Singapore Savings Bond (SSB) Yield Calculator 2026 — MAS Step-Up Rate Projection, Year-by-Year Interest Table, Early Redemption Analysis & Comparison vs T-Bills, CPF-OA & Fixed Deposits

The Singapore Savings Bond (SSB) is a government savings instrument issued monthly by the Monetary Authority of Singapore (MAS). Key features: government backing: SSBs are fully guaranteed by the Singapore government — zero default risk; the Singapore government has the strongest credit rating globally (AAA); step-up rates: SSBs use a step-up interest structure where the interest rate increases each year; longer holding = higher annual rate; interest payment: interest is paid every June and December (semi-annually) directly to your bank account; it’s NOT compounded within the bond — you receive cash interest every 6 months; flexibility: you can redeem any month without penalty; you receive the full principal plus any accrued interest; interest is calculated on a daily basis within each 6-month period; application: apply through DBS/POSB, OCBC, or UOB internet banking or ATMs; each application incurs a S$2.50 fee (non-refundable); holdings limits: minimum S$500, maximum S$200,000 per person across all outstanding SSBs; allotment: if oversubscribed, allotment is pro-rated — all applicants receive the same percentage of their applied amount; the minimum allotment is S$500; redemption: submit redemption request by the 4th last business day of any month; principal and final interest payment received by end of the following month; SSBs are not tradeable: unlike regular government bonds or T-bills, SSBs cannot be sold on the secondary market — you can only hold to term or redeem through MAS.

Current SSB rates in Singapore 2026: official source: mas.gov.sg/ssb is the single authoritative source; MAS publishes each month’s SSB step-up rates approximately 3–4 weeks before the application window opens; the rates page shows: the 10 individual step-up rates for each year; the 10-year average interest rate (the headline comparison figure); the total interest if you held from Year 1 through Year 10; the previous month’s rates for comparison; rate structure explained: Year 1 rate is the lowest in the sequence; Year 10 rate is the highest; the 10-year average is the average of all 10 rates; when comparing SSB to other instruments (T-bills, FDs), always compare the 10-year average if you plan to hold long-term; compare Year 1 rate if you’re likely to redeem in Year 1. Rate change frequency: new rates are announced for each monthly issuance; rates change each month based on prevailing SGS benchmark yields; SSB rates generally move with Singapore market rates — when MAS tightens, rates go up; when MAS eases, rates go down; what drives SSB rates: SSBs are linked to the SGS (Singapore Government Securities) benchmark yields; specifically, the SGS yield curve shapes the step-up structure; a steep yield curve (higher long-term rates vs short-term) gives SSBs a more pronounced step-up pattern; a flat yield curve gives SSBs more uniform rates across all 10 years.

SSB application process Singapore 2026: prerequisites — what you need before applying: Singapore citizen or PR (foreigners cannot invest in SSBs); valid bank account with DBS/POSB, OCBC, or UOB; CDP (Central Depository) account linked to your bank (usually auto-created when you open a bank account — verify at cdp.com.sg); sufficient funds in your bank account (the application amount + S$2.50 fee); Application steps via Internet Banking (recommended): log in to your bank’s internet banking portal; for DBS/POSB: go to “Invest” → “Singapore Government Securities”; for OCBC: go to “Wealth” → “Singapore Savings Bonds”; for UOB: go to “Invest” → “Bonds”; enter the amount you wish to invest (multiples of S$500); confirm the application; the S$2.50 fee is charged immediately; you’ll receive a confirmation; via ATM: go to any DBS/POSB, OCBC, or UOB ATM; Select “More Transactions” → “SGS/Bonds” or similar; follow prompts; note: ATM applications have a transaction limit that may be lower than internet banking; via CPFIS (for CPF-OA funds): through your bank’s CPFIS portal — separate from regular SSB application; only the CPF-OA surplus above S$20,000 can be invested; Results notification: allotment results announced on the last business day of the month; allotted bonds shown in your CDP account and bank’s investment portal; interest received every June and December; what happens if not fully allotted: the unallotted amount is returned to your bank account within 3–5 business days; you keep your CDP account credited with only the allotted amount.

SSB and capital loss risk in Singapore: under normal redemption: no — you cannot lose money on SSBs under any circumstance; the Singapore government guarantees full principal repayment and all accrued interest; even if you redeem in month 1 (before any interest payment): you receive your full principal back; there’s no early redemption penalty whatsoever; the only “cost” of very early redemption: if you redeem within the first semi-annual period (before the first June or December interest payment), you will not have received any interest yet; the interest accrues daily but is paid semi-annually; very early redemption means you miss the first interest payment; however, some sources indicate that partial interest may be credited for the period held — check the MAS SSB FAQ for current policy; real risks to understand: inflation risk: if Singapore CPI (consumer price index) inflation exceeds your SSB yield, your purchasing power decreases in real terms; this is the only risk of holding SSBs; opportunity cost risk: if interest rates rise significantly after you buy an SSB, newer SSBs will offer higher rates; however, you can simply redeem your old SSB (no penalty) and buy the new one; allotment risk: in oversubscribed months, you may receive less than you applied for; you don’t “lose” money, but your deployment plan is disrupted; the S$2.50 application fee is forfeited even if zero allotment; currency risk: none — SSBs are SGD-denominated only; no exchange rate risk; counterparty risk: none — Singapore government guarantee is as close to absolute certainty as exists in global finance.

SSB interest rate calculation methodology 2026: SSB rates are linked to SGS (Singapore Government Securities) benchmark yields: MAS uses the average SGS yields over a preceding period to set each year’s SSB step-up rate; the Year 1 SSB rate is approximately equal to the 1-year SGS yield; the Year 2 SSB rate is approximately equal to the 2-year SGS yield; this continues up to Year 10 which approximately equals the 10-year SGS yield; the 10-year average rate: this is calculated as the mathematical average of all 10 step-up rates; it represents the annualised yield if you hold the full 10 years; interest calculation formula: annual interest = principal amount × annual step-up rate; interest is calculated on the original principal (not compounding within the bond); total interest over 10 years = sum of (principal × rate for each year); semi-annual payment: interest is paid twice yearly in June and December; each payment = (principal × annual rate) ÷ 2; example on S$10,000 at Year 1 rate 2.83%: each semi-annual interest payment = S$10,000 × 2.83% ÷ 2 = S$141.50; annual interest = S$283.00; practical implication of non-compounding: SSB interest is NOT reinvested into the bond — it’s paid out as cash; this means SSBs are not ideal for long-term compounding wealth building; for compounding: reinvest the interest payments into new SSB applications, T-Bills, or CPF top-ups; over long periods, the compounding effect of reinvesting interest is significant.

SSB redemption process Singapore 2026: when to submit redemption request: by the 4th last business day of any month (typically around the 25th–27th); redemption cannot be submitted on the last 3 business days of the month; when you receive your money: the principal and all accrued interest are paid into your bank account by the end of the following month; example: submit redemption in March (by ~27 March) → receive payment by end of April; no redemption penalty: there is absolutely no penalty for redeeming early; no loss of interest already paid (June/December interest is already yours); you receive accrued interest up to the redemption date (calculated daily); partial redemption: you can redeem part of your SSB holdings (in multiples of S$500) while keeping the rest invested; example: hold S$20,000 in SSBs, redeem S$10,000 → remaining S$10,000 continues earning interest; this flexibility makes SSBs superior to fixed deposits for dynamic cash management; how to redeem in Singapore: DBS/POSB internet banking: “Invest” → “Singapore Government Securities” → select your SSB → “Redeem”; OCBC internet banking: “Wealth” → “Singapore Savings Bonds” → “Redeem”; UOB internet banking: similar navigation; ATM: DBS/POSB, OCBC, UOB ATMs → “SGS/Bonds” → “Redeem”; CDP account: also accessible through CDP ePortal at cdp.com.sg; for CPFIS-held SSBs: redeem through the CPFIS portal at your bank; principal returns to CPF-OA, not your bank account.

SSB taxation in Singapore 2026: SSB interest is fully tax-exempt in Singapore: under current IRAS rules, interest income from Singapore government securities (including SSBs) is exempt from income tax for Singapore residents; you do not need to declare SSB interest in your annual income tax return; you do not pay any withholding tax on SSB interest; this compares favourably to: fixed deposits: interest from Singapore bank fixed deposits may be taxable if you are a business or exceed certain thresholds; for individual investors, FD interest is generally not taxable in Singapore (Singapore does not tax personal interest income as a general rule); REITs: dividends from SGX-listed REITs may have withholding tax depending on investor tax residency; corporate bonds: corporate bond interest is taxable income; CPF interest: CPF account interest is tax-exempt; the tax-exempt status of SSBs: confirmed by MAS and IRAS; applies to both Singapore citizens and Singapore PRs; applies whether held through regular bank account or via CPFIS; does NOT apply to companies (non-individuals); foreign individuals resident in Singapore: SSB interest is also tax-exempt for you while a Singapore tax resident; non-resident individuals: should verify with IRAS; current understanding is that SSB interest for non-residents may have different treatment — check IRAS guidelines; practical implication: when comparing SSB returns against taxable instruments (e.g., foreign bond funds), the gross yield of the taxable instrument should be tax-adjusted before comparison; for most Singapore individual investors with other income: if your marginal tax rate is 15% and a corporate bond offers 4%: after-tax yield = 4% × (1 − 15%) = 3.4%; SSB at 3.0% (gross = net) might still be inferior after adjusting, but the gap is smaller than it appears.

SSB vs T-Bills in Singapore 2026 — key differences: issued by MAS: both are Singapore government securities; both have zero default risk; SSB interest rates vs T-Bill yields: SSB: fixed step-up rates for the full 10 years, set at time of issuance; T-Bills: yield determined by competitive bidding each auction; in 2025–2026, 6-month T-Bill cut-off yields have typically been slightly above SSB Year 1 rates; tenure: SSBs: up to 10 years, redeemable any month; T-Bills: 6-month or 1-year only; redemption flexibility: SSBs: redeem any month, no penalty; T-Bills: cannot redeem before maturity (no secondary market for individuals); trading: SSBs: non-tradeable; T-Bills: technically tradeable but illiquid secondary market for retail; minimum investment: SSBs: S$500; T-Bills: S$1,000; interest payment: SSBs: semi-annual (June and December); T-Bills: discount instrument — you pay less than face value and receive face value at maturity; application method: SSBs: internet banking or ATM, non-competitive (everyone gets the same rate); T-Bills: internet banking (competitive bid at specific yield) or non-competitive bid (receive the cut-off yield determined by auction); allotment: SSBs: pro-rated in oversubscribed months; T-Bills: competitive bids at cut-off yield are pro-rated; non-competitive bids are fully allotted up to S$1,000,000; who should choose T-Bills: confident you won’t need funds for exactly 6 months; T-Bill yield meaningfully higher than SSB Year 1 rate; who should choose SSBs: might need flexibility to redeem early; want longer holding with rising rates; uncomfortable with bidding process; investing via CPFIS (CPF-OA funds).

CPF-OA investment in SSBs via CPFIS Singapore 2026: yes — Singapore CPF members can invest CPF Ordinary Account (OA) savings in SSBs through the CPF Investment Scheme (CPFIS). Key rules: who is eligible: Singapore citizens and PRs with CPF-OA balance; the first S$20,000 in CPF-OA must remain in CPF-OA (cannot be invested); excess above S$20,000 can be invested in CPFIS-approved instruments including SSBs; maximum: S$200,000 in SSBs per person (counting both personal and CPFIS holdings combined); CPFIS account setup: must have a CPFIS account at DBS, OCBC, or UOB; can set up during application if not already done; how interest is handled: SSB interest paid into your bank account (cash), not back to CPF-OA; this creates a cash income stream from CPF savings — useful for supplemental retirement income; when you redeem CPFIS SSBs: the principal goes back to CPF-OA (not to your bank account); break-even consideration: CPF-OA earns 2.5% guaranteed; investing in SSBs means forfeiting 1 month of CPF-OA interest during the transition period; break-even SSB rate = 2.5% + (1 month CPF-OA interest / investment amount) ≈ 2.71% for most amounts; if current SSB 1-year rate > 2.71%: CPFIS SSB investment makes financial sense; if current SSB 1-year rate < 2.71%: keep in CPF-OA; what not to invest from CPF-OA: don't invest OA funds you'll need within 6 months for housing loan payment (HDB mortgage, bank mortgage); the transition in and out of SSBs takes 4–6 weeks total (in: ~1 month to settle; out: ~1 month after redemption request).

Singapore SSB investment limits 2026: minimum per application: S$500; must be in multiples of S$500; maximum aggregate holding: S$200,000 per individual across all outstanding SSBs you currently hold; this is a portfolio limit (all SSBs you haven’t redeemed yet); if you hold S$150,000 in existing SSBs, you can apply for at most S$50,000 in new issuances; per application maximum: S$200,000 (if you have no existing SSBs); there is no per-application limit below the overall aggregate cap; family holdings: each family member has their own S$200,000 cap; a couple can jointly hold S$400,000; children under 18: SSBs are available for Singaporean/PR investors aged 18 and above; children under 18 cannot directly hold SSBs; SSBs via CPFIS: CPFIS-invested SSBs count toward the same S$200,000 personal limit; example: if you hold S$100,000 in SSBs purchased with personal savings and S$50,000 via CPFIS, you can still apply for S$50,000 more; what happens if you over-apply: if you apply for more than your remaining capacity: MAS will partially allot up to your remaining cap; the excess amount is returned to your bank account; the S$2.50 fee is still charged (non-refundable); practical strategy for maximising SSB holdings in oversubscribed months: if the issuance is likely to be oversubscribed, apply for the full S$200,000 (or your remaining capacity); example: want S$50,000 allotment, expect 50% pro-ration → apply for S$100,000; your actual allotment will be approximately S$50,000; unallotted amount returned within days.

SSB and rising interest rates in Singapore 2026: unlike regular bonds, SSBs are NOT negatively impacted by rising interest rates. Here’s why: no mark-to-market risk: SSBs are not tradeable, so their price doesn’t fall when interest rates rise; you always receive the full face value (principal) regardless of what happens to interest rates after you buy; the step-up structure provides some natural protection: SSB rates already embed some future rate expectations into the step-up schedule; how to respond when rates rise: if you buy a SSB today and rates rise significantly next month, you have two options: hold the current SSB and redeem next month (no penalty), then apply for the new higher-rate SSB; or simply hold your current SSB and start applying for new SSBs at the higher rates in future months; the flexibility to redeem without penalty makes SSBs interest-rate-agnostic; SSBs vs fixed bonds in a rising rate environment: a regular SGS bond (tradeable) loses market value when rates rise; SSBs never lose market value — they are always worth face value; this is the key structural advantage of SSBs over tradeable bonds; practical strategy in 2026 rate environment: if you expect MAS to raise rates (hawkish environment): keep SSB durations short — buy and redeem annually, moving to higher-rate new issuances; if you expect rates to fall (dovish/easing environment): lock in current rates by applying for SSBs at current attractive levels; the 10-year step-up structure protects you if rates fall because you’ve locked in each year’s rate at the time of purchase; the decision is symmetric — SSBs are excellent in both rising and falling rate environments because of the redemption flexibility.

SSB eligibility for foreigners in Singapore 2026: Singapore Savings Bonds are NOT available to foreign nationals who do not hold Singapore Permanent Residency. Eligibility: Singapore citizens: yes, eligible regardless of where you live; Singapore Permanent Residents (PR): yes, eligible; foreigners on Employment Pass (EP), S-Pass, Work Permit, Dependent Pass, Student Pass: NOT eligible for SSBs; long-term visit pass holders: NOT eligible; what foreigners working in Singapore can invest in instead: Singapore Government Securities (SGS bonds and T-Bills): eligible for all investors regardless of citizenship; purchase through DBS, OCBC, UOB or through a brokerage account; corporate bonds on SGX: eligible for all investors; REITs on SGX (S-REITs): eligible for all investors; bank fixed deposits: eligible for all investors; CPF schemes: only for citizens and PRs (EPF holders contribute but foreigners on EP don’t have CPF contributions); SRS (Supplementary Retirement Scheme): foreigners on Employment Pass CAN open an SRS account and invest in SRS-approved instruments; SRS contribution limit for foreigners: S$35,700/year (vs S$15,300 for citizens and PRs); SRS is one of the best tax-deferred savings options for Singapore EP holders; SSB alternative for foreigners: 6-month and 1-year T-Bills are the closest equivalent — also government-backed, also available through DBS/OCBC/UOB, comparable yields, but with fixed maturity (no early redemption option); SGS bonds with longer maturities are also available but with market risk if you need to sell before maturity.

SSB step-up vs fixed deposit in Singapore 2026 — detailed comparison: rate structure: SSB: step-up rates that increase each year; Year 1 is lowest, Year 10 is highest; FD: fixed rate for the entire tenure (no increase over time); flexibility: SSB: redeem any month without any penalty (receive principal + all accrued interest); FD: usually cannot redeem early without losing some or all interest earned (early withdrawal penalty); if your Singapore FD has a 12-month term and you need funds in Month 6: you typically forfeit all 12 months of interest (some banks forfeit from 50%–100% of interest earned); minimum investment: SSB: S$500 (low barrier, accessible to all); FD: S$1,000–S$10,000 (varies by bank); FD promotional rates may require S$20,000–S$50,000 minimum; interest payment: SSB: semi-annually (June and December); FD: at maturity (for standard FDs) or monthly (for some bank products); yield comparison (indicative 2026): 1-year equivalent (SSB Year 1 average ≈ FD): SSB may be 0.0%–0.3% below top-tier FD promotional rates; 10-year (SSB 10yr avg vs FD rollover): SSB at ~3.05% avg vs FD if rolled over annually at fluctuating rates (unpredictable); SSB wins over FD for: flexibility (emergency access without penalty); holdings above S$75,000 (SDIC deposit insurance only covers up to S$75,000 per bank); certainty of rates for up to 10 years (FD rates change at each rollover); FD wins over SSB for: short-term (1–12 month) when FD promotional rates significantly exceed SSB Year 1 rates; specific bank account qualifiers that boost effective FD yield above 4%; for Singapore investors, the ideal strategy is typically: use SSBs for medium-to-long term “safe” portion; use promotional FDs for short-term liquidity at competitive rates.

SSBs and deposit insurance in Singapore 2026: SSBs do NOT fall under the Singapore Deposit Insurance Corporation (SDIC) insurance scheme. They don’t need to be — here’s why: SSBs are direct obligations of the Singapore government; the Singapore government is the issuer, not an intermediary bank; there is no counterparty risk between you and the government; the SDIC scheme protects bank deposits (up to S$75,000 per bank) from the risk of bank failure; SSBs have no bank failure risk because: your investment is not held as a bank deposit; it’s registered in your CDP (Central Depository) account under your name; even if DBS, OCBC, or UOB (the banks you apply through) were to fail: your SSBs would be unaffected (they’re government bonds held in your CDP account); the bank is only the distribution channel, not the custodian of your SSBs; comparison of Singapore government-backed instruments: all Singapore Government Securities (SSBs, T-Bills, SGS bonds) are backed by the Singapore government; for practical purposes, they are safer than any bank deposit up to any amount; Singapore government bonds are rated AAA by all major rating agencies (Moody’s, S&P, Fitch); the maximum S$200,000 SSB holding limit vs SDIC: the S$200,000 SSB limit is not a risk management limit but a program design feature to ensure broad-based access; it does not mean your money is only safe up to S$200,000 — it’s a policy cap on the individual allocation; practical implication: for very large liquid savings (above S$75,000), SSBs are actually safer than bank fixed deposits because: SSBs = direct government guarantee (unlimited); bank FDs = SDIC insurance only up to S$75,000 per bank per depositor.

SSB oversubscription and allotment Singapore 2026: what oversubscription means: if the total amount applied for by all investors exceeds the issuance size set by MAS, the SSB is oversubscribed; in recent high-rate environments (2022–2026), some popular SSB issuances have been 2×–4× oversubscribed; MAS’s allotment methodology: when oversubscribed, MAS uses a pro-rata allotment process: Step 1 — calculate the oversubscription ratio: total applications ÷ issuance size; example: S$5B applied, S$2B issuance = 2.5× oversubscribed; Step 2 — pro-rate all applications at the same ratio: 2.5× oversubscribed → each applicant receives 40% of their applied amount (1 ÷ 2.5); Step 3 — adjust to meet the S$500 minimum: if your pro-rated amount falls below S$500, you’re rounded up to S$500 (or down to S$0 if the remaining issuance doesn’t accommodate); what this means for your strategy: if you want S$10,000 in SSBs and expect 50% allotment: apply for S$20,000 (and accept that you’ll get S$10,000); maximum to apply in oversubscribed months: S$200,000 (your full personal cap, or remaining capacity if you hold existing SSBs); the unallotted amount returns to your bank within 3–5 business days; the S$2.50 fee is charged regardless of allotment outcome; how to assess if SSB will be oversubscribed: MAS publishes the issuance size with the rate announcement; if the rate is unusually high relative to T-Bills, expect oversubscription; community discussions on Reddit r/singaporefi and Seedly can indicate demand sentiment; historical oversubscription data: MAS maintains records; particularly high-rate issuances in 2022–2023 were significantly oversubscribed; moderate oversubscription (1.5×–2×) is common for attractively priced issuances.

SSB vs CPF decision framework for Singapore 2026: this is one of the most common questions among Singapore investors. Key comparison: CPF-OA (2.5% p.a., guaranteed): can be used for: HDB mortgage servicing; CPF Investment Scheme (CPFIS) approved instruments; education; retirement; cannot be easily accessed as cash without specific triggers (housing, retirement, etc.); CPF-SA (4.0% p.a., guaranteed): locked until age 55 (subject to retirement sum rules); cannot be withdrawn freely; CPF-MA (MediSave): healthcare-specific; SSB (approximately 2.8%–3.2% avg 2026): fully liquid (redeem any month); cash payout of interest; no restrictions on use of principal or interest; who should choose SSBs over CPF top-ups: people who already have adequate CPF savings for retirement and housing; investors who want the flexibility to access funds (SSB can be redeemed any month; CPF cannot); investors who want cash income (SSB interest paid in cash; CPF compounded); those not yet maxing out SSB to build liquid emergency funds; who should choose CPF top-ups (RSTU — Retirement Sum Top-Up) over SSBs: CPF-MA top-up: S$8,000/year gets full income tax relief (if you qualify); effectively 15%+ return for high-income earners due to tax relief; CPF-SA top-up (Special Account): earns 4.0% vs SSB ~3.07% for long-term — the higher guaranteed CPF rate beats SSB if you can lock the funds away; CPF-SA is the better choice for genuine long-term retirement savings where you won’t need the funds before 55+; best combined strategy: max CPF voluntary contributions for tax relief and 4.0% SA returns; keep 3–6 months of emergency fund in SSBs (liquid, safe); use SSBs for savings that might be needed in 1–10 years; use T-Bills for the 6-month portion of savings with highest current rates.