Singapore Savings Bonds to be available via ATMs and internet banking

Individuals will be able to apply for and redeem Singapore Savings Bonds through DBS/POSB, OCBC or UOB ATMs, or via DBS/POSB internet banking channels, says the Monetary Authority of Singapore (MAS) on Monday. -- PHOTO: ST FILE
Individuals will be able to apply for and redeem Singapore Savings Bonds through DBS/POSB, OCBC or UOB ATMs, or via DBS/POSB internet banking channels, says the Monetary Authority of Singapore (MAS) on Monday. -- PHOTO: ST FILE

SINGAPORE - Individuals will be able to apply for and redeem Singapore Savings Bonds through DBS/POSB, OCBC or UOB ATMs, or via DBS/POSB internet banking channels, the Monetary Authority of Singapore (MAS) said on Monday.

Applications and redemption requests must be made in multiples of $500, and Savings Bonds will only be available for purchase using cash.

Singapore Savings Bonds are a new type of government bond, which will be launched as part of moves to make low-cost investment options more widely available to retail investors.

A feature of the product is that a bondholder can get his money back in any month, with no penalty imposed. This means investors do not have to decide upfront the duration of their investment.

Individuals will be able to apply for each Savings Bond issue with as little as $500, and up to $50,000. In addition, individuals will be able to hold up to $100,000 of Savings Bonds at any point in time.

The bonds will be issued monthly, likely starting in the second half of the year.

MAS will announce the programme launch date at least one month before applications for the first issuance open.