Illustration image (Source: cnbc)

More than 413 million SGD (288 million USD) in applications from nearly 20,000 people have been accepted for the first issuance of Singapore Savings Bonds, announced the country’s Monetary Authority of Singapore (MAS) on September 28.

The first interest payment for this issuance will be made on next April 1. The next Savings Bond issuance will be announced on October 1 and it will be issued on November 2.

MAS said that it has set an issuance size of 2 billion to 4 billion SGD (1.4 billion to 2.8 billion USD) for the three issuances this year.

To invest in saving bonds, investors must have an Individual Central Depository (CDP) account.

They can buy a minimum of 500 SGD (350 USD) and a maximum of 50,000 SGD (35,000 USD) for any single issue and hold a maximum of 100,000 SGD (70,000 USD) overall.-VNA