December 2023’s Government Bonds: 3.07% P.A. January 2024 SSB and 6-Month T-Bills

Singapore Savings Bond (SSB) for January 2024 is available for subscription. Following December 2023’s attractive returns, this new tranche doesn’t seem that great with an average return of 3% to 3.07% p.a. depending on how long you hold the bond for.

For the last month of 2023, there are the usual two 6-month t-bills. There are no other Singapore Government Security (SGS) bonds available for subscription this month.

Here’s a look at the government bonds you can apply for in the month of December 2023:

January 2024 SSB

Year from issue date	1	2	3	4	5	6	7	8	9	10
Interest %	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.20	3.27	3.27
Average return per year %	3.00	3.00	3.00	3.00	3.00	3.00	3.00	3.02	3.05	3.07

December 2023 SSB had a relatively large S$1 billion tranche and was still oversubscribed with a total of S$1.9 billion applied for. The oversubscription resulted in a ceiling amount of S$20,500.

This month’s bond sees an increase to S$1.1 billion. At the same time, the rates are quite a bit lower than the previous bond. The rates look similar to that of September 2023 and October 2023’s SSBs – neither of which saw oversubscription despite a much lower tranche size. Oversubscription is hence not likely with January 2024’s SSB.

You can apply latest before 26th December 2023 (9PM). There is no priority in applying early so subscribing as late as possible is best because your funds can collect interest elsewhere. And indeed there are quite a few savings promos competing for your funds this month (see the end of this post for more).

Past SSBs

The usual two 6-month t-bills

As with most months of the year, there are two 6-month t-bills up for subscription.

The latest t-bill had a cut-off yield of 3.8% p.a. Remember to apply before the auction dates:

Issue Code	Type	Announcement Date	Auction Date	Tenure
BS23125H	T-bill	30 Nov 2023	07 Dec 2023	6-month
BS24100F	T-bill	13 Dec 2023	20 Dec 2023	6-month

Quite a few savings promos

Competing heavily with government bonds this month would be promos from banks vying for your savings. It’s not looking good for SSBs this month, I would say, since there are quite a lot of great options you can choose from for your cash savings. T-bills still make sense for CPF, but if you have excess cash I suggest taking a look at the various bank promos for the month of December.

Given the great offers I am also restructuring my savings portfolio. There have been significant changes since the last time I did this video. Stay subscribed if you want more savings promos and updates!

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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