pay slightly more for Year 1
• You’re looking for growth rather than capital preservation — consider dividend ETFs or S-REITs for higher long-term returns via our passive income Singapore guide
• You need to invest more than S$200,000 — the lifetime cap limits very large cash positions

For CPF funds specifically: SSB is not eligible for CPF investment (CPFIS). If you want to put CPF-OA funds to work, T-bills and selected unit trusts are the main options — more on that in our CPF investment strategy Singapore guide.

How to Redeem Your SSB Early

Redeeming SSB early is just as simple as buying. Log into your bank’s internet banking during the monthly redemption window (same dates as the application window — roughly the 1st to 4th-last business day of each month).

Go to the SSB section, select the tranche you want to redeem, and enter the amount. You can redeem part of your holding (in multiples of S$500) or the full amount. Proceeds — principal plus accrued interest — are credited to your bank account by the end of the following month.

Important: a S$2 transaction fee applies to each redemption request, just like the application. There is no other penalty — your principal is fully protected regardless of when you redeem.

Tip: If you applied using SRS funds, you can only redeem back into your SRS account — not to a regular bank account. Plan accordingly if you need cash liquidity from SRS investments.

Frequently Asked Questions

Want Higher Returns Beyond SSB?

SSB is great for capital preservation — but if you’re ready to earn more, explore S-REITs, ETFs, and robo-advisors with our referral bonuses.