Singapore Savings Bonds (SSB) are 10-year bonds issued by the Singapore Government for individuals. You can invest from S$500, hold up to $200,000, and redeem in any month with no penalty, getting back what you put in plus interest earned. The interest steps up the longer you hold, is paid every six months and is tax-free.
Most investments can lose money; MAS says Savings Bonds are an exception in that you can always redeem them for the amount invested. Their limits are different: returns are modest, set when you buy, and may not keep up with inflation. This guide explains how they work. It does not tell you whether to buy them.
Singapore Savings Bonds: The Rules at a Glance
All from MAS, as at November 2026.
| Feature | Rule |
|---|---|
| Issuer | Singapore Government |
| Who can buy | Individuals aged 18 or above |
| Tenor | 10 years; a new bond is issued every month |
| Minimum | $500, then multiples of $500 |
| Maximum held | $200,000 across cash and SRS combined |
| Interest | Steps up each year; paid every six months |
| Tax on interest | Exempt |
| Early redemption | Any month, no penalty; minimum $500 |
| Fees | $2 per application and per redemption request, including GST |
| Pay with | Cash or SRS funds; not CPF |
| Transfer | Not allowed, except on death or between your own SRS and CDP accounts in set cases |
How the Interest Works
MAS sets each bond’s coupons from the average daily yields on 1, 2, 5 and 10-year Singapore Government Securities in the month before the announcement. The aim is that your average yearly return, if you hold for a given number of years, matches the government bond yield for that period.
The rates are fixed once the bond is issued. If market rates rise later, MAS notes, you can redeem and apply for a newer issue with higher rates. If they fall, your bond keeps its original coupons.
A recent example. MAS’s notice for the December 2026 issue (GX26120A) gives a first-year coupon of 1.83%, stepping up to 2.83% in year 10. The average return is 1.91% a year over two years, 2.16% over five years and 2.39% over 10 years. Our December 2026 Savings Bond article has the full detail. Future issues will differ.
Worked Example: $10,000 in the December 2026 Bond
Illustration with our own numbers, using MAS’s published coupons.
- Year 1 interest: 1.83% of $10,000 is $183, paid in two six-monthly payments of about $91.50.
- Cost to get in: $2 for the application.
- Partial exit: in year 3 you redeem $4,000. You pay $2 and receive $4,000 plus interest accrued since the last payment, by the second business day of the next month. The other $6,000 keeps earning.
There is no capital loss in any of these steps. The trade-off is the return: if inflation runs above the bond’s rate, your money buys less over time. Compare with what your CPF Ordinary Account earns, a guaranteed 2.5% a year, in our CPF OA and inflation explainer.
The short version: Savings Bonds suit money you want to keep safe but may need at short notice. You can always get your capital back, but the return is modest and fixed when you buy.
How to Apply
You need, according to MAS:
- A bank account with DBS/POSB, OCBC or UOB, with ATM or internet banking access.
- An individual CDP securities account linked to a bank account through the Direct Crediting Service, for cash applications.
- An SRS account with DBS/POSB, OCBC or UOB, for SRS applications.
Apply through those banks’ ATMs or internet banking, or OCBC’s mobile app. You cannot apply at a bank counter.
Timing each month:
- MAS announces the new issue on the first business day of the month.
- Applications open at 6pm that day and close at 9pm on the fourth-last business day.
- MAS announces results on the third-last business day.
- The bond is issued on the first business day of the following month.
For cash applications, the money leaves your account when you apply, and you earn interest only once the bond is issued. You cannot change or cancel an application.
How Allotment Works
If an issue is oversubscribed, MAS gives each applicant $500 first, then adds $500 at a time until applicants are filled or the bonds run out. If even $500 each is too much, bonds go out at random. MAS says applying for more than you want does not improve your chances.
How to Redeem
Submit a request through the same banks’ ATMs or internet banking, or through your SRS operator for SRS-funded bonds. The window runs from the first business day to the fourth-last business day of each month. Proceeds and accrued interest arrive by the second business day of the following month.
Partial redemptions are allowed in multiples of $500. Each request costs $2.
Savings Bonds Compared With Other Options
MoneySense describes Savings Bonds as among the safest investments, being government-backed and redeemable without penalty, and suggests them for money you may need in the near term. They differ from T-bills, which have no early exit, and from fixed deposits, which are bank products covered by deposit insurance. Our comparison of T-bills, Savings Bonds and fixed deposits sets these side by side.
For long-term goals, Savings Bonds are often one part of a wider mix. Our guide to starting out explains how to match money to time frames and compares the main investments for beginners.
Using SRS
SRS funds can buy Savings Bonds, and interest is paid back into your SRS account. Withdrawals from SRS follow the scheme’s own rules and tax treatment; see our SRS guide.
What To Do Next
- Check the current issue’s rates and dates on the MAS Savings Bonds page.
- Make sure your CDP account has the Direct Crediting Service set up.
- Decide how much to keep in cash for emergencies first, using our emergency fund calculator.
