Uncle8888 is not excited as he already has Singapore's "Savings Bond" since 15 Sep 2011 when he turned 55. No penalty for withdrawal but it will require at least five working days to process the request. LOL!
SINGAPORE: The first Singapore Savings Bond will
be issued on Oct 1, 2015 and retail investors will be able to apply for
them from Sep 1.
This was announced by the Monetary Authority of Singapore (MAS) on Tuesday (Jul 21) at a press conference on its annual report for financial year 2014/2015.
Singapore Savings Bonds are a special type of Government bonds that cater to individual investors. The Singapore Savings Bonds are aimed at giving individuals a long-term savings option with safe returns. The principal is guaranteed, and they can be redeemed at any time with no penalty.
The interest rates will be linked to long-term Singapore Government Securities (SGS) rates. For the last 10 years, the yield has been between 2 and 3 per cent per annum.
The Savings Bonds will pay an interest rate that increases over time. This means that the longer one holds them, the higher the yield.
Details of the first issue such as the amount of bonds available and the interest rates will be released when applications open. Applications will close on Sep 25.
Successful applicants will receive their Savings Bonds in their Central Depository (CDP) accounts on Oct 1.
Interested investors will be able to apply through ATMs of all participating banks - DBS/POSB, OCBC or UOB - or through internet banking for DBS/POSB.
In order to apply, individuals must have an account with the participating banks, and an individual CDP Securities account with direct credit service enabled.
MAS said a new Singapore Savings Bond will be issued every month for at least the next five years, so there is no need to rush for the first issuance.
For 2015, the Government plans to issue S$2 billion to S$4 billion worth of Savings Bonds.
There is a cap on the amount that investors can hold. They can buy a maximum of S$50,000 for any single issue and hold a maximum of S$100,000 overall.
The Savings Bonds website is accessible at www.sgs.gov.sg/savingsbonds and members of the public can call the Savings Bonds hotline at 6221 3682 to find out more about the programme.
This was announced by the Monetary Authority of Singapore (MAS) on Tuesday (Jul 21) at a press conference on its annual report for financial year 2014/2015.
Singapore Savings Bonds are a special type of Government bonds that cater to individual investors. The Singapore Savings Bonds are aimed at giving individuals a long-term savings option with safe returns. The principal is guaranteed, and they can be redeemed at any time with no penalty.
The interest rates will be linked to long-term Singapore Government Securities (SGS) rates. For the last 10 years, the yield has been between 2 and 3 per cent per annum.
The Savings Bonds will pay an interest rate that increases over time. This means that the longer one holds them, the higher the yield.
Details of the first issue such as the amount of bonds available and the interest rates will be released when applications open. Applications will close on Sep 25.
Successful applicants will receive their Savings Bonds in their Central Depository (CDP) accounts on Oct 1.
Interested investors will be able to apply through ATMs of all participating banks - DBS/POSB, OCBC or UOB - or through internet banking for DBS/POSB.
In order to apply, individuals must have an account with the participating banks, and an individual CDP Securities account with direct credit service enabled.
MAS said a new Singapore Savings Bond will be issued every month for at least the next five years, so there is no need to rush for the first issuance.
For 2015, the Government plans to issue S$2 billion to S$4 billion worth of Savings Bonds.
There is a cap on the amount that investors can hold. They can buy a maximum of S$50,000 for any single issue and hold a maximum of S$100,000 overall.
The Savings Bonds website is accessible at www.sgs.gov.sg/savingsbonds and members of the public can call the Savings Bonds hotline at 6221 3682 to find out more about the programme.
- CNA/av/ms
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