August 2023’s Government Bonds: 3.01% to 3.06 P.A. September 2023 SSB, 2-year SGS Bond and 6-month T-Bills
September 2023’s Singapore Savings Bond (SSB) is giving returns of 3.01% to 3.06% p.a. depending on how long you hold the bond for. This is a slight increase from last month’s bond, and the rates once again cross the 3% mark.
As usual, there are two 6-month t-bills up for subscription this month. Also available is a 2-year SGS bond.
September 2023 SSB
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.14 | 3.20 | 3.20 |
| Average return per year %* | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.02 | 3.04 | 3.06 |
Though the rates this month are higher than that of last month’s SSB, it’s a slight bump and unlikely to be oversubscribed. August 2023’s SSB was just under half-subscribed, with S$294 million of the S$300 million applied for.
You can therefore safely assume you’d get as much as you apply for, subject to an overall limit of S$200,000 across all SSBs you currently own.
If you wish to, you have to subscribe latest by 28th August 2023 (9PM). Remember that applying early does not give you any priority, so you would want to subscribe as close to the cut-off time as possible so that your funds sit in your bank account now to earn interest.
Past SSBs
Past SSBs
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 | |
|---|---|---|---|---|---|---|---|---|---|---|
| June 2023 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 | 2.81 |
| July 2023 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.76 | 2.78 | 2.81 | 2.82 |
| August 2023 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.97 | 2.98 | 2.98 | 2.99 |
| September 2023 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.02 | 3.04 | 3.06 |
| October 2023 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.06 | 3.09 | 3.13 | 3.16 |
| November 2023 | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.22 | 3.25 | 3.29 | 3.32 |
| December 2023 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.31 | 3.34 | 3.37 | 3.40 |
| January 2024 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 | 3.02 | 3.05 | 3.07 |
| February 2024 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.75 | 2.78 | 2.81 |
| March 2024 | 2.74 | 2.74 | 2.74 | 2.74 | 2.74 | 2.74 | 2.75 | 2.79 | 2.84 | 2.88 |
| April 2024 | 2.95 | 2.95 | 2.95 | 2.95 | 2.95 | 2.95 | 2.96 | 2.99 | 3.02 | 3.04 |
| May 2024 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 2.99 | 3.00 | 3.02 | 3.04 | 3.06 |
| June 2024 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.27 | 3.29 | 3.31 | 3.33 |
| July 2024 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.28 | 3.29 | 3.30 |
Two 6-month t-bills and one 2-year SGS bond
Also available this month are two 6-month t-bills and one 2-year SGS up for subscription.
The most recently issued t-bill closed today at 3.75% p.a, so you can use this information to estimate the rates for the upcoming ones.
Last month, the 5-year SGS bond had a cut-off yield of 2.96% p.a. which is why I’m estimating that the 2-year SGS bond may have a return slightly above 3% p.a. Given how close this is to this month’s SSB, you may wish to consider SSB instead.
The 2- year bond, howeer, is still relevant for those with a lot more funds in excess of SSB’s S$200,000 limit.
| Issue Code | Type | Announcement Date | Auction Date | Tenure |
| BS23116F | T-bill | 10th August 2023 | 17th August 2023 | 6-month |
| BS23117Z | T-bill | 24th August 2023 | 31st August 2023 | 6-month |
| N520100A | SGS Bond | 22nd August 2023 | 29th August 2023 | 2-year |
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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Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).
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.
Subscribe to the channel for free updates!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).