May 2024’s Government Bonds: June 2024 SSB, T-Bills, and 2-Year SGS Bond
May is here and that means that the savings account nerfs announced last month have taken effect. Nonetheless, there are some good news at least on the government bonds’ side of things – Singapore Savings Bond (SSB) is up quite a bit in returns.
Also, there are the usual two 6-month t-bill and a single 2-year Singapore Government Securities (SGS) bond up for subscription.
June 2024 SSB – rates, get 3.26% to 3.33% p.a. average 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 | 3.33 | 3.46 | 3.54 | 3.54 |
| Average return per year % | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.26 | 3.27 | 3.29 | 3.31 | 3.33 |
Some good news for yield-hungry savers would be the fact that SSB rates are up by a pretty margin this month – get at least 3.26% p.a. regardless of how long you hold the bond for. The maximum return is 3.33% p.a. if the SSB is held for the full 10 years. This month’s tranche size is S$1 billion dollars.
December 2023’s SSB had pretty close rates to June 2024’s SSB. The tranche size then was also S$1 billion and it was oversubscribed with S$1.9 billion applied for. This resulted in a ceiling amount of S$20,500. It is hence highly likely that this month’s SSB will be severely oversubscribed given that bank rates have gone down since. December 2023’s SSB was very oversubscribed even when we were still enjoying as much as 4.88% to 5% p.a. rates with our bank accounts.
There is no advantage in subscribing earlier, just remember to do so before 28th May 2024, 9PM if you are keen on this month’s bond.
6-month t-bills and 2-year SGS bond
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 02 May 2024 | 09 May 2024 | 14 May 2024 | 12 Nov 2024 | 6-month | BS24109A | T-bill |
| 15 May 2024 | 23 May 2024 | 28 May 2024 | 26 Nov 2024 | 6-month | BS24110T | T-bill |
| 23 May 2024 | 29 May 2024 | 03 Jun 2024 | 01 Nov 2026 | 2-year | N521100V | SGS Bond |
As usual, there are two 6-month t-bills up for subscription. The latest t-bill closed at 3.74% p.a.
Available this month as well is a 2-year SGS bond. The last one in January closed at just 3.04% p.a. 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.
Banking promos still make sense
While a couple of bank rates have come down, there are still good value to be found. I’ve done a video recently on it:
Will you be subscribing to government bonds this month?
Personally, I would be deploying some emergency funds into SSB this month given that the rates are pretty attractive. Would you be subscribing to any government bonds this month? Here’s a straw poll over at the Telegram just to get a sense of the demand since it will affect the ceiling amount for SSBs and the cut-off yield for t-bills and SGS bonds.
Stay subscribed to the Telegram for more updates on places to put savings and other great deals.
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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