September 2023’s Government Bonds: 3.05% to 3.48% October 2023 SSB, T-Bills and 30-Year SGS Bond
October 2023’s Singapore Savings Bond (SSB) is offering returns between 3.05% to 3.48% interest depending on how long you hold the bond for. The average ten-year annualised return is 3.16% p.a. This is yet another increase from last month’s bond which itself was an improvement of the SSB before it.
Also available this month are two 6-month t-bills and one 30-year SGS bond.
October 2023 SSB
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| Interest % | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.10 | 3.36 | 3.48 | 3.48 |
| Average return per year %* | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.05 | 3.06 | 3.09 | 3.13 | 3.16 |
Last month’s SSB had a tranche of S$600 million of which S$514.7 million was allotted, which means that there was no ceiling amount. October 2023’s SSB is offering a larger S$800 million tranche. Given last month’s demand, it is likely there would also be no ceiling amount, or a relatively high one if the SSB is indeed oversubscribed.
I might deploy some cash into SSB given that the rates are starting to close in on some places I’m putting spare cash in. SSB offers its higher than 3% rate for 10 years, something that other instruments cannot.
Apply before 26th September 2023 9PM, and since there is no advantage in applying early, you want to subscribe only nearer to this end date so your funds can sit in your bank to collect 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 |
Two 6-month T-Bills and one 30-year SGS bond
Aside from the usual 6-month t-bills, there is also a 30-year SGS bond if you want something really long-lasting.
The cut-off yield for the latest 6-month t-bill was 3.7% p.a, so we can expect roughly the same rates for this month’s t-bills. They remain a good place to park excess CPF OA savings, and something I will continue to do this month.
| Issue Code | Type | Announcement Date | Auction Date | Tenure |
| BS23118S | T-bill | 07 Sep 2023 | 14 Sep 2023 | 6-month |
| BS23119H | T-bill | 21 Sep 2023 | 28 Sep 2023 | 6-month |
| N520100A | SGS Bond | 20 Sep 2023 | 27 Sep 2023 | 30-year |
A 30-year SGS bond makes it appearance and it’s a once-a-year affair for bonds of such a tenure. The 30-year bond last year had a cut-off yield of 3.28% p.a. and it’s quite an interesting thought experiment to have – plop S$1 million here and get a yearly S$30,000+ income for the next 30 years? Intriguing, but don’t take this as personal financial advice or a recommendation. Maybe I’ll deep-dive into this topic a bit more, so stay subscribed if you want 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.
Subscribe to the channel for free updates!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).