Singapore Savings Bond May 2023 – 3.03% to 3.07% P.A.

May 2023’s Singapore Savings Bond (SSB) has relatively consistent returns regardless of the tenure you hold it for. Average returns stand at 3.03% p.a. if you hold the bond for any period of time up to 7 years, and increases slightly to a maximum of 3.07% p.a. if you hold it for the entire 10-year duration.

Year from issue date12345678910
Interest %
Average return per year %*

SBMAY23 GX23050W Bond Details

Past SSBs compared

Past SSBs

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
September 20233.
October 20233.
November 20233.
December 20233.303.303.303.303.303.303.313.343.373.40
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 %


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Oversubscription is a thing again

Last month, I thought that oversubscription wouldn’t be likely given the relative unpopularity of SSBs in recent months. It was, however, oversubscribed a little.

The ceiling amount was relatively high at S$69,000, and it seems like May 2023 SSB will have a similar ceiling amount given that the returns are similar to April’s SSB.

This month’s SSB is a good, very low risk way of getting around 3% p.a. returns for up to 10 years. It may not be as attractive as fixed deposits or bank accounts, but the relatively long tenure makes it a unique tool for safe and steady returns.

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 April 2023 (6PM)25th April 2023 (9PM)26th April 2023 (after 3PM)2nd May 2023 (by end of day)

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