What is the difference between SSB, T-bills, and SGS bonds in Singapore?

SSBs are 10-year step-up bonds redeemable any month at face value. T-bills are short-duration (6-month/1-year) zero-coupon bills held to maturity. SGS bonds are longer-duration (2–50y) fixed-coupon bonds tradable in the secondary market — their price moves with rates, so selling before maturity carries market-price risk.

Which has a higher yield right now — SSB, T-bill, or SGS?

As of the latest data, the SSB year-1 rate is 1.46%, the 6-month T-bill cutoff is 1.55%, and the 10-year SGS bond cutoff is 2.09%. Longer tenors typically pay more, but carry more duration / price risk before maturity.

Can I redeem SSB early?

Yes. SSBs can be redeemed any month at face value plus accrued interest with no penalty. This makes them more liquid than T-bills, which must be held to maturity or sold on SGX, and SGS bonds, which trade in the secondary market at fluctuating prices.

Do SGS bond prices change?

Yes. Unlike SSBs (face-value redemption) and T-bills (hold to maturity at face value), SGS bonds trade in the secondary market and their prices move inversely to interest rates. Holding to maturity guarantees face value plus coupons; selling earlier exposes you to price changes.

SSB vs T-bill vs SGS

Head-to-head rates for Singapore retail fixed-income choices. SSB and T-bills redeem at face value; SGS bonds trade at market prices — so the yields below aren't apples-to-apples. Framing notes below.

Rate environment

SSB vs 6m T-bill spread

-9 bps

6m T-bill currently leads

SSB > 6m T-bill (3y)

28%

of months SSB year-1 was above 6m T-bill cutoff (historical, not a forecast)

Long vs short

60 bps

SSB 10y avg minus 1y T-bill

SGS curve slope

+49 bps

10-year minus 2-year SGS (normal curve)

SSB — redeem any month at face value T-bills — hold to maturity SGS bonds — price moves with rates before maturity

Instrument	Latest rate	Tenor	Lock-in	Cap per person
SSB (year 1)	1.46% Apply 01 Jul 2026 – 28 Jul 2026	Up to 10 years	None Redeem any month at face value	S$200,000
SSB (10y average)	2.06% Same issue as above	10 years	None Redeem any month at face value	S$200,000
6-month T-bill	1.55% Auctioned 16 Jul 2026	6 months	Full term Tradable on SGX (limited liquidity)	None
1-year T-bill	1.46% Auctioned 16 Apr 2026	1 year	Full term Tradable on SGX (limited liquidity)	None
5-year SGS bond	1.75% Auctioned 26 Jun 2026 (reopen)	5 years	Full term Tradable on SGX; price moves with rates	None
2-year SGS bond	1.60% Auctioned 26 May 2026 (reopen)	2 years	Full term Tradable on SGX; price moves with rates	None
10-year SGS bond	2.09% Auctioned 28 Apr 2026 (reopen)	10 years	Full term Tradable on SGX; price moves with rates	None

SGS rows show the 3 most recently auctioned bonds — tenor varies with what MAS has issued lately. Full curve on the SGS tracker.

All four series, one axis

SSB year 1
SSB 10y avg
6m T-bill
1y T-bill
SGS 10y

All four series, one axis
Date	SSB year 1	SSB 10y avg	6m T-bill	1y T-bill	SGS 10y
1987-05-25			3.2
1987-06-08			2.83
1987-06-22			2.9
1987-06-29				3.23
1987-07-20			3.08
1987-09-21				3.8
1987-10-19			4.02
1987-11-23				3.88
1988-03-21				3.14
1988-05-23			3.74
1988-07-18				4.22
1988-09-19			4.73
1988-11-21				4.48
1989-02-13			3.88
1989-05-22				4.5
1989-07-17			4
1989-10-16				4.38
1990-11-19				4.45
1991-02-25				3.6
1991-08-27				4.8
1991-11-18				3.42
1992-02-17				2.8
1992-07-06				2.57
1993-03-29				0.8
1993-07-05				1.08
1994-03-28				2.05
1994-11-28				2.8
1995-02-13			1.05
1995-06-19				0.96
1995-11-27				1.53
1996-05-20				1.33
1996-11-25				2.5
1997-05-19				2.98
1997-11-24				3.55
1998-05-18				3.43
1998-06-26					5.87
1998-11-23				2.5
1999-01-07					4.5
1999-06-22				1.93
1999-07-13					4.61
1999-11-22				1.76
2000-05-10				3.02
2000-06-29					4.74
2000-12-11				2.8
2001-05-10				2.25
2001-06-28					3.64
2001-11-29				1.2
2002-04-29				1
2002-06-26					3.59
2002-11-27				0.8
2003-04-29				0.67
2003-06-26					2.3
2003-11-26				0.92
2004-04-28				0.8
2004-06-28					3.68
2004-11-26				1.34
2005-02-24					3
2005-04-27				2.15
2005-11-28				3.03
2006-02-24					3.45
2006-04-26				3.06
2006-09-27				3.21
2007-04-26				2.45
2007-05-28					2.8
2007-09-26				2.16
2008-04-28				1.2
2008-05-28					3.5
2008-10-29				1.2
2009-04-28				0.31
2009-05-27					2.53
2009-10-28				0.6
2010-04-28				0.5
2010-05-26					2.75
2010-10-27				0.39
2011-04-27				0.44
2011-05-27					2.34
2011-10-27				0.3
2012-04-26				0.24
2012-06-27					1.6
2012-07-09			0.23
2012-07-23			0.19
2012-08-06			0.28
2012-08-17			0.3
2012-09-03			0.29
2012-09-17			0.37
2012-10-01			0.34
2012-10-15			0.27
2012-10-29			0.28	0.29
2012-11-12			0.27
2012-11-26			0.28
2012-12-10			0.28
2012-12-24			0.29
2013-01-07			0.29
2013-01-21			0.26
2013-02-04			0.29
2013-02-18			0.29
2013-03-04			0.28
2013-03-18			0.26
2013-04-01			0.24
2013-04-15			0.26
2013-04-26				0.25
2013-04-29			0.24
2013-05-13			0.27
2013-05-27			0.31
2013-06-10			0.31
2013-06-24			0.35
2013-06-26					2.85
2013-07-08			0.3
2013-07-22			0.31
2013-08-05			0.3
2013-08-19			0.3
2013-09-02			0.29
2013-09-16			0.3
2013-09-30			0.29
2013-10-14			0.3
2013-10-28			0.28
2013-10-29				0.28
2013-11-11			0.28
2013-11-25			0.29
2013-12-09			0.28
2013-12-23			0.3
2014-02-26					2.55
2014-04-28				0.38
2014-07-29					2.42
2014-10-29				0.39
2015-04-28				0.99
2015-05-27					2.42
2015-10-01	0.96	2.63
2015-10-28				1.28
2015-11-02	1.18	2.78
2015-12-01	1.15	2.44
2016-01-04	1.21	2.58
2016-02-01	1	2.5
2016-03-01	1.09	2.44
2016-04-01	1.04	2.19
2016-04-27				1
2016-05-03	0.97	2.09
2016-05-27					2.15
2016-06-01	0.9	1.94
2016-07-01	0.93	2.06
2016-08-01	0.89	2.03
2016-09-01	0.87	1.75
2016-10-03	0.84	1.79
2016-10-27				0.94
2016-11-01	0.77	1.79
2016-12-01	0.87	1.87
2017-01-03	0.91	2.18
2017-01-25				1.05
2017-02-01	1.05	2.44
2017-02-24					2.35
2017-03-01	1.04	2.38
2017-04-03	1.02	2.27
2017-04-26				1.03
2017-05-02	1	2.32
2017-06-01	1.02	2.16
2017-07-03	1.04	2.12
2017-07-26				1.24
2017-08-01	1.05	2.06
2017-09-04	1.15	2.12
2017-10-02	1.19	2.13
2017-10-27				1.37
2017-11-01	1.21	2.07
2017-12-01	1.26	2.16
2018-01-02	1.32	2.13
2018-01-26				1.38
2018-02-01	1.55	2.04
2018-03-01	1.42	2.11
2018-04-02	1.42	2.31
2018-04-25				1.76
2018-04-26					2.65
2018-05-02	1.65	2.39
2018-06-01	1.68	2.43
2018-07-02	1.72	2.63
2018-07-26				1.74
2018-08-01	1.78	2.57
2018-09-03	1.75	2.44
2018-10-01	1.74	2.42
2018-10-26				1.97
2018-11-01	1.8	2.48
2018-12-03	1.89	2.57
2019-01-02	2.01	2.45
2019-01-28				2.06
2019-02-01	1.98	2.2
2019-03-01	1.95	2.18
2019-04-01	1.96	2.16
2019-04-25				1.97
2019-04-26					2.2
2019-05-02	1.95	2.16
2019-06-03	1.88	2.13
2019-06-27			1.93
2019-07-01	1.93	2.16
2019-07-11			1.8
2019-07-25			1.84
2019-07-26				1.78
2019-08-01	1.68	2.01
2019-08-06			1.82
2019-08-22			1.83
2019-08-28					1.69
2019-09-02	1.65	1.95
2019-09-05			1.83
2019-09-19			1.83
2019-10-01	1.64	1.75
2019-10-03			1.81
2019-10-17			1.72
2019-10-25				1.64
2019-10-31			1.68
2019-11-01	1.62	1.74
2019-11-14			1.58
2019-11-27			1.65
2019-12-02	1.56	1.71
2019-12-12			1.72
2019-12-23			1.79
2020-01-02	1.52	1.76
2020-01-09			1.58
2020-01-22			1.53
2020-01-28				1.44
2020-01-29					1.64
2020-02-03	1.54	1.75
2020-02-06			1.61
2020-02-20			1.58
2020-03-02	1.43	1.71
2020-03-05			1.04
2020-03-19			1.4
2020-04-01	1.46	1.63
2020-04-02			0.7
2020-04-16			0.55
2020-04-27				0.45
2020-04-29			0.4
2020-05-04	0.96	1.39
2020-05-14			0.2
2020-05-28			0.23
2020-06-01	0.57	1.05
2020-06-11			0.24
2020-06-25			0.3
2020-07-01	0.3	0.8
2020-07-09			0.26
2020-07-23			0.27
2020-07-27				0.31
2020-07-28					0.93
2020-08-03	0.27	0.93
2020-08-05			0.24
2020-08-20			0.27
2020-09-01	0.24	0.88
2020-09-03			0.26
2020-09-17			0.25
2020-10-01	0.26	0.9	0.26
2020-10-15			0.25
2020-10-27				0.28
2020-10-29			0.28
2020-11-02	0.23	0.91
2020-11-12			0.3
2020-11-26			0.32
2020-12-01	0.24	0.87
2020-12-10			0.45
2020-12-23			0.38
2021-01-04	0.27	0.9
2021-01-07			0.33
2021-01-21			0.3	0.38
2021-02-01	0.32	0.89
2021-02-04			0.29
2021-02-18			0.31
2021-03-01	0.28	0.97
2021-03-04			0.35
2021-03-18			0.44
2021-03-29					1.71
2021-03-31			0.41
2021-04-01	0.35	1.15
2021-04-15			0.37	0.43
2021-04-29			0.37
2021-05-03	0.37	1.56
2021-05-12			0.33
2021-05-27			0.3
2021-06-01	0.38	1.61
2021-06-10			0.3
2021-06-24			0.33
2021-06-28					1.63
2021-07-01	0.36	1.53
2021-07-08			0.32
2021-07-22			0.32	0.35
2021-08-02	0.34	1.5
2021-08-04			0.32
2021-08-19			0.3
2021-09-01	0.35	1.43
2021-09-02			0.3
2021-09-16			0.3
2021-09-30			0.36
2021-10-01	0.35	1.39
2021-10-14			0.37	0.6
2021-10-28			0.46
2021-11-01	0.34	1.45
2021-11-11			0.49
2021-11-25			0.55
2021-12-01	0.41	1.71
2021-12-09			0.55
2021-12-23			0.53
2022-01-03	0.45	1.78
2022-01-06			0.55
2022-01-20			0.48	0.75
2022-02-03	0.52	1.64	0.67
2022-02-17			0.76
2022-02-24					1.89
2022-03-01	0.59	1.79
2022-03-03			0.78
2022-03-17			0.95
2022-03-31			1.22
2022-04-01	0.71	1.91
2022-04-13			1.32	2
2022-04-27			1.56
2022-05-04	0.86	2.09
2022-05-11			1.69
2022-05-26			1.8
2022-06-01	1.43	2.53
2022-06-09			2.04
2022-06-23			2.36
2022-07-01	1.69	2.71
2022-07-07			2.66
2022-07-21			2.93	3.1
2022-07-27					2.71
2022-08-01	2	3
2022-08-04			2.87
2022-08-18			2.98
2022-09-01	2.63	2.8	2.99
2022-09-15			3.32
2022-09-29			3.32
2022-10-03	2.6	2.75
2022-10-13			3.77	3.72
2022-10-27			4.19
2022-11-01	3.08	3.21
2022-11-10			4
2022-11-24			3.9
2022-12-01	3.26	3.47
2022-12-08			4.4
2022-12-21			4.28
2023-01-03	2.95	3.26
2023-01-05			4.2
2023-01-18			4
2023-01-26				3.87
2023-01-27					2.86
2023-02-01	2.84	2.97
2023-02-02			3.88
2023-02-16			3.93
2023-03-01	2.76	2.9
2023-03-02			3.98
2023-03-16			3.65
2023-03-30			3.85
2023-04-03	3.01	3.15
2023-04-13			3.75
2023-04-20				3.58
2023-04-26			3.83
2023-05-02	3.03	3.07
2023-05-11			3.78
2023-05-25			3.85
2023-06-01	2.81	2.81
2023-06-08			3.84
2023-06-22			3.89
2023-06-27					3.05
2023-07-03	2.76	2.82
2023-07-06			3.99
2023-07-20			3.85
2023-07-27				3.74
2023-08-01	2.97	2.99
2023-08-03			3.75
2023-08-17			3.73
2023-08-31			3.7
2023-09-01	3.01	3.06
2023-09-14			3.73
2023-09-28			4.07
2023-10-02	3.05	3.16
2023-10-12			3.87
2023-10-19				3.7
2023-10-26			3.95
2023-11-01	3.21	3.32
2023-11-08			3.75
2023-11-23			3.8
2023-12-01	3.3	3.4
2023-12-07			3.74
2023-12-20			3.73
2024-01-02	3	3.07
2024-01-04			3.74
2024-01-18			3.7
2024-01-25				3.45
2024-02-01	2.72	2.81	3.54
2024-02-15			3.66
2024-02-29			3.8
2024-03-01	2.74	2.88
2024-03-14			3.78
2024-03-27			3.8
2024-04-01	2.95	3.04
2024-04-11			3.75
2024-04-18				3.58
2024-04-25			3.74
2024-04-26					3.46
2024-05-02	2.99	3.06
2024-05-09			3.7
2024-05-23			3.65
2024-06-03	3.26	3.33
2024-06-06			3.76
2024-06-20			3.74
2024-07-01	3.26	3.3
2024-07-04			3.7
2024-07-18			3.64
2024-07-25				3.38
2024-08-01	3.19	3.22	3.4
2024-08-15			3.34
2024-08-29			3.13
2024-09-02	3.06	3.1
2024-09-12			3.1
2024-09-26			2.97
2024-10-01	2.59	2.77
2024-10-10			3.06
2024-10-17				2.71
2024-10-24			2.99
2024-11-01	2.25	2.56
2024-11-07			3.04
2024-11-21			3.08
2024-12-02	2.66	2.81
2024-12-05			3
2024-12-19			3.02
2025-01-02	2.73	2.86	3.05
2025-01-16			2.99
2025-01-23				2.95
2025-01-28			3.04
2025-02-03	2.76	2.82
2025-02-13			2.9
2025-02-26					2.79
2025-02-27			2.75
2025-03-03	2.83	2.97
2025-03-13			2.56
2025-03-26			2.73
2025-04-01	2.73	2.85
2025-04-10			2.5
2025-04-16				2.29
2025-04-24			2.38
2025-05-02	2.49	2.69
2025-05-07			2.3
2025-05-22			2.2
2025-05-28					2.4
2025-06-02	2.2	2.56
2025-06-05			2.05
2025-06-19			2
2025-07-01	2.06	2.49
2025-07-03			1.85
2025-07-17			1.79
2025-07-24				1.68
2025-07-31			1.77
2025-08-01	1.82	2.29
2025-08-14			1.59
2025-08-28			1.44
2025-09-01	1.71	2.11
2025-09-11			1.38
2025-09-25			1.44
2025-10-01	1.56	1.93
2025-10-09			1.44
2025-10-15				1.35
2025-10-23			1.41
2025-10-29					1.99
2025-11-03	1.39	1.83
2025-11-06			1.37
2025-11-20			1.39
2025-12-01	1.35	1.85
2025-12-04			1.41
2025-12-18			1.48
2025-12-31			1.6
2026-01-02	1.33	1.99
2026-01-15			1.39
2026-01-22				1.44
2026-01-29			1.37
2026-02-02	1.35	2.25
2026-02-12			1.36
2026-02-26			1.36
2026-03-02	1.38	2.16
2026-03-12			1.37
2026-03-26			1.46
2026-04-01	1.36	1.99
2026-04-09			1.47
2026-04-16				1.46
2026-04-23			1.4
2026-04-28					2.09
2026-05-04	1.4	2.14
2026-05-07			1.4
2026-05-21			1.45
2026-06-02	1.46	2.11
2026-06-04			1.48
2026-06-18			1.47
2026-07-01	1.46	2.11
2026-07-02			1.5
2026-07-16			1.55
2026-08-03	1.46	2.06

SSB year-1 minus 6m T-bill (spread)

SSB year-1 minus 6m T-bill

SSB year-1 minus 6m T-bill (spread)
Date	SSB year-1 minus 6m T-bill
2019-06-27	-0.05
2019-07-11	0.13
2019-07-25	0.09
2019-08-06	-0.14
2019-08-22	-0.15
2019-09-05	-0.18
2019-09-19	-0.18
2019-10-03	-0.17
2019-10-17	-0.08
2019-10-31	-0.04
2019-11-14	0.04
2019-11-27	-0.03
2019-12-12	-0.16
2019-12-23	-0.23
2020-01-09	-0.06
2020-01-22	-0.01
2020-02-06	-0.07
2020-02-20	-0.04
2020-03-05	0.39
2020-03-19	0.03
2020-04-02	0.76
2020-04-16	0.91
2020-04-29	1.06
2020-05-14	0.76
2020-05-28	0.73
2020-06-11	0.33
2020-06-25	0.27
2020-07-09	0.04
2020-07-23	0.03
2020-08-05	0.03
2020-08-20	0
2020-09-03	-0.02
2020-09-17	-0.01
2020-10-01	0
2020-10-15	0.01
2020-10-29	-0.02
2020-11-12	-0.07
2020-11-26	-0.09
2020-12-10	-0.21
2020-12-23	-0.14
2021-01-07	-0.06
2021-01-21	-0.03
2021-02-04	0.03
2021-02-18	0.01
2021-03-04	-0.07
2021-03-18	-0.16
2021-03-31	-0.13
2021-04-15	-0.02
2021-04-29	-0.02
2021-05-12	0.04
2021-05-27	0.07
2021-06-10	0.08
2021-06-24	0.05
2021-07-08	0.04
2021-07-22	0.04
2021-08-04	0.02
2021-08-19	0.04
2021-09-02	0.05
2021-09-16	0.05
2021-09-30	-0.01
2021-10-14	-0.02
2021-10-28	-0.11
2021-11-11	-0.15
2021-11-25	-0.21
2021-12-09	-0.14
2021-12-23	-0.12
2022-01-06	-0.1
2022-01-20	-0.03
2022-02-03	-0.15
2022-02-17	-0.24
2022-03-03	-0.19
2022-03-17	-0.36
2022-03-31	-0.63
2022-04-13	-0.61
2022-04-27	-0.85
2022-05-11	-0.83
2022-05-26	-0.94
2022-06-09	-0.61
2022-06-23	-0.93
2022-07-07	-0.97
2022-07-21	-1.24
2022-08-04	-0.87
2022-08-18	-0.98
2022-09-01	-0.36
2022-09-15	-0.69
2022-09-29	-0.69
2022-10-13	-1.17
2022-10-27	-1.59
2022-11-10	-0.92
2022-11-24	-0.82
2022-12-08	-1.14
2022-12-21	-1.02
2023-01-05	-1.25
2023-01-18	-1.05
2023-02-02	-1.04
2023-02-16	-1.09
2023-03-02	-1.22
2023-03-16	-0.89
2023-03-30	-1.09
2023-04-13	-0.74
2023-04-26	-0.82
2023-05-11	-0.75
2023-05-25	-0.82
2023-06-08	-1.03
2023-06-22	-1.08
2023-07-06	-1.23
2023-07-20	-1.09
2023-08-03	-0.78
2023-08-17	-0.76
2023-08-31	-0.73
2023-09-14	-0.72
2023-09-28	-1.06
2023-10-12	-0.82
2023-10-26	-0.9
2023-11-08	-0.54
2023-11-23	-0.59
2023-12-07	-0.44
2023-12-20	-0.43
2024-01-04	-0.74
2024-01-18	-0.7
2024-02-01	-0.82
2024-02-15	-0.94
2024-02-29	-1.08
2024-03-14	-1.04
2024-03-27	-1.06
2024-04-11	-0.8
2024-04-25	-0.79
2024-05-09	-0.71
2024-05-23	-0.66
2024-06-06	-0.5
2024-06-20	-0.48
2024-07-04	-0.44
2024-07-18	-0.38
2024-08-01	-0.21
2024-08-15	-0.15
2024-08-29	0.06
2024-09-12	-0.04
2024-09-26	0.09
2024-10-10	-0.47
2024-10-24	-0.4
2024-11-07	-0.79
2024-11-21	-0.83
2024-12-05	-0.34
2024-12-19	-0.36
2025-01-02	-0.32
2025-01-16	-0.26
2025-01-28	-0.31
2025-02-13	-0.14
2025-02-27	0.01
2025-03-13	0.27
2025-03-26	0.1
2025-04-10	0.23
2025-04-24	0.35
2025-05-07	0.19
2025-05-22	0.29
2025-06-05	0.15
2025-06-19	0.2
2025-07-03	0.21
2025-07-17	0.27
2025-07-31	0.29
2025-08-14	0.23
2025-08-28	0.38
2025-09-11	0.33
2025-09-25	0.27
2025-10-09	0.12
2025-10-23	0.15
2025-11-06	0.02
2025-11-20	0
2025-12-04	-0.06
2025-12-18	-0.13
2025-12-31	-0.25
2026-01-15	-0.06
2026-01-29	-0.04
2026-02-12	-0.01
2026-02-26	-0.01
2026-03-12	0.01
2026-03-26	-0.08
2026-04-09	-0.11
2026-04-23	-0.04
2026-05-07	0
2026-05-21	-0.05
2026-06-04	-0.02
2026-06-18	-0.01
2026-07-02	-0.04
2026-07-16	-0.09

Positive = SSB year-1 leads. Negative = 6m T-bill leads. The spread tends to widen when MAS tightens short-term rates.

Which one fits your situation?

What each is built for, in plain English. This is information, not financial advice — your tax position, other savings, and when you'll actually need the money all matter. Consider speaking with a MAS-licensed financial adviser if you need help deciding.

Money you might need any month

SSB lets you withdraw at the end of any month and keep the interest you've earned so far. Year 1 pays 1.46%, and the rate steps up each year you hold. Designed for flexible-horizon holdings. Capped at S$200,000 per person across all SSB issues.

Parking cash for about 6 months

6-month T-bill locks your money up for around 180 days at a known rate (1.55% at the latest auction). You get your principal plus interest at the end. T-bills are listed on SGX, but retail secondary-market liquidity is typically limited.

Saving for something a year out

1-year T-bill suits a known cash need around 12 months away — school fees, a wedding, or a planned big-ticket purchase. Latest auction was 1.46%. You lock the rate in today and get your money back on a known date.

Long-term saving over a decade

Held for the full 10 years, the latest SSB issue averages 2.06% a year through its step-up coupon schedule. You can still redeem at the end of any month at face value plus accrued interest if your situation changes. Same S$200,000 cap applies.

Locking in today's rate for 10+ years

SGS bonds pay a fixed rate set today, twice a year, until the bond matures. The 10-year SGS is currently 2.09%. If you sell before maturity, the price moves with interest rates — principal is not guaranteed before the bond reaches its maturity date.

Key differences

SSB — savings-like with step-up coupons and free monthly redemption. Fits when the timing of your cash need is uncertain.
6-month T-bill — locked for 180 days, no early redemption. Often outprices SSB year-1 when short rates are elevated.
1-year T-bill — locked for 12 months. Fits a known cash need around a year out.
SSB held to maturity (10-year average) — the effective rate if you hold to year 10. Comparable to long-dated FDs and other multi-year fixed income.
SGS bonds (2-50y) — fixed-coupon government bonds, tradable on the secondary market. Holding to maturity returns face value plus coupons; selling early exposes you to interest-rate-driven price moves. See the SGS tracker for the full curve.

Taxes, CPF eligibility, and settlement details differ across instruments — check MAS's product pages before buying. SGS bonds carry duration risk that SSB and T-bills do not; the yields above aren't directly comparable on a risk-adjusted basis.

Frequently asked questions

What is the difference between SSB, T-bills, and SGS bonds in Singapore?: SSBs are 10-year step-up bonds redeemable any month at face value. T-bills are short-duration (6-month/1-year) zero-coupon bills held to maturity. SGS bonds are longer-duration (2–50y) fixed-coupon bonds tradable in the secondary market — their price moves with rates, so selling before maturity carries market-price risk.
Which has a higher yield right now — SSB, T-bill, or SGS?: As of the latest data, the SSB year-1 rate is 1.46%, the 6-month T-bill cutoff is 1.55%, and the 10-year SGS bond cutoff is 2.09%. Longer tenors typically pay more, but carry more duration / price risk before maturity.
Can I redeem SSB early?: Yes. SSBs can be redeemed any month at face value plus accrued interest with no penalty. This makes them more liquid than T-bills, which must be held to maturity or sold on SGX, and SGS bonds, which trade in the secondary market at fluctuating prices.
Do SGS bond prices change?: Yes. Unlike SSBs (face-value redemption) and T-bills (hold to maturity at face value), SGS bonds trade in the secondary market and their prices move inversely to interest rates. Holding to maturity guarantees face value plus coupons; selling earlier exposes you to price changes.