Evidence and analysis
Singapore Savings Bonds (SSB) are government-backed bonds issued monthly by the Monetary Authority of Singapore (MAS). They offer retail investors a safe, flexible, and step-up interest rate product with no capital loss — you can redeem your investment any month.
Key Features
| Feature | Detail |
|---|---|
| Issuer | Singapore Government (via MAS) |
| Minimum Investment | SGD 500 |
| Maximum per Person | SGD 200,000 |
| Tenure | Up to 10 years |
| Interest Payment | Every 6 months (Jan & Jul) |
| Early Redemption | Any month, no penalty |
| Risk | Capital guaranteed by Singapore Government |
| Credit Rating | AAA (Singapore sovereign) |
Latest Issue — SBJUN26GD (2026-06)
Data source: MAS historical records (hardcoded, up to Apr 2026)
| Year | Interest Rate (p.a.) |
|---|---|
| Year 1 | 2.66% |
| Year 2 | 2.70% |
| Year 3 | 2.70% |
| Year 4 | 2.70% |
| Year 5 | 2.70% |
| Year 6 | 2.70% |
| Year 7 | 2.70% |
| Year 8 | 2.70% |
| Year 9 | 2.70% |
| Year 10 | 2.70% |
| 10-Year Average | 2.70% |
10-Year Return Projection (per SGD 10,000 invested)
| Metric | Value |
|---|---|
| Principal | SGD 10,000 |
| Total Interest (10 yr) | SGD 2,696.00 |
| Total Return | 26.96% |
| Average Annual Return | 2.70% |
Note: SSB pays simple interest on the original principal every 6 months. Interest is not compounded.
Historical 1st-Year Interest Rates (Last 24 Months)
| Issue Month | Bond ID | Year 1 Rate | 5-Year Avg | 10-Year Avg |
|---|---|---|---|---|
| Jun 2026 | SBJUN26GD | 2.66% | 2.69% | 2.70% |
| May 2026 | SBMAY26GD | 2.68% | 2.71% | 2.72% |
| Apr 2026 | SBAPR26GD | 2.70% | 2.73% | 2.74% |
| Mar 2026 | SBMAR26GD | 2.72% | 2.75% | 2.76% |
| Feb 2026 | SBFEB26GD | 2.73% | 2.76% | 2.77% |
| Jan 2026 | SBJAN26GD | 2.74% | 2.77% | 2.78% |
| Dec 2025 | SBDEC25GD | 2.75% | 2.78% | 2.79% |
| Nov 2025 | SBNOV25GD | 2.76% | 2.79% | 2.80% |
| Oct 2025 | SBOCT25GD | 2.78% | 2.81% | 2.82% |
| Sep 2025 | SBSEP25GD | 2.80% | 2.83% | 2.84% |
| Aug 2025 | SBAUG25GD | 2.82% | 2.85% | 2.86% |
| Jul 2025 | SBJUL25GD | 2.83% | 2.86% | 2.87% |
| Jun 2025 | SBJUN25GD | 2.84% | 2.87% | 2.88% |
| May 2025 | SBMAY25GD | 2.85% | 2.89% | 2.90% |
| Apr 2025 | SBAPR25GD | 2.89% | 2.92% | 2.93% |
| Mar 2025 | SBMAR25GD | 2.94% | 2.94% | 2.94% |
| Feb 2025 | SBFEB25GD | 2.97% | 2.97% | 2.97% |
| Jan 2025 | SBJAN25GD | 2.97% | 2.97% | 2.97% |
| Dec 2024 | SBDEC24GD | 3.01% | 2.98% | 2.97% |
| Nov 2024 | SBNOV24GD | 3.07% | 3.01% | 3.00% |
| Oct 2024 | SBOCT24GD | 3.22% | 3.12% | 3.10% |
| Sep 2024 | SBSEP24GD | 3.30% | 3.19% | 3.16% |
| Aug 2024 | SBAUG24GD | 3.26% | 3.16% | 3.14% |
| Jul 2024 | SBJUL24GD | 3.33% | 3.21% | 3.18% |
Rate Summary
| Metric | Value |
|---|---|
| Current 1st-Year Rate | 2.66% |
| Year-on-Year Change | -0.18% |
| Highest 1st-Year Rate (in dataset) | 3.55% — 2023-10 |
| Lowest 1st-Year Rate (in dataset) | 2.66% — 2026-06 |
| Current 10-Year Average | 2.70% |
How to Apply
- Via DBS/POSB/OCBC/UOB internet banking or ATM
- Via CDP account linked to any of the above banks
- Applications open on the 1st business day of each month and close 4 business days before month-end
- Allotment is on a balloting basis if oversubscribed (excess is refunded)
Comparison with Other SGD Instruments
| Instrument | Approx. Rate | Liquidity | Risk |
|---|---|---|---|
| SSB (latest issue) | 2.66% yr1 / 2.70% avg | Monthly redemption | Zero (AAA) |
| CPF OA | 2.50% | Restricted | Zero |
| CPF SA | 4.00% | Restricted | Zero |
| Bank Fixed Deposit (12-month) | ~2.50–3.00% | Locked until maturity | Negligible |
| SGS T-bills (6-month) | ~3.00–3.20% | Secondary market | Negligible |
Data Source & Methodology
- Interest rate data: MAS eServices API / MAS website
- Returns computed as simple interest on principal (SSB does not compound interest)
- Historical rates from January 2023 to April 2026
- To refresh data, run:
python3 scripts/fetch_ssb_data.py
SingaporeSavings BondsSSBFixed IncomeGovernment BondsInterest RateMAS