What happens when your SSB matures (or you redeem it early)

Informational only, not financial advice. Process details below are current as of the “Updated” date above, based on MAS technical specifications.

Correction (1 September 2026). An earlier version of this page said early redemption began “from the 7th month after issue”. That was wrong: MAS states you can redeem a Savings Bond in any month before it matures, with no minimum holding period and no penalty. The section below has been corrected. Verified against the MAS How to redeem page on 1 September 2026. A “Common mistakes” bullet that still repeated the old month-7 rule was missed in that correction and removed on 6 September 2026.

SSBs are unusual in that you can exit any month at face value — a feature no fixed deposit or T-bill offers. But the redemption process has specific windows, fees, and timing rules. Here’s what actually happens from “submit redemption request” through “money in your account.”

Two paths: maturity vs early redemption

Maturity (the 10-year endpoint)

After 10 years, SSBs mature automatically. On the 1st business day of the maturity month, you receive:

• Principal (full face value)
• Final coupon (the year-10 payment)

No action is required — no redemption request, no fee. Proceeds land in your linked bank account (cash-funded SSBs) or SRS account (SRS-funded).

Source: MAS “How to Redeem SSB”

Early redemption (any month, with no lock-in)

You can redeem in any month before the bond matures — there is no minimum holding period and no penalty for exiting early.1 The redemption window follows MAS’s monthly calendar:

Event	Timing
Window opens	6pm on the 1st business day of the month
Window closes	9pm on the 4th-last business day of the month
Proceeds credited	End of the 2nd business day of the following month

The “4th-last business day” is a common point of confusion — it is not the fourth Thursday. Check the exact date on MAS before submitting.

Source: MAS SSB FAQs

The S$2 fee

Every redemption request costs S$2, non-refundable. Submitted per bond lot per request. If you redeem 3 separate bond lots, you pay S$6.

Source: MAS SSB FAQs

Accrued interest (the partial-period math)

SSBs pay coupons every 6 months. If you redeem between coupon dates, you receive pro-rated accrued interest for the partial period, plus your principal.

Worked example

Say your SSB’s coupon schedule looks like this:

• Year 1 coupon: 1.40%
• Coupons paid: 1 July and 1 January (every 6 months)

You invested S$10,000 on 1 Jan. You decide to redeem in April, 3 months into the next coupon period.

• Full 6-month coupon would have been: S$10,000 × 1.40% × 0.5 = S$70
• Accrued (3 of 6 months): S$70 × (3/6) = S$35

You receive: S$10,000 principal + S$35 accrued interest − S$2 fee = S$10,033

(Plus you keep any earlier coupon payments — the S$70 from the 1 July payout that already landed in your account.)

The MAS technical specs use actual/actual day-count convention for accrued interest — the real calculation is day-by-day, not month-by-month. The illustration above approximates.

Source: MAS SSB technical specifications

Partial redemption

You don’t have to redeem the whole bond lot. Minimum redemption is S$500, in multiples of S$500.

If you hold S$10,000 and redeem S$3,000, the remaining S$7,000 continues earning coupons as scheduled.

SRS-funded SSBs: different redemption flow

If you bought the SSB with SRS funds, redemption must be submitted through your SRS Operator (DBS, OCBC, or UOB) — not via the CDP/Internet Banking path used for cash-funded SSBs.

Proceeds return to your SRS account, not to a regular bank account. You can subsequently withdraw from SRS (with the usual tax implications) or invest the proceeds in another SRS-eligible instrument.

The S$2 fee is deducted from the SRS account.

Source: MAS SSB SRS technical specifications

Application channels for redemption

Submit redemption requests through:

• DBS/POSB digibank (cash-funded) or DBS SRS (SRS-funded)
• OCBC internet banking or OCBC Digital app (cash or SRS)
• UOB internet banking (cash or SRS)
• DBS/POSB ATMs (cash-funded only)

What if you die holding SSB?

SSBs are transferable to beneficiaries via your estate. The process:

1. Executor or administrator of the estate (named in will or appointed by court) approaches CDP or the SRS Operator.
2. For cash-funded SSBs held in CDP: transfer to beneficiary’s CDP account, or redeem for cash to the estate.
3. For SRS-funded SSBs: handled by the SRS Operator per the deceased member’s SRS rules.
4. Authorized inheritance transfers are not subject to the S$200,000 Individual Limit — so a beneficiary who already holds S$200,000 in SSB can still inherit more.

Source: Ask MAS — SSB transfer on death · Public Trustee’s Office

Common mistakes

• Submitting redemption after the 9pm deadline on the 4th-last business day. The request rolls to the next month — you get paid a month later.
• Forgetting the S$2 fee per lot. If you bought 3 separate bond lots over different months and redeem all three at once, you pay S$6 in fees, not S$2.
• Expecting instant money. Proceeds land on the 2nd business day of the next month, not the current month. Plan liquidity accordingly.
• Confusing early redemption with maturity. Both credit principal, but maturity has no S$2 fee and no redemption window — it happens automatically.
• Mixing CDP and SRS lots in one redemption request. Each custody channel requires a separate request — you can’t batch them.

Quick reference

Action	Window	Fee	Proceeds when
Redeem early	1st biz day 6pm → 4th-last biz day 9pm	S$2	2nd biz day of next month
Hold to maturity	N/A	S$0	1st biz day of maturity month
Cash-funded redeem	Bank iBanking / ATM (DBS/POSB)	S$2	To bank account
SRS-funded redeem	Through SRS Operator	S$2 (from SRS)	To SRS account

For current rates side by side, see the live SSB vs T-bill comparison, or browse all SSB issues and coupon schedules.