• Safe: Savings Bonds are backed by the Singapore Government. In addition, you can always redeem your bonds in exchange for the amount invested, i.e. no capital losses.
• Long-term: You can invest for up to 10 years and earn interest that increases over time. The longer you hold your bond, the higher your return.
• Flexible: You don’t have to decide at the start how long you want to hold your Savings Bonds. You can get your funds back within a month, with no penalty.

• The SSB programme was launched in 2015 to offer individuals a safe, long-term and flexible product to meet their savings needs.
• Since its inception, the SSB programme has been well-received and has grown steadily. About 120,000 individuals hold more than S$5.7 billion of SSB as at the start of 2022.
• Given the positive reception, MAS will maintain the SSB programme to meet the savings needs of individual investors.

• Savings Bonds offer you a return that increases the longer you hold them for. This “step up” feature of the SSB reflects the objective of the Savings Bond programme, which is to facilitate long-term savings and investment.

• For the purpose of calculating the step-up coupon rates for Savings Bonds, the one, two, five and ten-year benchmark SGS yields are used as reference. These reference yields are based on the simple average of the respective daily SGS benchmark yields from the month before the public notice of issuance, as provided on the "Daily SGS Prices" page of the MAS website (https://eservices.mas.gov.sg/statistics/fdanet/SgsBenchmarkIssuePrices.aspx).

• Coupon rates for each issuance of Savings Bonds are determined such that the average annual compounded return over an investor’s investment period (e.g. 5 years) is linked to the yield of an SGS of a corresponding tenor (e.g. 5 year SGS bond yield). There may be two  exceptions to this:
  
  • The first exception may arise from time to time if the shape of the SGS yield curve does not allow the interest rates to step-up. An adjustment may be made to ensure that the interest payments do not step down in any year within the life of a particular Savings Bond. This adjustment does not affect the return on the Savings Bond if it is held for the full 10 years.
  • The second exception is due to very small rounding differences of up to +/-0.03% that may arise in the computation of average returns for Savings Bonds.
    
    
• MAS will announce the interest rates for each Savings Bond, as well as the returns over different holding periods, upon opening applications for that Savings Bond issue. The information will be published on the Savings Bonds website (www.mas.gov.sg/bonds-and-bills/singapore-savings-bonds) and in local newspapers.

• Once a Savings Bond is issued, changes in the interest rate environment will have no effect on the bond’s value. Unlike conventional bonds whose values fluctuate with interest rate movements, Savings Bonds are always redeemable at the amount originally invested with no capital losses. 
  
  
• Future interest rate levels could turn out to be higher (or lower) than the interest rates you receive from your Savings Bond holdings. You have the option to redeem your Savings Bond for the original invested capital with no penalty, and apply for new Savings Bond issues with higher interest rates, if you find that the latter is more attractive. Before you do this, you should consider whether a new Savings Bond with lower initial interest payments outweighs the stepped-up coupons you will be receiving on an existing Savings Bond that you may have held for some years.

• Interest is paid every 6 months, on the 1st business day of the month. The first interest payment will be made 6 months after you receive your Savings Bonds. As an example, for a Savings Bond that is issued on 1 Oct, the interest payments will be made on 1 Apr and 1 Oct (assuming they are business days) of each subsequent year for the next 10 years as long as you continue to hold the Savings Bond. 
• Interest will be automatically paid to the following accounts:
  • For cash subscriptions: your designated Direct Crediting Service (DCS) bank account. This is the bank account that is linked to your individual CDP Securities account.
  • For SRS subscriptions: your SRS account.

• For cash subscriptions, check your designated DCS-linked bank account for the interest payments. If you cannot remember which bank account is linked to your CDP account, you can check using the CDP internet service or refer to the header section in your monthly CDP account statement to find out.
• For SRS subscriptions, interest will be paid into your SRS account. Check your SRS account for interest payments. 
• Please note that interest payments are made every 6 months from the issue date (and not the application month) of the SSB. Check the exact SSB issue which you hold (i.e. through CDP statements, online CDP account, or SSB’s My Savings Bonds portal) and look out for interest payments in the correct month.

• You can start from as low as of $500. This is the minimum investment amount. Subsequent investment amounts must be made in multiples of $500. 
• The maximum amount of Savings Bonds that each investor may hold at any one time is $200,000 (the “Individual Limit”).

• Savings Bonds cannot be transferred except in specific situations such as the death of the bondholder, or transfers between your own SRS/CDP accounts if SSB were purchased with SRS funds as follows:
  
  • SSB may be transferred from one SRS account to another SRS account if you change SRS Operator; or
  • SSB may be transferred from your SRS account to your CDP account if you withdraw your SRS holdings (subject to the requirements of the SRS scheme).

  Please reach out to your SRS Operator for more information.

• In the case of death, the bonds can be transferred to the rightful beneficiaries according to the deceased person’s will or under the intestacy law. Such authorised transfers are not subject to the Individual Limit.

• In the case of death, the bonds will be transferred to the rightful beneficiaries according to the deceased person’s will or according to the applicable intestacy laws. Such authorised transfers are not subject to the Individual Limit.
• You should seek legal advice or help from the public trustee office with regard to the exact process of transferring or redeeming SSBs upon death of the bond holder.
• For further details on the transfer process, you can visit:
  • Public Trustee Office webpage
  • CDP FAQ webpage – Refer to question on Transfer for Estate of the Deceased

 Conventional SGS bonds can be traded on SGX. The prices of conventional SGS bonds can also change depending on market interest rates movements. This means that if you sell your conventional SGS before maturity, you may receive more or less than your invested capital. In contrast, Savings Bonds are not tradable, so you cannot sell them on SGX. You can, however, choose to redeem them from the Government in any month, and receive all your invested capital back.

• Savings Bonds have a lower minimum investment amount and unit size of $500 compared to $1,000 for conventional SGS. Individuals can hold up to $200,000 of Savings Bonds at any point, but there are no investment limits on conventional SGS.

• Savings Bonds offer individual investors another way to save for the long term. Most fixed deposits have tenors of up to 2 or 3 years, while Savings Bonds allow you to save for up to 10 years. In addition, Savings Bonds are backed by the Government, rather than a bank. 
  
  
• As there are many banks offering fixed-deposit products with differing terms and conditions (e.g. minimum investment sums, penalties for early withdrawal, promotional rates), you may wish to get more information on the products offered by banks and compare these against the Savings Bonds to see which better suits your needs.

• For cash applications, you will need:
  
  • A bank account with DBS/POSB, OCBC or UOB. You will also need to have an ATM card or internet banking access for the account; 
    and 
  • An individual CDP Securities account linked to a Direct Crediting Service (DCS) bank account. Interest payments and redemption proceeds of your SSB will be paid to the designated DCS bank account.
• For Supplementary Retirement Scheme (SRS) applications, you will need:
  
  • A SRS account with one of the three SRS Operators (i.e. DBS/POSB, OCBC or UOB) and internet banking access with the SRS operator.
• You need to be at least 18 years old to open an individual CDP Securities account or a SRS account.
• It is not necessary to have a trading account with a securities broker to purchase Savings Bonds.

• CDP is the custodian for Savings Bonds. You will need to have an individual CDP Securities account to hold your Savings Bonds if you are applying with cash.
• Savings Bonds may not be held in any other types of CDP accounts (such as joint accounts).

• The Supplementary Retirement Scheme is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. Contributions to SRS are eligible for tax relief. For more information on SRS, please refer to the Ministry of Finance’s website (https://www.mof.gov.sg/schemes/Individuals/Supplementary-Retirement-Scheme ).
• You may also visit the websites of the SRS Operators (i.e. DBS/POSB, OCBC and UOB) for information on how to open a SRS account.
  • DBS: http://go.dbs.com/sg-srs
  • OCBC: http://www.ocbc.com/srs
  • UOB: https://www.uob.com.sg/personal/invest/financial/srs-account.page

• A new Savings Bond will be issued every month. MAS will announce (www.mas.gov.sg/ssb) details of the upcoming Savings Bond issue (such as the amount available and interest rates) on the 1st business day of each month. 
• The application period for each Savings Bond issue opens on 6.00pm on the 1st business day of the month and closes at 9.00pm on the 4th last business day of the month.
• The operating hours for application submission are: 7am-9pm, Mon-Sat (excluding Public Holidays)

• Savings Bonds are issued monthly and are thus identified by the year and month they were issued. This means that the bond’s issuance year and month will be shown when you apply for or redeem Savings Bonds at ATMs or via internet banking portals. The bond’s issuance year and month will also be shown in CDP and SRS statements which state your Savings Bonds investments. Lastly, bank statement and SRS accounts would reflect the name of the Savings Bonds when you receive your coupons and principal. 
• For instance, when you apply for the Savings Bond which would be issued on 1st Oct 2015, the ATM screen will show “GX15100F issued on 10/15”. Subsequently, your CDP account will show the bond as “SBOCT15 GX15100F”. Interest payments and redemptions will show in your bank statement as “CDP-SBOCT15”.
• GX15100F is the unique issue code assigned by MAS. The first two letters, “GX”, denote that this is a Savings Bond. The next four numbers show the year and month the bond was issued, e.g. “GX15100F” is the bond issued in Oct 2015. The last digit (“0”) and alphabet (“F”) are for MAS’ internal reference.
• Finally, SGX assigns each Savings Bond an ISIN (“International Securities Identification Number”), in line with international practices for securities.

• For applications using cash, apply via DBS/POSB, OCBC and UOB ATMs or internet banking portals, and OCBC’s mobile application.
  Have your CDP account number ready when you apply.
• For applications using SRS funds, apply via the internet banking portal of your SRS Operator. 
• Please note that you cannot apply for Savings Bonds at the bank counters in person.

• For applications using cash, the money will be deducted from your bank account at the point of application. 
• For applications using SRS funds, banks will lock, or earmark, the SRS funds at the point of application. This means that once the application has been submitted, you will not be able to use the SRS funds for other purposes until the SRS funds have been released by the next business day after allotment day for rejected applications, 
  or partial allotment.
• You will receive interest only after the Savings Bond is issued.

• For applications using cash, you can make multiple applications through either the same or different banks. However, each application will be charged a $2 transaction fee by the bank.
• For applications using SRS funds, you can only submit applications through your SRS Operator. However, you can submit multiple applications through the same SRS Operator. Each application will be charged a $2 transaction fee by the SRS Operator.
• You will not be able to amend or cancel your submitted applications. Submitted applications will not be overwritten or superseded. We will compile all your applications and apply the Individual Limit at allocation.
• Please note that you cannot submit a redemption request for the same bond in order to reduce the application amount. Redemption requests can only be made for securities that you already hold.

• MAS will perform the allotment and announce the overall application results on the 3rd last business day of the month. You will be able to view the results on the Savings Bonds website (www.mas.gov.sg/ssb). 
• The two important figures to look out for are:
  
  • The cutoff amount: if the amount of Savings Bonds you have applied for is equal or less than the cutoff amount, you will receive the full amount you applied for. If the amount you applied for is above the cutoff amount, you will receive either (i) the cutoff amount, or (ii) $500 more than the cutoff amount.
  • Random allotment %: this is the chance that you will receive an additional $500 of Savings Bonds if your application is above the cutoff amount. 
• If your application is successful, the Savings Bonds will be credited into your CDP account (for cash subscriptions) or SRS account (for SRS subscriptions) on the issuance date. This information will also be updated on the Savings Bonds portal one day after the issuance date. 
• If your application is unsuccessful or partially filled, 
  
  • For cash applications, any excess money will be refunded by the next business day after allotment day. You can check the amount refunded with the bank through which you applied for Savings Bonds.
  • For SRS applications, banks will release the earmarked SRS funds back to your SRS account by the next business day after allotment day. 

• After the close of the application period, MAS’ allocation system will sum up all applications received using cash and SRS funds, check that these applications do not exceed the Individual Limit and distribute the bond to applicants. 
• In a situation where total applications exceed the total issuance size, each applicant will receive at least $500 of Savings Bonds, with the amount increasing in multiples of $500 for every applicant until an applicant has received the full amount that he has applied for, or until all the available bonds have been allotted, whichever comes first. The box item on the next page provides an illustration of the allotment process (also known as the Quantity Ceiling format).
• If the number of applicants is so large that issuing $500 per applicant will exceed the total issuance size, the bonds will be allocated among applicants on a random basis, at $500 each. 
• This means that, in the event a particular issue is oversubscribed, you may not get the full amount that you have applied for.

• If your combined cash and SRS application is partially filled, the order will be allocated on a first-come-first-served basis according to the time of each application.

• Example: Applicant makes three applications (1st application -$6k cash; 2nd application - $6k SRS; 3rd application - $6k cash) and was allotted $15k of SSB based on the Quantity Ceiling format. In this case, his 1st, 2nd and $3k of his 3rd application will be filled (i.e. overall, the applicant is allotted $9k of SSB from cash applications and $6k of SSB from the SRS application).
   

• To know the reason for the rejection of your application, you will have to contact the bank through which you submitted your application.
• Possible reasons for the rejection include:
  
  • Your CDP account does not have Direct Crediting Services (DCS). To check whether your CDP has DCS, you can login to the CDP internet service or refer to the header section in your monthly CDP account statement to find out.
  • The Individual Limit of S$200,000 has been exceeded. To check whether the individual limits have been exceeded, you can access My Saving Bonds portal via the SSB website 
    (www.mas.gov.sg/ssb) using your SingPass. The portal will allow you to view your total SSB holdings purchased using both cash and SRS funds.

• For cash subscriptions: your designated DCS bank account. This is the bank account that is linked to your individual CDP Securities account.
• For SRS subscriptions: your SRS account.

• The bank will charge a transaction fee of $2 for each Savings Bond application and each Savings Bond redemption request.
  For applications using cash, the transaction fee is deducted directly from your bank account.
  For applications using SRS funds, the transaction fee is deducted directly from your SRS balance.
  For other fees and charges which may arise from your participating bank account, kindly refer to the bank’s Terms and Conditions.
• Transaction fees are non-refundable and will apply even if your application requests were unsuccessful.

For cash subscriptions

• Savings Bonds which are allocated to you and/or interest paid will be reflected in your CDP account statement. You will also receive half-yearly CDP statements in June and December each year as long as you have holdings in CDP.
• You can check the bonds held in your CDP Securities account through the following methods:
  • View the CDP Securities account holdings online through the CDP Internet service (www.sgx.com/cdp ).
  • Contact the CDP Call Centre (6535-7511) and select option 2 to retrieve your CDP securities balance.
  • View your CDP account statement sent to your mailing address if you have subscribed to the paper statement.

For SRS subscriptions

• You can check the bonds held in your SRS account through the internet banking portal of your SRS Operator. 

For cash and SRS subscriptions

• You may also check your SSB holdings by logging in to the My Savings Bonds portal, accessible via the SSB website (www.mas.gov.sg/ssb). Please note that holdings of the most recent issued SSB will only be reflected in the portal one business day after the issuance date, by 10am.
• NRIC holders may log in to the My Savings Bonds portal using your Singpass ID. Please note that logins via FIN are currently not available.

• Your interest payments will be reflected in the CDP account statement or SRS account statement for the month when the interest is paid. 
• NRIC holders may log in to the My Savings Bonds portal to check the interest received from their Savings Bonds.
• You may also visit the SGS website (www.mas.gov.sg/sgs) to view the interest rates of all Savings Bond issues.

• You can redeem your Savings Bonds in any given month before the bond matures, with no penalty for exiting your investment early.
• The redemption period opens on the 1st business day of each month and closes on the 4th last business day of the month. You will receive your redemption proceeds along with any accrued interest by the 2nd business day of the following month. For example, if you submit a redemption request of $1,000 in May, you will receive the $1,000 and any accrued interest by the end of the 2nd business day in June.

• Accrued interest is interest that you have earned on your bond since the last interest payment was made. When you redeem part or all of your Savings Bonds in between scheduled interest payments (which occur every 6 months), you will receive accrued interest together with the redemption amount.
• For example, suppose you bought $1,000 of Savings Bonds issued in January that is scheduled to make an interest payment of $6 in July. If you submit a request in March to redeem the full $1,000 of your January bond, you will receive the following by the end of the 2nd business day of April:
  • Your redemption amount of $1,000; and
  • 3 months' worth of accrued interest (Jan to Mar), which is about $3.

The actual amount of accrued interest paid out on each redemption date is calculated according to this formula:

AI = (CPN/2) x (DC/PC) X H

Where:

• For cash investments, CDP will send you an email when the notification is available online in CDP internet or by mail if you have subscribed to the paper statement service. The combined principal and accrued interest will be credited as a single amount to your designated DCS bank account by the 2nd business day of the following month.
• For SRS investments, your SRS Operator will notify you by mail when redemption proceeds have been credited back to your SRS account. The principal and accrued interest will be credited to your SRS account by the 2nd business day of the following month.

• You will require an Individual CDP Securities account in order to apply for Savings Bonds. Applications through other types of CDP accounts, including joint CDP Securities accounts, will be rejected. 
• Transfers of Savings Bonds from individual CDP Securities accounts to other types of CDP Securities accounts will also not be allowed.

• DCS allows CDP to credit your Singapore-dollar cash entitlements such as dividends and interest payments into your designated bank account. Your CDP Securities account must already have a DCS bank account linked up before you can apply for the Savings Bonds. 
• Participating DCS banks in Singapore are currently: Citibank, DBS/POSB, HSBC, Maybank, OCBC, Standard Chartered Bank and UOB. There are no DCS banks outside Singapore.

• Apply online at the SGX website here .
• Singapore Citizens and PRs will be able to use MyInfo to assist with the application and will not need to provide supporting documents. 
• Others can sign up and submit a scanned copy of supporting documents online. 
• Upon submission of the online application, you will receive your CDP account number via email within 2 business days if your application is in order and if no further information is required.
• It takes an average of 5 business days from the time you submit the full application to the time that you receive notifications from CDP on the opening of the CDP Securities account and the activation of DCS.
  

• It takes an average of 5 business days from the time you submit the account application form to the time that you receive notifications from CDP on (i) the opening of the CDP Securities account; and (ii) activation of DCS.
• Please note that you will not be able to apply to buy Savings Bonds until you have received both of these notifications.

1. Online through the CDP Internet service

• Click on “CDP Internet Service/Login” 
• Click on “Customer Service/Direct Crediting Service”
• Click on “Click here to apply for DCS”
• Enter bank account details
• Click “Confirm”

2. Contact the CDP Call Centre (6535-7511) to apply for DCS using the following steps:

• Select option 5 – To apply or update DCS
• Enter your NRIC/Passport Number maintained with CDP and last 4 digits of your CDP securities account number
• Enter the designated bank name and bank account number

You can check your DCS bank account number through the following channels:

• Click on “CDP Internet Service/Login”
• Click on “Customer Service/Direct Crediting Service”