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 date12345678910
Interest %
Average return per year %*
SBAPR23 GX23040S Bond Details

Past SSBs compared

Year From Issue Date12345678910
June 20232.812.812.812.812.812.812.812.812.812.81
July 20232.762.762.762.762.762.762.762.782.812.82
August 20232.972.972.972.972.972.972.972.982.982.99
Average return per year %

See More Past SSBs

Year From Issue Date12345678910
May 20220.861.491.721.841.911.962.
Jun 20221.431.922.162.302.372.432.462.492.512.53
Jul 20221.692.162.372.472.542.602.632.662.692.71
Aug 20222.002.422.632.742.822.882.922.952.973.00
Sep 20222.632.672.682.692.692.712.732.752.782.80
Oct 20222.602.602.602.622.642.662.682.702.732.75
Nov 20223.
Dec 20223.
Jan 20232.952.952.953.
Feb 20232.842.842.842.842.842.842.862.902.942.97
Mar 20232.762.762.762.762.762.762.782.822.862.90
Apr 20233.
May 20233.
Average return per year %

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.


Get 10 free shares with Webull! Otherwise, get an easy S$5 Lendlease voucher here in just minute.

Subscribe to the Telegram for more great deals and updates. Prefer email or WhatsApp? Tap here.

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 DateClosing DateAllotmentIssuance
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)

Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!

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 opnion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).

Leave a Reply

%d bloggers like this: