April 2025 Government Bonds: Lower Rates For SSB, Plus 3 T-Bills and 30-Year SGS Bond
It’s the second quarter of 2025 and with April comes new government bonds up for subscription. May 2025 Singapore Savings Bond (SSB) is now available for subscription, with rates falling from last month’s tranche.
Alongside the SSB are 3 t-bills and a 30-year SGS bond.
May 2025 SSB — rates slide to 2.49% to 2.69% p.a. average returns
| Year from Issue Date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest Percent (%) | 2.49 | 2.49 | 2.49 | 2.61 | 2.70 | 2.71 | 2.79 | 2.86 | 2.94 | 2.99 |
| Average Return per Year (%) | 2.49 | 2.49 | 2.49 | 2.52 | 2.55 | 2.58 | 2.61 | 2.63 | 2.67 | 2.69 |
May 2025 sees the lowest rate for SSBs in 2025 so far, with short term returns of 2.49% p.a. and an average return of 2.69% p.a. for the 10-year tenure.
These are returns we’ve last seen in late 2024, though a notable difference between then and now is that high-yield savings accounts like OCBC 360 and UOB One have since fallen to 3%+ p.a. territory.
Personally, I’m quite glad I went ahead to lock in funds last year in June 2024 and September 2024 SSB, both of which give more than 3% p.a. interest without much fuss.
Those with funds now would have to decide whether they wish to put funds into accounts that can give slightly more than 3% p.a. but could be reduced again at anytime, or lock in 2.49% to 2.69% p.a. returns for 10 years with SSB.
The tranche size is S$700 million which is unlikely to be reached given how last month’s SSB was undersubscribed despite having the same tranche amount and higher rates. 25th April 2025 (9PM) is the last day to apply for the bonds, and one would want to apply as close to this deadline as possible so that funds can sit elsewhere for returns.
Two 6-month t-bills, one 1-year t-bill, and a 30-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
|---|---|---|---|---|---|---|
| 3rd April 2025 | 10th April 2025 | 15th April 2025 | 14th October 2025 | 6-month | BS25107W | T-Bill |
| 9th April 2025 | 16th April 2025 | 22nd April 2025 | 21st April 2026 | 1-year | BY25101T | T-Bill |
| 16th April 2025 | 24th April 2025 | 29th April 2025 | 28th October 2025 | 6-month | BS25108N | T-Bill |
| 22nd April 2025 | 28th April 2025 | 2nd May 2025 | 1st June 2054 | 30-year | NA24300E | SGS Bond |
As usual, two 6-month t-bills are available this month. The latest 6-month t-bill closed at a cut-off yield of 2.73% p.a. on 26th March 2025 which is an uptick from the recent low of 2.56% p.a. we’ve seen on 13th March 2025.
This month also sees the more elusive 1-year t-bill, the second of 4 for the year. The first one was in January earlier this year which closed at 2.95% p.a.
Finally, there is also a 30-year SGS bond, something we have not seen since September 2023.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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