Singapore Savings Bonds (SSB): step-up interest, monthly redemption, the S$200,000 limit and applying as a foreigner

Singapore Savings Bonds (SSB) are savings bonds the Singapore Government issues specifically to individuals. They can be held for up to about 10 years, with coupons that step up each year, and their defining feature is that you can redeem them in any month for the amount you originally put in, without penalty. They therefore combine the credit of a government bond with flexibility close to that of savings. They differ from ordinary Singapore Government Securities bonds (SGS bonds) in that SGS bonds cannot be redeemed early and can only be sold on the market at the market price, whereas SSB are bought back by the government at face value, so their price does not move with market interest rates.

Product features of SSB

The table below draws on the MAS SSB page, the Compare Products page and the SSB FAQs (March 2026 edition).

In a cash layering plan, SSB often sit in the layer for money needed in one to ten years but at an uncertain time. You do not have to wait for maturity as with T-bills, and you do not lose interest on early withdrawal as with fixed deposits; the trade-off is that applications and redemptions use a fixed monthly window, and proceeds arrive only in the following month.

How the step-up rates are set: the November 2026 issue

MAS explains in its FAQs that SSB coupons are based on the 1-year, 2-year, 5-year and 10-year SGS benchmark yields, averaged over the month before the announcement, so that the average annual compounded return for holding a given number of years is linked to the SGS yield for the corresponding tenor. If the shape of the yield curve does not allow coupons to step up each year, MAS adjusts them so that they do not fall from one year to the next.

The November 2026 issue (issue code GX26110X) was announced by MAS on 1 Oct 2026, with an issue date of 2 Nov 2026, individual applications closing at 9pm on 27 Oct 2026, and an issue size of S$400 million:

Two points matter when reading the table. First, if you redeem early, what you earn is the average return for the number of years you have held the bond, not the year-10 coupon of 3.08%; redeeming after two years gives an average annual compounded return of about 1.83%. Second, there is one issue a month and rates move with the previous month's SGS yields, so this table applies only to GX26110X; for the next issue, refer to the MAS announcement.

Applying: windows, debits and allotment

Application window: each issue opens at 6pm on the first business day of the month and closes at 9pm on the fourth-last business day of the month; applications can be submitted Monday to Saturday from 7am to 9pm (excluding public holidays). Past issues are no longer on sale, and you cannot add to an issue you already hold.

Channels: cash applications go through ATMs or internet banking at DBS/POSB, OCBC and UOB, and OCBC mobile banking; SRS applications go through the internet banking of your SRS operator. SSB cannot be bought over the bank counter, and applications cannot be changed or withdrawn once submitted.

Debits: cash applications are debited from your bank account on submission; SRS applications earmark the amount on submission, and any unallotted amount is released on the business day after allotment. Interest accrues from the issue date, so money between application and issue earns no SSB interest.

Allotment when oversubscribed (quantity ceiling format):

1. MAS aggregates all cash and SRS applications for the issue and first checks whether any applicant would exceed the S$200,000 individual limit.
2. If total applications exceed the issue size, each applicant first receives S$500, then further S$500 in successive rounds, until an applicant's full amount is met or the bonds run out.
3. If the final round cannot be filled, S$500 lots are allotted at random among the remaining applicants.
4. If there are so many applicants that S$500 each would exceed the issue size, applicants are drawn at random to receive S$500 each.

MAS states explicitly that applying for a larger amount does not improve your chance of receiving more bonds, and that you should apply only for the amount you want. If one person applies separately with cash and SRS and is only partly allotted, applications are filled in the order they were submitted.

Redemption: monthly redemption, payment timing and switching to a new issue

The redemption window opens on the first business day of each month and closes on the fourth-last business day, and you can apply as early as the month the bond is issued. SSB held with cash are redeemed through ATMs or internet banking at the three banks, or OCBC mobile banking; SSB bought with SRS must be redeemed through the original SRS operator. Principal and accrued interest are paid into the bank account linked to CDP, or the SRS account, by the second business day of the following month, and each redemption carries a S$2 fee.

In practice, then, "redeem at any time" means once a month, with payment taking up to about five weeks. If you know when a payment falls due, submit the redemption in the month before. An emergency fund you may need on the same day still belongs in a current or savings account.

When a new SSB issue offers noticeably higher rates than an older issue you hold, you can redeem the old bond and apply for the new one. MAS advises comparing two things first: whether the new bond's lower coupons in its early years outweigh the higher coupons the old bond has already stepped up to; and the S$2 fee on each application and redemption. Because redemption proceeds arrive only in the following month, switching within the same month requires a separate sum of cash.

Foreigners, age and the S$200,000 limit

Question 5 of the MAS SSB FAQs answers "yes" to whether foreigners or non-Singapore residents can buy SSB, with the conditions set out in question 20:

This means that children under 18 cannot hold SSB in their own name; cash applications must use an individual CDP securities account; and whether a foreigner can open these accounts is for the bank and CDP to decide under their own KYC requirements. This site makes no promise on account-opening outcomes.

The S$200,000 limit applies to total holdings across all SSB, cash and SRS combined. Question 12 of the MAS FAQs explains that someone already at the limit can submit a redemption and apply for a new issue in the same month, provided the total stays within the limit, but must have the application money ready separately, since redemption proceeds arrive only in the following month. For households with substantial cash, SSB can hold only part of it; the rest needs to be arranged across fixed deposits, T-bills or other tools, while spreading deposits within the deposit insurance limit at each bank (S$100,000 in aggregate per depositor per member bank, SDIC Deposit Insurance FAQs); see What protects your money.

Tax and the limits of the risk

Question 41 of the MAS SSB FAQs states that SSB interest is "tax-exempt and does not need to be included as taxable income". This is the Singapore position; for cross-border tax and CRS reporting, see Multi-currency cash and FX risk.

On risk, MoneySense notes that SSB and SGS are both backed by the Singapore Government (14 Oct 2026); question 7 of the MAS FAQs adds that changes in market interest rates after issue do not affect the value of SSB, and holders can redeem at any time for the amount originally invested without capital loss. The limitations are equally clear: the return is locked in at issue, so if market rates later rise, the only way to adjust is to redeem and reapply; each issue is limited in size, so large sums may not be allotted in full; and payment involves a time lag. SSB are not deposits and are not covered by deposit insurance; their protection comes from government credit.

Choosing between SSB, T-bills and fixed deposits

For a fuller like-for-like comparison, see the comparison page; for the order of steps to open a CDP account and make a first application, see Getting set up. If you would like this interpreted for your own circumstances, you can register your needs through the contact details on this site.