SSB Singapore Savings Bond Calculator
Project your Singapore Savings Bond (SSB) returns over 1-10 years with the official step-up interest schedule. SSB pays a small interest in year 1 and steps up each year, with the average return matching the 10-year SGS yield at issue. Redeem any month with no penalty — the most flexible safe-haven product in Singapore.
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What Is the Singapore Savings Bond (SSB)?
The Singapore Savings Bond is a safe, flexible 10-year retail bond issued monthly by the Singapore government through the Monetary Authority of Singapore (MAS). Backed by the full faith and credit of the Singapore government (AAA-rated), SSBs offer step-up interest: a low rate in year 1 that increases each year, with the 10-year average matching the prevailing 10-year SGS (Singapore Government Securities) yield at issue. The May 2026 SSB issue offers a 10-year average return of approximately 2.95%, with year 1 starting around 2.50% and stepping up to about 3.20% in year 10. Per MAS SSB official page, you can hold up to S$200,000 across all SSBs and redeem any month with no penalty (you receive accrued interest plus principal). Last updated May 2026.
SSB vs Fixed Deposits — Which Is Better in 2026?
The SSB vs bank fixed deposit comparison depends on three factors: (1) Return: in 2026, top 12-month FD rates are 2.90-3.10% APY (DBS, OCBC, UOB promotions); SSB 10-year average is 2.95%, similar in absolute terms. FDs are higher in early years; SSBs catch up by year 5-7. (2) Liquidity: SSBs allow redemption every month; FDs lock you in for the entire term (typically 6-24 months) with interest forfeiture on early withdrawal. (3) Government backing: SSBs are backed by the Singapore government; bank FDs are insured under SDIC up to S$100,000 per depositor per bank. For amounts over S$100,000 wanting full safety, SSBs avoid concentration risk. Best strategy for 2026: hold short-term cash needs (under 12 months) in FDs at 3.00%+; hold flexible long-term safe money in SSBs. Per SGS yield curve data, the 10-year SGS yield drives SSB pricing.
How the Step-Up Interest Schedule Works
Each SSB issue has a defined step-up rate schedule disclosed at issuance. The schedule typically rises gradually: year 1 might pay 2.50%, year 2 = 2.65%, year 3 = 2.78%, year 4 = 2.86%, year 5 = 2.92%, year 6 = 2.97%, year 7 = 3.02%, year 8 = 3.10%, year 9 = 3.16%, year 10 = 3.20%. The "average return" advertised (2.95% in our example) is the geometric average if held the full 10 years. Critical implication: if you redeem in year 3, your effective annualized return is only about 2.65% — not the 2.95% headline. The product rewards patience. Use the calculator above to see what redemption at any year actually pays. For maximum flexibility without giving up too much yield, hold SSBs as your "core safe money" and rotate FDs around them for short-term needs.
Tax Treatment and Application Process
SSB interest is fully tax-exempt for individuals in Singapore (no income tax on coupon payments) — this matters for high-income holders, where the after-tax return on a 3.00% FD might be 2.40% in the highest bracket while SSBs at 2.95% remain tax-free. Apply during the monthly application window (1st to ~25th of each month) via DBS/POSB, OCBC, or UOB iBanking, or through CDP if SRS-funded (yes — SSBs are SRS-eligible, doubling the tax benefit for SRS holders). Allocation is done via the technical "near-uniform allocation" method per MAS rules — if oversubscribed, applicants get a pro-rata cut. Issue results are announced on the 27th-28th of each month. The SSB then settles on the 1st of the following month and starts accruing interest immediately. Source: MAS SSB application guide.