September 2024’s Government Bonds: October 2024 SSB, 2 T-Bills, and 50-Year SGS Bond
As rates continue to slide, this month’s government bonds become available for subscription. As usual, we have next month’s Singapore Saving Bond (October 2024’s SSB) and a pair of t-bills for savers and investors to consider. For those who want really long-term, how does a 50-year Singapore Government Securities (SGS) bond sound?
October 2024 SSB – rates fall to 2.59% to 2.77% p.a. returns
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Interest % | 2.59 | 2.59 | 2.59 | 2.77 | 2.82 | 2.82 | 2.82 | 2.89 | 2.95 | 2.97 |
| Average return per year % | 2.59 | 2.59 | 2.59 | 2.63 | 2.67 | 2.69 | 2.71 | 2.73 | 2.75 | 2.77 |
As expected, SSB interest goes down yet again and the rates have taken a tumble. Regardless of tenure, rates are now below the 3% mark, with shorter term rates at just 2.59%. This is the lowest return we’ve seen in the past couple of years, and we have to go back to 2022 to find something comparable in rates.
Last month, I notified my subscribers on 25th and 27th August that I would be placing funds into SSB before rates continue to slide. Pretty happy to have done so as this month’s drop was a little worse than I anticipated.
October 2024’s SSB is offering S$800 million and it is unlikely to be oversubscribed. The closing date is 25th September 2024 and subscriptions must take place latest by 9PM that day.
Other bonds this month
| Announcement Date | Auction Date | Issue Date | Maturity Date | Tenor | Issue Code | Type |
| 05 Sep 2024 | 12 Sep 2024 | 17 Sep 2024 | 18 Mar 2025 | 6-month | BS24118Z | T-bill |
| 19 Sep 2024 | 26 Sep 2024 | 01 Oct 2024 | 01 Apr 2025 | 6-month | BS24119S | T-bill |
| 20 Sep 2024 | 26 Sep 2024 | 01 Oct 2024 | 01 Aug 2072 | 50-year | NC22300W | SGS |
Beware if you are using CPF for T-bills
As interest rates come down, t-bills have also been cutting off at lower yields. For instance, the latest 6-month t-bill closed at just 3.13% p.a. The lowered rates for t-bills also make them less attractive especially for those using their CPF Ordinary Account (OA) to invest.
While 3.13% p.a. sounds higher than CPF OA’s 2.5% p.a. rate, you have to consider the way CPF calculates interest on withdrawn funds. Funds that are withdrawn from CPF do not get interest for the entire month, while funds credited to CPF only gets interest the following month. This can result in instances where a 6-month t-bill can cause you to miss out on 8 months of CPF interest.
The upcoming 6-month t-bill with auction date 26th September 2024 is an example of funds missing out on CPF interest for as long as 8 months. If such a t-bill closes at a cut-off yield at 3.33% or lower, one is in fact earning less by shifting CPF OA funds into it. I have described this issue in my latest video as well as what I am doing with my CPF funds:
48-year SGS bond is the last SGS bond this year
It’s possibly more for institutional investors, but if you really want a 50-year SGS bond, there is one available for subscription this year. It’s actually closer to 48 years long, and it’s the last SGS bond we will see for this year until January 2025.
Stay subscribed for more savings updates and deals
As rates continue to decline, we are perhaps reverting to normalcy. It wasn’t too long ago when I started this website, talking about instruments giving just 1 to 2% p.a.
Stay subscribed to be kept informed of such things as well as how I’m personally dealing with my cash and savings, and regardless how rates go I’m sure there’d always be plenty of promos to take advantage of.
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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