June 2024’s Government Bonds: July 2024 SSB, 6-Month T-Bills, 5-Year SGS Bond
It’s June and we have 4 different government bonds to look at this month. As usual, two 6-month t-bills are present, and a 5-year Singapore Government Securities (SGS) bond is also available for subscription. The monthly Singapore Savings Bond (SSB) is also here with roughly the same rates as last month’s.
July 2024 SSB – rates dip slightly to 3.26% to 3.30% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.29 | 3.38 | 3.42 | 3.42 |
| Average return per year % | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.28 | 3.29 | 3.30 |
July 2024’s SSB remains relatively flat with rates almost the same as June 2024’s. At 3.26% p.a. average returns for tenures up to 7 years and 3.30% p.a. for the entire 10-year duration, the rates are a hair lower that last month’s bond.
Last month’s SSB was quite popular – S$1.6 billion out of the S$1 billion tranche was applied for, leading to an oversubscription. The ceiling amount was S$24,500 and it is likely that this month’s SSB will be oversubscribed too. Given the slightly larger tranche of S$1.1 billion and the slightly lower rates, oversubscription should be less severe. I’m guesstimating that the ceiling amount could be somewhere around S$30,000.
The last day to apply for this is 25th June 2024 (9PM). Applying on 25th June itself is ideal so that your funds can sit in your bank account to earn interest.
6-month t-bills and 5-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 30 May 2024 | 06 Jun 2024 | 11 Jun 2024 | 10 Dec 2024 | 6-month | BS24111X | T-bill |
| 12 Jun 2024 | 20 Jun 2024 | 25 Jun 2024 | 24 Dec 2024 | 6-month | BS24112W | T-bill |
| 20 Jun 2024 | 26 Jun 2024 | 01 Jul 2024 | 01 Aug 2028 | 5-year | N523100W | SGS Bond |
Of the two 6-month t-bills this month, one has already closed at 3.76% p.a. The next one is up for auction later this month and should have very similar yields.
The last 5-year SGS bond was issued a few months ago and closed at 3.06% p.a. cut-off yield. It’s likely that rates for this month’s SGS bond to hover around that rate. This month’s SSB would certainly be a more attractive option given higher rates and nearly full liquidity, though oversubscription is likely and there is an overall S$200,000 limit across all SSBs that an individual can hold in their name.
Ongoing promos could be worth considering
While SSB’s rates remain attractive particularly for its 10-year tenure, ongoing promos from banks and trading accounts can provide significantly better rates in the short term.
moomoo, for instance, is offering 6.8% p.a. guaranteed returns for the first S$80,000 of funds so it is something worth considering. There are also hundreds of dollars worth of free shares to be received if you meet the requirements, so it is a very generous deal.
StanChart’s Bonus$aver promo is also attractive this month with as much as S$668 in promos. At the same time, check out fresh funds promos from StanChart and HSBC.
Stay subscribed for more savings updates/deals
I’ll cover more savings promos as they happen and compile a list soon so stay subscribed for 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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