November 2023’s Government Bonds: 3.4% P.A. December 2023 SSB and 6-Month T-Bills
Details for December 2023 Singapore Savings Bond (SSB) is out, and the rates are up again! Get between 3.30% to 3.40% p.a. average returns depending on how long you hold the bond for. By my records, the 1-year return of 3.30% is the highest ever offered by SSB. The 10-year average return of 3.4% p.a. is the second highest after last year’s December 2022 SSB.
As usual, there are also two 6-month t-bills up for auction this month.
December 2023 SSB
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.36 | 3.58 | 3.68 | 3.68 |
| Average return per year % | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.30 | 3.31 | 3.34 | 3.37 | 3.40 |
Last month’s SSB had a relatively large tranche of S$1 billion. A total of S$1.2 billion was applied for and allotted, resulting in oversubscription. The ceiling amount was S$47,500.
Given the same S$1 billion tranche this time and even higher rates, it is likely that oversubscription would be more pronounced.
You can apply latest before 27th November 2023 9PM. There is no priority in applying early so subscribing as late as possible is best because your funds can collect interest elsewhere.
Past SSBs
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 |
The usual two 6-month t-bills
It’s a quiet month for other government bonds this month. Apart from the usual two 6-month t-bills, there aren’t any other SGS bonds up for subscription.
The latest t-bill had a cut-off yield of 3.95% p.a. Not too shabby at all.
| Issue Code | Type | Announcement Date | Auction Date | Tenure |
| BS23122F | T-bill | 01 Nov 2023 | 08 Nov 2023 | 6-month |
| BS23123Z | T-bill | 16 Nov 2023 | 23 Nov 2023 | 6-month |
Where am I placing my savings?
I made a video recently documenting the places I’m putting my savings:
I’m planning to shift some funds around and it’ll most likely involve government bonds, so stay subscribed if you want to know how I’m managing my cash savings.
Savings 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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