How to Redeem SSB: The Step-by-Step Guide

Singapore Savings Bonds (SSB) have a tenor of ten years. At maturity, you will get your initial principal and accrued interest paid directly to the bank account linked to your CDP account (or SRS account for the SRS application). But how to redeem SSB early before maturity?

Contents hide

How It Works

How to Redeem SSB – DBS

How to Redeem SSB – OCBC

How to Redeem SSB – UOB

After Redemption Request

FAQs

How It Works

You can redeem your SSB partially or in full any month before maturity without penalty. You will also receive the accrued interest upon redemption. Note that there is a $2 transaction fee for every redemption transaction.

Redemption timeline	Opening: 6 PM on the first business day of the month. Closing: 9 PM on the 4th last business day of the month. Operating hours: 7 AM to 9 PM, Monday to Saturday, excluding Public Holidays.
Redemption amount	You can redeem it partially or in full. Each redemption must be in a multiple of $500. You may redeem multiple SSBs in a month.
Redemption fees	$2 transaction fee for every redemption request.

Note: You can check the SSB issue code directly from the MAS website.

How to Redeem SSB – DBS

This is the step-by-step guide on how to redeem SSB via DBS online banking:

1	Login to your DBS online banking account.
2	Under *Invest* tab, choose *More Investment Services*.
3	Under *Manage Investments, select Redeem Singapore Government Securities (SGS)*.
4	Under ‘Redeem your SSBs,’ please choose the correct option depending on whether you bought your SSB with *Cash* or *SRS*.
5	Enter the issue code for the SSB you want to redeem. You can find the issue code directly from the MAS website. Click Next to proceed.
6	On this page, double-check that the issue code is displayed correctly. Enter the *Redemption amount* (must be in a multiple of $500). If you bought your SSB using cash, enter your *CDP account number. Lastly, select the bank account you want to pay the service fee from. Once you filled in all the required info, click Next* for the final confirmation page.
7	On the preview page, double-check your personal and application details. If all are correct, click the *Submit* button to submit the redemption request.
8	Congratulations, you are done! You should get the amount you requested and the accrued interest by the second business day of the following month.

How to Redeem SSB – OCBC

Follow this step-by-step guide on how to redeem SSB via OCBC online banking:

1	Login to your OCBC online banking account.
2	Under *Investments & Insurance, select Singapore Government Securities*.
3	On this page, click the *Redeem* button.
4	Enter the *bond issue month and year* and click the *Retrieve details* button.
5	Double-check that the issue code matches the SSB issue code you want to redeem. Enter the *redemption amount* and *CDP account number. Then click the Preview* button to continue.
6	Review your redemption details, and if all are good, click the *Submit* button to submit the redemption request.
7	Congratulations, you are done! You should get the amount you requested and the accrued interest by the second business day of the following month.

How to Redeem SSB – UOB

Here is the step-by-step guide on how to redeem SSB via UOB online banking:

1	Login to your UOB online banking account.
2	Under *IPO/Bonds/Tbills, click the Redeem SSB* button.
3	Under the *Singapore Savings Bond* tab, enter the *issue month and year* of the SSB you want to redeem. After that, click the *Next* button.
4	Enter your *CDP account number, double-check that the SSB issue code* is correct, and enter the *Redemption amount. If all are correct, click Submit* to see the application preview.
5	Double-check the details, and if all are correct, click the *Confirm* button to complete the redemption application.
6	Congratulations, you are done! You should get the amount you requested and the accrued interest by the second business day of the following month.

After Redemption Request

Once you submit your redemption request, you should get your requested amount and the accrued interest by the 2nd business day of the following month. For cash application, you will get the amount to your bank account linked to the direct crediting service in your CDP account. For the SRS application, you will get it in your SRS account.

FAQs

Do I have to use the same bank account as the one I used to apply?

No, you can apply and redeem using different bank accounts. You can change the bank account you want to be paid into from your CDP account.

Is there any penalty for redeeming early before maturity?

No, there is no catch at all. This is the benefit of SSB; you can redeem partially or in full every month, and you will also get the accrued interest. Please note that every redemption request has a flat $2 transaction fee for every redemption request.

Can I get my money immediately after redemption?

No. You will receive your redemption amount and the accrued interest by the 2nd business day of the following month. This delayed payout is why you don’t want to put your emergency savings into SSB. Emergency savings should be accessible 24/7, every day.

How much interest will I get when redeeming?

Because SSB pays interest every six months, you will get the pro-rated amount if you redeem it between the payout dates. It is called the accrued interest. So, for example, if you redeem one month after the last payout, you will receive roughly ⅙ of your previous interest payout.

Can I redeem and buy SSB in the same month if I have reached the maximum individual allocation of $200,000?
Yes, you can. We have been doing this many times. We call this recycling/swapping SSBs 🙂 Simply place redemption and buy applications in the same month. The catch is that you must have extra cash on hand to apply for a new SSB before receiving cash from the older one you want to recycle.