What this tranche means for savers

The September SSB continues the recent trend of step-down yields compared with earlier 2025 tranches, but remains a secure, liquid instrument for those who prioritise capital preservation. The SSB’s design rewards longer holding (through a step-up schedule) while permitting monthly redemptions with accrued interest — a hybrid of safety and optional liquidity that fixed deposits cannot match. Projected and published rates for SBSEP25 underline that a full 10-year hold produces an average of 2.11% p.a., while selling after one year yields 1.71% p.a. if redeemed at that point. 

How to apply — practical checklist

1. Hold an individual CDP securities account with Direct Crediting Service enabled. 

2. Apply during the bank application hours (typically Mon–Sat, 7:00am–9:00pm).

3. Submit in multiples of S$500 (min. S$500). Maximum aggregate holding across all SSBs is S$200,000. 

4. Expect a S$2 fee that the bank will deduct upon submission. As DBS notes, “A non-refundable transaction fee of S$2 will be charged for each application request.”

Who should consider SBSEP25?

• Savers seeking capital protection plus better nominal returns than many sight or short-tenor deposits.

• Investors building an emergency fund who value the option to redeem monthly without capital loss.

• Portfolio allocators who want a low-risk fixed-income sleeve while monitoring rates for future re-allocation.

Caveats and context

• SSB returns closely follow prevailing SGS yields; in a falling-rate environment future tranches may show lower yields. Market-sensitive investors should compare the step-up ladder and decide whether to hold for the medium term or use SSBs as a liquidity buffer.

• Transaction fees are small but non-refundable. They apply per application and per redemption, so frequent trading erodes net returns.

FAQ 

Q: When does this issue close?
A: 26 August 2025 at 9:00pm (applications via participating banks).

Q: What is the minimum investment?
A: S$500, in multiples of S$500. 

Q: Can I redeem before maturity?
A: Yes — monthly redemptions are allowed; proceeds (principal + accrued interest) are credited by the second business day of the following month after submission, subject to bank processing windows. 

Q: How much does it cost to apply?
A: Banks charge a non-refundable S$2 transaction fee for each application or redemption request. 

Let us know what you think about this topic, and what do you want to hear next.

Sources & further reading

• MAS — Singapore Savings Bond (issue details and technical specification). 
• I Love SSB — SBSEP25 issue summary and full step-up schedule. (“SBSEP25 has a 10-year average return of 2.11% p.a. with interest rates from 1.71% (year 1) to 2.85% (year 10).”). 
• DBS — Apply / Redeem SSB (channels, timings, and fee statement). (“A non-refundable transaction fee of S$2 will be charged for each application request.”). 
• OCBC — SSB FAQs (application windows, CDP requirements, fees). 
• StashAway — SSB guides and context for recent monthly tranches.