Singapore Savings Bond (SSB) Calculator (2026)

Singapore Savings Bonds are bonds issued monthly by the Monetary Authority of Singapore (MAS) and fully backed by the Singapore government, which holds an AAA credit rating. Each tranche has a 10-year maturity, but you can redeem in any month with no penalty (you receive principal plus any accrued interest). SSBs pay step-up interest — lower in early years, higher in later years — with the 10-year average designed to approximate the 10-year SGS bond yield at issuance. The minimum investment is S$500 in increments of $500, with a maximum of S$200,000 per individual across all SSB tranches.

Each SSB tranche has a published interest rate schedule for all 10 years. Year 1 rates are typically the lowest; rates step up gradually, with the highest rate in year 10. The 10-year average is the bond's headline yield, designed to track the 10-year Singapore Government Securities (SGS) yield at the time of issuance. Interest is paid every 6 months. If you redeem early, you only receive interest for the years held, not the average. For example, a tranche with a 10-year average of 3.0% might pay ~2.4% in year 1 and ~3.8% in year 10.

You need a CDP (Central Depository) account linked to an approved bank account — DBS, OCBC, or UOB. Apply each month between the 1st and the 4th business day before the end of the month via your bank's internet banking, ATM, or the OCBC/UOB mobile app. You can also apply with SRS (Supplementary Retirement Scheme) funds via your SRS operator. The transaction fee is S$2 per application. If demand exceeds supply, allotment is determined by a quantity ceiling and then equal allocation. Results are announced on the 3rd-last business day of the month.

It depends on your goals. T-bills (6-month or 1-year) typically offer higher short-term yields than SSB year-1 rates, currently around 3.0-3.8%, and you can sell them on the secondary market. Fixed deposits offer locked-in rates for the chosen tenure but penalise early withdrawal heavily. SSBs uniquely combine government-backed safety, 10-year step-up structure, and free monthly redemption — ideal as a long-term cash parking option or emergency fund tier. For a 1-month parking goal, multiplier savings accounts beat all three. For a 12-month goal with no early access needed, T-bills usually win on yield.

No. Interest from SSBs is exempt from individual income tax in Singapore under Section 13(1)(b) of the Income Tax Act. You do not need to declare SSB interest on your annual tax return. The pre-tax yield is your effective yield. Companies and non-individual entities cannot hold SSBs — they are exclusively for individual retail investors.

No, SSBs guarantee return of principal at any month. If you redeem before maturity, you receive your full principal plus any accrued interest (no penalty, no capital loss). This is fundamentally different from SGS bonds, which trade on the secondary market and can be sold at a loss if interest rates rise. SSBs do carry inflation risk — if inflation exceeds your SSB yield, your real purchasing power declines. Use our Inflation Calculator alongside to model this.

Apply to redeem via your bank's internet banking, ATM, or mobile app between the 1st and 4th business day before the end of the month. Redemption proceeds are credited to your bank account at the start of the following month. The redemption fee is S$2 per request. You receive your principal plus all interest accrued up to the redemption date. There is no penalty, no minimum holding period, and no maximum redemption frequency — you can redeem any tranche partially or fully each month.

For investors with the maximum $200,000 allocation, dollar-cost averaging across 6-12 tranches over a year smooths interest rate exposure — you avoid the bad luck of locking in your entire allocation at the bottom of a rate cycle. For smaller allocations, 2-4 tranches per year is reasonable. If rates are clearly trending down (e.g., MAS is cutting and SGS yields are dropping), front-load your allocation. If rates are trending up, spread your purchases. Track each tranche's 10-year average rate at the MAS SSB page before committing.