While I read that I can start SSB as low as $500 but does it requires monthly contribution?

The minimum is 500 to start, yes. Each month there will be a new ssb issue with different rates, so there's no need to contribute every month unless you intend to buy into a different issue with different coupon rates every time.

Hello! It does not require monthly contribution! 🙂

Every SSB issuance happens every month with,

• Min amount: $500
• Max amount: $100K (in multiples of $500)

*Do note that you might not be allocated the amount that you applied for! Example, you applied to play your $10,000 into SSB, on the results day, you might only be allocated $6,000?

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More Reads:

• Choosing Fixed Deposits or SSB - where you can read more pros and cons of each, and how much interest you should be expecting if you withdraw your SSB early.
• Some additional tips to help hack your SSB game - knowing that SSB interest rate changes every month, how can you as a consumer work around it to better optimise your investment!

Hope this helps. With that, I wish you all the best!