March 2025 Government Bonds: Rates Down For SSB, Plus 2 T-Bills & 5-Year SGS Bond
It’s a new month and March 2025 brings with it the standard number of government bonds: April 2025 Singapore Savings Bond (SSB), two 6-month t-bills, and a 5-year Singapore Government Securities (SGS) bond.
April 2025 SSB – rates lower, 2.73% to 2.85% average yearly returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 2.73 | 2.73 | 2.73 | 2.81 | 2.86 | 2.86 | 2.91 | 2.96 | 3.00 | 3.03 |
| Average return per year % | 2.73 | 2.73 | 2.73 | 2.75 | 2.77 | 2.78 | 2.80 | 2.82 | 2.84 | 2.85 |
April 2025 SSB provides short-term returns of 2.73% per year with the maximum 2.85% per year when held for the maximum 10 years. This is a drop from last month’s 2.83% to 2.97% p.a. returns.
In fact, last month’s March 2025 SSB was oversubscribed. Of the S$500 million offered, S$638.7 million was applied for. This led to a ceiling amount of S$58,500. It was one of my picks to place savings, so subscribe and leave notifications on if you want to get time-sensitive updates like this.
This month’s tranche is S$500 million again, though with lower rates it remains to be seen if it will be oversubscribed. SSB has the unique ability of guaranteeing rates for as long as 10 years, so it is a worthy low-risk place to consider putting funds one wouldn’t touch for a long time and can’t afford volatility on.
The deadline to subscribe to April 2025 SSB is 9PM 25th March 2025. Subscribing early confers no advantage and one should therefore apply as close to the deadline as possible so that funds can sit in other accounts to earn interest.
Two 6-month t-bills and a 5-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
|---|---|---|---|---|---|---|
| 6th March 2025 | 13th March 2025 | 18th March 2025 | 16th September 2025 | 6-month | BS25105T | T-Bill |
| 19th March 2025 | 26th March 2025 | 1st April 2025 | 30th September 2025 | 6-month | BS25106X | T-Bill |
| 20th March 2025 | 26th March 2025 | 1st April 2025 | 1st April 2030 | 5-year | N525100T | SGS Bond |
As usual, two 6-month t-bills are up for subscription. The latest 6-month t-bill closed at 2.75% p.a. For 5-year SGS bonds, the latest one closed at just 2.56% p.a. in September 2024.
At this point, even SSB’s lower rates this month could prove more attractive. T-bill rates have fallen to a point where one must start considering whether new subscription using one’s CPF OA makes sense.
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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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