Here’s how you go about applying for the Singapore Savings Bond.
What You Need?
Before applying, make sure you have two things:
- A bank account with any local banks in Singapore (DBS/POSB, OCBC or UOB)
- A CDP securities account that is linked to the bank account you intend to invest with.
How To Invest
One can apply for the Singapore Savings Bond either through two methods:
- Apply at an ATM near you. The ATM must be that of DBS/POSB, OCBC and UOB.
- Apply through Internet Banking under Singapore Government Securities. If you are using OCBC, the OCBC mobile application works too!
Remember to have your CDP account number with you when applying. Take note that a minimum investment of $500 is required, and if you wish to invest more, increase in multiple of $500. Each application is capped at $50,000. There will be a $2 transaction fee involved for each application.
Related: 7 Habits of Successful Investors
Applied Already? Then What?
Once you have applied, sit back and relax. The results will be announced after the ” last day to apply date”.
One can take note of the important dates here.
Do note that, if there is an event of over-subscription, meaning more demand than the amount available, one may only find himself investing a portion of the amount he requested for.
The rest of the amount will be returned back to his account.
Other Important Dates
The successful allocated Savings Bonds will be issued on the first business day of the following month.
Expect your first interest 6 months after the bonds are issued. Interests are payable every 6 months. All these will be reflected on your statement, and interests are automatically credited to your bank account.
Interest Rates For SSB Issued In July
For those who are keen, here are the interest rates you need to know.
You may also like: Investing with Your CPF Savings: A Quick Guide to Get Started
This article first appeared in blog.seedly.sg
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