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SSB & T-Bill Calculator Singapore: Savings Bond Interest and T-Bill Returns

Free · No sign-up · Updated October 2026
Work out Singapore Savings Bonds interest year by year and what you get if you redeem early, or a 6-month or 1-year T-bill's price and interest from its cut-off yield.
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Multiples of S$500, up to S$200,000 per person across all issues.

Interest rates

Copy the 10 yearly rates for your issue from MAS. The figures shown are an example schedule.

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10 years (maturity)

You can redeem in any month with no penalty: you get your principal back plus interest accrued to date, paid by the second business day of the next month.

Interest is paid into your bank account (or SRS account) every 6 months. The cash-out column takes off the S$2 application fee and, before maturity, the S$2 redemption fee. Interest on Singapore Government Securities is tax-free for individuals.

Total interest over 10 years

S$2,220.00

On S$10,000. Simple average 2.22% a year.
Principal back
S$10,000
Interest received
S$2,220.00
Application fee
−S$2
Total cash back
S$12,218.00
Year, rateInterest (total so far)Cash out
  • Year 11.80%S$180 (S$180)S$10,176
  • Year 21.90%S$190 (S$370)S$10,366
  • Year 32.00%S$200 (S$570)S$10,566
  • Year 42.10%S$210 (S$780)S$10,776
  • Year 52.20%S$220 (S$1,000)S$10,996
  • Year 62.30%S$230 (S$1,230)S$11,226
  • Year 72.40%S$240 (S$1,470)S$11,466
  • Year 82.45%S$245 (S$1,715)S$11,711
  • Year 92.50%S$250 (S$1,965)S$11,961
  • Year 102.55%S$255 (S$2,220)S$12,218

How this works

Singapore Savings Bonds (SSB) pay a step-up rate that rises each year for up to 10 years. Interest is paid every 6 months at half that year's rate, so S$10,000 in a year paying 2% earns two payments of S$100. Each issue publishes its own 10 rates on the MAS website; enter them, or a single average rate for a quick estimate.

You can redeem an SSB in any month with no penalty: MAS returns the principal by the second business day of the following month, plus interest accrued to date. The calculator pro-rates accrued interest by month, and deducts the S$2 fee MAS charges for each application and each redemption. Bonds come in multiples of S$500, up to S$200,000 per person.

Treasury bills (T-bills) are sold at a discount and repaid at face value. MAS sets the price from the auction's cut-off yield: price per S$100 = 100 × (1 − yield × days to maturity ÷ 365), rounded to 3 decimals. At 4.00% on a 182-day bill that is S$98.005, so S$1,000 of T-bills costs S$980.05. Interest is the face value minus what you pay.

T-bills for individuals come in 6-month and 1-year tenors, from S$1,000 in multiples of S$1,000. Interest on Singapore Government Securities, including SSBs and T-bills, is tax-exempt for individuals.

FAQs

How much interest does a 6-month T-bill pay on S$10,000?

At a 2.00% cut-off yield on a 182-day bill, the price is S$99.003 per S$100, so S$10,000 of T-bills costs S$9,900.30 and pays back S$10,000: S$99.70 of interest. A 1-year bill at 2.00% (364 days) earns S$199.50.

How is the T-bill price calculated from the cut-off yield?

Price per S$100 = 100 × (1 − cut-off yield × days to maturity ÷ 365), rounded to 3 decimal places. MAS's own example: a 4.00% yield on a 182-day bill gives a price of S$98.005.

What happens if I redeem Singapore Savings Bonds early?

You get your full principal back plus interest accrued to date, with no penalty other than the S$2 redemption fee. With the example rates here (1.80% in year 1 rising to 2.55% in year 10), S$10,000 redeemed after 1 year earns S$180, against S$2,220 if held for all 10 years.

How much can I invest in Singapore Savings Bonds?

From S$500, in multiples of S$500, up to S$200,000 per person across all SSB issues you hold. Each application and each redemption costs a S$2 transaction fee.

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