Retail government bonds in South Africa: how much individuals hold and what is on sale
Short answer: Individuals in South Africa hold ZAR 21.9 billion of RSA Retail Savings Bonds as of 31 March 2025, 0.43% of total domestic debt. South Africa ranks tenth by this share among the 13 countries for which an official source gives both the amount and the debt. The amount grew from ZAR 8.6 billion on 31 March 2021 to ZAR 21.9 billion on 31 March 2025. The broader retail line of the domestic bond schedule, which also includes other retail facilities, is larger: ZAR 29.6 billion on 31 December 2025 and ZAR 30.4 billion on 30 September 2026.
How has it changed?
| Date | Amount | Share of debt |
|---|---|---|
| 31 March 2021 | 8.6 bn ZAR | not given |
| 31 March 2022 | 10.9 bn ZAR | not given |
| 31 March 2024 | 19.6 bn ZAR | not given |
| 31 March 2025 | 21.9 bn ZAR | 0.43% of total domestic debt |
Amount outstanding at the end of each fiscal year (31 March). Source: National Treasury, Debt Management Reports. File: obieg-szereg.csv.
Every figure for South Africa in the dataset
Each row is one figure as published in an official source, with what it covers. Class A is a programme sold only to individuals; class C counts all government securities that households hold, with no retail programme; class X is a broader line or one that includes deposits, so it is never added to the A rows it contains.
| Programme | What it covers | Class | Amount | As of | Share of debt |
|---|---|---|---|---|---|
| Retail debt line of the domestic bond schedule (broader than RSA Retail Savings Bonds) | Treasury's Retail Bonds line: RSA Retail Savings Bonds plus other retail facilities (e.g. the GEHS savings facility); equals the Retail row of DMR Table 11 (R30.2 bn at 31.03.2025) | X | 30.4 bn ZAR | 2026-09-30 | 0.59% |
| RSA Retail Savings Bonds | conventional retail savings bonds (fixed-rate and inflation-linked) | A | 21.9 bn ZAR | 2025-03-31 | 0.43% |
- Retail debt line of the domestic bond schedule (broader than RSA Retail Savings Bonds): share of South African domestic bond portfolio only (excludes T-bills, loans and foreign debt); valuation: as in the bond schedule (nominal; inflation-linked bonds in the total revalued by reference CPI).
- RSA Retail Savings Bonds: share of South African total domestic debt by instrument (DMR Table 11); valuation: not stated.
How South Africa compares
An official source gives the amount of government bonds sold to individuals in 16 countries; for 13 of them it also gives the debt, so we can compute a share. The figures are not fully comparable: each country measures its debt differently, and the class column above says what the amount covers.
| Country | Amount | As of | Share of debt |
|---|---|---|---|
| Hungary | 12,542.1 bn HUF | 2026-09-30 | 18.51% |
| Portugal | 45.4 bn EUR | 2026-09-30 | 14.44% |
| Poland | 194.4 bn PLN | 2026-08-31 | 8.64% |
| Ireland | 19.4 bn EUR | 2025-12-31 | 8.36% |
| Italy | 112.6 bn EUR | 2026-09-30 | 4.16% |
| Czechia | 130.7 bn CZK | 2026-09-30 | 3.53% |
| Latvia | 503 m EUR | 2026-09-30 | 2.20% |
| Spain | 26.0 bn EUR | 2026-08-31 | 1.73% |
| Austria | 5.4 bn EUR | 2025-12-31 | 1.73% |
| South Africa | 21.9 bn ZAR | 2025-03-31 | 0.43% |
| United States | 145.2 bn USD | 2026-10-31 | 0.36% |
| Belgium | 1.6 bn EUR | 2026-06-30 | 0.29% |
| Canada | under 0.05 bn CAD | 2025-03-31 | 0.00% |
| United Kingdom | 139.6 bn GBP | 2026-03-31 | not given |
| Singapore | 20.2 bn SGD | 2026-11-02 | not given |
| Brazil | 279.3 bn BRL | 2026-09-30 | not given |
What is on sale today
- Inflation-Linked Retail Savings Bonds (inflation + margin)
- Fixed Rate Retail Savings Bonds (fixed)
Sales: continuously; inflation-linked since Jul 2007 (programme since May 2004), new rate every six months. We checked this on the issuer’s page, rsaretailbonds.gov.za, on 25 October 2026.
Margin over inflation
The state sets a new rate for new purchases every six months. Someone buying the 10-year inflation-linked bond in the window from June 2026 gets CPI plus 4.75%, fixed until maturity. The highest margin since July 2007 was 5.75% (window from June 2025). The table shows the latest windows; all 38 are in marze.csv.
| Series | On sale from | Matures | Margin over CPI |
|---|---|---|---|
| 10-year inflation-linked | June 2026 | after 10 years | 4.75% |
| 10-year inflation-linked | December 2025 | after 10 years | 5.00% |
| 10-year inflation-linked | June 2025 | after 10 years | 5.75% |
| 10-year inflation-linked | December 2024 | after 10 years | 5.25% |
| 10-year inflation-linked | June 2024 | after 10 years | 5.50% |
| 10-year inflation-linked | December 2023 | after 10 years | 5.25% |
| 10-year inflation-linked | June 2023 | after 10 years | 5.25% |
| 10-year inflation-linked | December 2022 | after 10 years | 5.00% |
| 10-year inflation-linked | June 2022 | after 10 years | 4.00% |
| 10-year inflation-linked | December 2021 | after 10 years | 4.50% |
| 10-year inflation-linked | June 2021 | after 10 years | 4.00% |
| 10-year inflation-linked | December 2020 | after 10 years | 4.75% |
Source: the issuer’s documents for each series. File: marze.csv.
Sources
- National Treasury (RSA): Schedule of domestic government bonds as at 30 September 2026 (read on 7 November 2026)
- National Treasury (RSA): Schedule of domestic government bonds as at 31 December 2025 (read on 7 November 2026)
- National Treasury (RSA): Debt Management Report 2024/25 (RP 373/2025), section Retail savings bonds and Table 11 Composition of domestic debt by instrument (read on 7 November 2026)
- National Treasury (RSA): Debt Management Report 2021/22, section Retail savings bonds (read on 7 November 2026)
- Issuer’s page for individuals: https://www.rsaretailbonds.gov.za/ (checked on 25 October 2026)
Data and citation
Every number on this page comes from our open dataset on government savings bonds for individuals in 195 countries (CC BY 4.0, DOI 10.5281/zenodo.23638786 for all versions; the citation below gives the DOI of this version). Files for South Africa and the other countries: obieg.csv, obieg-szereg.csv, obieg-zrodla.csv, produkty.csv and marze.csv (column names in Polish, described on the dataset page).
Błażewski, R. (2026). Government savings bonds for individuals in 195 countries (version 2026-11-13) [Data set]. obrotomierz.pl. https://doi.org/10.5281/zenodo.24168443
Frequently asked questions
How much do individuals hold in South Africa’s retail government bonds?
Individuals in South Africa hold ZAR 21.9 billion of RSA Retail Savings Bonds as of 31 March 2025, 0.43% of total domestic debt. South Africa ranks tenth by this share among the 13 countries for which an official source gives both the amount and the debt. The amount grew from ZAR 8.6 billion on 31 March 2021 to ZAR 21.9 billion on 31 March 2025. The broader retail line of the domestic bond schedule, which also includes other retail facilities, is larger: ZAR 29.6 billion on 31 December 2025 and ZAR 30.4 billion on 30 September 2026.
Can individuals buy government bonds directly in South Africa?
Yes. South Africa sells Inflation-Linked Retail Savings Bonds (inflation + margin) and Fixed Rate Retail Savings Bonds (fixed). Sales: continuously; inflation-linked since Jul 2007 (programme since May 2004), new rate every six months. The issuer’s page is rsaretailbonds.gov.za.
What margin over inflation do South Africa’s retail bonds pay?
The state sets a new rate for new purchases every six months. Someone buying the 10-year inflation-linked bond in the window from June 2026 gets CPI plus 4.75%, fixed until maturity. The highest margin since July 2007 was 5.75% (window from June 2025). The table shows the latest windows; all 38 are in marze.csv.
Other countries
- Retail government bonds in Hungary
- Retail government bonds in Portugal
- Retail government bonds in Ireland
- Retail government bonds in Italy
- Retail government bonds in Czechia
- Retail government bonds in Austria
- Retail government bonds in the United States
- Retail government bonds in the United Kingdom
- Retail government bonds in Spain
- What all 195 countries sell to individuals
By Rafał Błażewski, obrotomierz.pl. Amounts and debt figures as published in the official sources listed above; shares calculated by us. We show who sells what and do not recommend any product; we earn nothing from government bonds.