October 2023’s Government Bonds: 2nd Highest-Ever 3.32% P.A. November 2023 SSB, 6 and 12-Month T-Bills
Available for subscription in the month of October 2023 is November 2023’s Singapore Savings Bond (SSB). This SSB is offering yearly rates of 3.21% to 3.63%. On average, the annualised return over 10 years is 3.32% p.a. This is yet another increase from last month’s bond which itself was an improvement of the SSB before it and by my estimates – the second highest SSB of all time.
Also available this month are two 6-month t-bills and the final 1-year t-bill of 2023.
November 2023 SSB
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.52 | 3.63 | 3.63 | 3.48 |
| Average return per year %* | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.21 | 3.22 | 3.25 | 3.29 | 3.32 |
Last month’s SSB had a tranche of S$800 million of which S$676.8 million was allotted, which means that there was no ceiling amount. Applicants got as much as they applied for subject to an overall limit of S$200,000 per individual across all SSBs.
Possibly in anticipation of the demand, November 2023’s SSB is offering a round S$1 billion tranche. Time will tell whether this would be sufficient to address demand for what is the second highest SSB after December 2022’s all-time high 3.47% p.a. average returns.
You can apply latest before 26th October 2023 9PM. There is no priority in applying early so would you want to subscribe only nearer to this end date so your funds can sit in your bank account collecting interest.
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 |
T-bills: two 6-month and one 1-year
As usual, there are two 6- month t-bills up for subscription this month. There is also one last 1-year t-bill for the year of 2023.
| Issue Code | Type | Announcement Date | Auction Date | Tenure |
| BS23120A | T-bill | 05 Oct 2023 | 12 Oct 2023 | 6-month |
| BS23121E | T-bill | 19 Oct 2023 | 26 Oct 2023 | 6-month |
| BY23103V | SGS Bond | 12 Oct 2023 | 19 Oct 2023 | 1-year |
Will you be placing funds in government bonds this month?
With short-term rates at 3.21%, SSBs are getting really attractive once again. The gap in rates between SSBs and things like StanChart e$aver is narrowing, but SSB has the unique proposition of guaranteeing rates for up to 10 years.
I made a video last month about different lower-risk instruments one can place idle savings in. It still highlights some options that are worth looking at, although I may need to make another video on what I’m doing with my spare cash. Subscribe to stay updated on that.
Savings promos to look at
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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