February 2025 Government Bonds: Higher Rates for March SSB, Plus 2 T-Bills & 10-Year SGS Bond
It’s February 2025 and this month’s Singapore Savings Bond (SSB) is seeing an uptick in rates! Also available are the usual two 6-month t-bills plus a 10-year Singapore Government Securities (SGS) bond.
March 2025 SSB – rates up slightly, from 2.83% to 2.97% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest percent | 2.83 | 2.89 | 2.91 | 2.91 | 2.94 | 2.99 | 3.03 | 3.07 | 3.11 | 3.15 |
| Average return per year % | 2.83 | 2.86 | 2.88 | 2.88 | 2.89 | 2.91 | 2.93 | 2.94 | 2.96 | 2.97 |
Compared to February 2025 SSB that was just issued, March 2025’s bond has a higher rate regardless of how long you hold it for. Short-term rates of 1 to 3 years are between 2.83% to 2.88% p.a. while the full 10 years will give an average return of 2.97% p.a. The previous bond only gives 2.76% p.a. for a year and 2.82% p.a. for the full 10-years.
The tranche size is S$500 million, similar to last month. February 2025’s SSB saw a subscription of S$223.1 million so it seems unlikely that March 2025’s SSB will be oversubscribed.
25th February 2025 (9PM) is the closing date for this SSB. There is no advantage in applying earlier so you should leave your funds to collect interest/returns elsewhere and subscribe as close to the end date as possible. Subscribe to Telegram for more updates on government bonds and other savings instruments.
Two 6-month and one 1-year t-bills, plus a 10-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 6th February 2025 | 13th February 2025 | 18th February 2025 | 19th August 2025 | 6-month | BS25103S | T-Bill |
| 20th February 2025 | 26th February 2025 | 3rd March 2025 | 1st March 2035 | 10-year | NX25100H | SGS Bond |
| 20th February 2025 | 27th February 2025 | 4th March 2025 | 2nd September 2025 | 6-month | BS25104H | T-Bill |
For comparison, the latest 6-month t-bill closed at 3.04% p.a.
The last 10-year SGS bond was issued in May 2024 with a cut-off yield of 3.46% p.a. Rates were higher back then, and it seems that yields will be closer to 2.9% according to statistics from MAS.
My thoughts
Given the increased rates of SSB and the narrowing gap between the rates of t-bills and SSB, I would personally just place funds in SSB. The two SSBs I hold, June 2024 and September 2024, are both higher than this month’s, but those who have SSBs lower than this month’s rates might want to consider “re-financing” if the rates are different enough.
T-bills, of course, still provide higher rates for those looking to put their CPF OA funds to work in a safe way. Do note that as rates start to hover around 3% and perhaps even lower, it may not make that much sense to use CPF OA funds for t-bills. See this for more details.
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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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