January 2024’s Government Bonds: February 2024 SSB, Three T-Bills and One 2-Year SGS Bond
The first Singapore Savings Bond (SSB) you can subscribe for in the year of 2024, the February 2024 is now available for subscription. Also, there are the usual two 6-month t-bills and a 1-year t-bill up for subscription. Finally, a 2-year SGS bond is also available.
Here are the Singapore government bonds you can apply for in the month of January 2024:
February 2024 SSB
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.99 | 3.09 | 3.09 |
| Average return per year % | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.72 | 2.75 | 2.78 | 2.81 |
February 2024’s SSB offers a pretty unattractive rate – just 2.81% p.a. if you held it for the entire 10-year duration. Last month’s SSB which had higher rates saw about 77.5% subscribed (S$853 million out of a S$1.1 billion tranche) so it is likely that the current SSB up for subscription would likely see much lower application from savers and investors. Lower interest for lower interest, get it?
Since last month’s bond was far from oversubscribed, it’s very safe to say that this month’s SSB will see no ceiling amount.
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, one 1-year t-bill and one 2-year SGS bond
There are a few t-bills and SGS bonds to pick from this year, which could be great news if you have funds to set aside for the short term.
The usual 6-month t-bills are up for subscription. The latest 6-month t-bill was auctioned at a cut-off yield of 3.73% p.a.
A relatively rare sight, we have a 1-year t-bill to subscribe to in January. This only occurs 4 times a year and the last one in October 2023 had a cut-off yield of 3.7% p.a.
Lastly, there’s also a relatively short-term 2-year SGS bond which may come in useful if your intended time horizon for your funds fits this tenure.
| Issue Code | Type | Announcement Date | Auction Date | Tenure |
| BS24100F | T-bill | 27 Dec 2023 | 04 Jan 2024 | 6-month |
| BS24101Z | T-bill | 11 Jan 2024 | 18 Jan 2024 | 6-month |
| BY24100T | T-bill | 18 Jan 2024 | 25 Jan 2024 | 1-year |
| NX16100F | SGS Bond | 23 Jan 2024 | 29 Jan 2024 | 2-year |
If you place a competitive bid, you specify the amount as well as your desired yield. If your bid is lower than the cut-off yield, you get your desired amount allotted in full at the cut-off yield. If your bid is higher than the cut-off yield, you do not get any amount allotted.
For example, you can bid 3% p.a. and S$10,000 for a particular bond. If the cut-off yield is 3.2% p.a (i.e. higher than your bid), you will get your S$10,000 invested in full at 3.2% p.a. However, if the cut-yield is 2.95% p.a. (i.e. lower than your bid), you will not get any invested.
For non-competitive bids, you only need to set your desired amount to invest. You will be allotted your desired amount at the cut-off yield. If non-competitive applications exceed 40% of the total issuance amount (as it did this time), non-competitive applications will be allotted on a pro-rated basis.
Savings accounts and promos may be more attractive
Given the relatively lacklustre rates of SSBs, savings accounts and promos would likely be more attractive to savers especially in the very short term. While SSBs do guarantee its rates for 10 years, it is very difficult to give up high interest rates for just 2.72% in the short-term.
Check out the savings promos available – some of which are ending early to mid January – and stay subscribed for more great deals and promos.
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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