Step-by-Step Guide to Application/ Redemption of Singapore Savings Bonds

The reason I am doing a simple step-by-step guide on how to apply and redeem Singapore Savings Bonds is because I received a few comments from my previous posts suggesting that it is not worth the effort to swap the bonds. I was quite puzzled as both application and redemption can be done easily using internet banking, so the effort needed is really minimal. Hopefully, the process of application and redemption should not deter people from switching their bond with better bond issues.

Application and redemption can be done via ATM but I think internet banking is the easiest so the following guide will be based on internet banking with screenshots from DBS/POSB iBanking.

 

1. On your iBanking main page, select 'Invest' from the tabs on the top of the page.

2. Select 'More Investment Services'.

3a. Select 'Apply for Singapore Government Securities (SGS)' to apply.

-OR-

3b. Select 'Redeem Singapore Government Securities (SGS)' to redeem.

Application

Applications are open from the 1st business day till the 4th last business day of each month, 7am to 9pm Mondays to Saturdays (excluding Public Holidays). 

 

4. Select 'Singapore Savings Bonds'.

5. Click 'Next'.

6. Select this month issue which you would like to apply.

7. Click 'Next'.

8. Under 'My Personal Particulars', select your nationality. Enter your CDP account no. if it is not populated.

9. Enter the amount you would like to subscribe in multiples of $500.

10. Select your account where the $2.00 administrative fee will be deducted from.

11. Click 'Next' and this will bring you to a summary page. Double confirm your application details and submit.

This completes the application process.

Redemption

The redemption period opens on the 1st business day of each month and closes on the 4th last business day of the month. Redemption is only available on Monday to Saturday, 7:00am to 9:00pm (excluding public holidays). Redemption proceeds will be paid by the end of the 2nd business day of the following month.

4. Under 'My Personal Particulars', select your nationality. Enter your CDP account no. if it is not populated.

5. Select the 'Month' and 'Year' of the issue date for the Singapore Savings Bond you wish to redeem. The 'Issue Code' will be automatically populated after selecting the month and year. You should check your CDP account to ensure the 'Issue Code' matches the one you are holding.

6. Enter the amount your wish to redeem in multiples of $500. You are allowed to do partial redemption.

7. Select your account where the $2.00 administrative fee will be deducted from. Noted that this may not be the account where your proceeds will be credited. Your proceeds will be credited to the account linked to your CDP Direct Crediting Services (DCS).

8. Click 'Next' and this will bring you to a summary page. Double confirm your application details and submit.

This completes the redemption process.


Simple as that.