Singapore Savings Bond April 2023 – 3.01% to 3.15% P.A.
Singapore Savings Bond (SSB) has been dipping in rates since the highest-ever December 2022 tranche. April 2023’s SSB, however, is seeing an uptick in rates. Returns are at 3.01% p.a. if you hold the bond anywhere between 1 month to 6 years, and the average return over the 10-year tenure is 3.15% p.a.
The tranche size is S$700 million, and going by how SSBs have sold in the past few months, there shouldn’t be oversubscription.
| Year from issue date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Interest % | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.18 | 3.38 | 3.52 | 3.53 |
| Average return per year %* | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.01 | 3.03 | 3.07 | 3.12 | 3.15 |
Past SSBs compared
| Year From Issue Date | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 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 |
Great for replacing older SSBs
April 2023’s SSB looks pretty decent to me, being one of the few SSBs to offer above 3% p.a. returns regardless of how long you hold it for. Aside from November 2022 and December 2022 SSBs, you may wish to replace your older SSBs with April’s one for better returns.
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Other use cases
This SSB is also a good way to lock in around 3% p.a. rates for up to 10 years while still maintaining a high level of liquidity. Current interest rates are attractive, but may not last beyond a few years, not to mention a decade.
Given that the trend of oversubscription has abated in recent months, it is likely that you would be able to set aside a sizeable amount in this SSB, subject to a maximum cap of S$200,000 across all SSBs you own.
It is also a good avenue for idle Supplementary Retirement Scheme (SRS) funds, given how other instruments like high-interest bank accounts and fixed deposits are not readily available for SRS funds.
Application timeline
Note that applying early does not confer you any priority in the allotment process, so it is more ideal to apply nearer to the closing date. This is because your funds are deducted from your account at the point of application, and you do not get any interest for such funds.
| Opening Date | Closing Date | Allotment | Issuance |
| 1st business day of month (6PM) | 4th last business day of the month (9PM) | 3rd last business day of the month (after 3PM) | 1st business day of the following month (end of day) |
| 1st March 2023 (6PM) | 28th March 2023 (9PM) | 29th March 2023 (after 3PM) | 3rd April 2023 (by end of day) |
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