The effective interest rate for July 2020 Singapore Savings Bonds (SBJUL20 GX20070W) is 0.80% if you held it for 10 years. This is the lowest interest rate since inception of the Singapore Savings Bonds. As you can see from the chart above, the interest rate has been on the decline. The COVID-19 pandemic that started in March 2020 had caused the interest rate to fall dramatically.

The minimum amount you can purchase for Singapore Savings Bonds is S$500. If you decide to hold and sell it for 1 year, the effective interest rate is 0.3%.

There are alternative financial instruments out there that offer higher interest rates. They are short term endowment plans such as Tiq 3 Year Endowment Plan and China Taiping i-Save Plan which offers an interest rate of 2.10% p.a. and 2.18% p.a. respectively.