Bond takes over the head coaching reins from JP Duminy, who is now working with Cricket South Africa (CSA) as batting coach for the Proteas' white-ball teams.
The 48-year-old Bond previously worked on the coaching staff of the Mumbai Indians, helping the franchise lift four titles in nine seasons in the Indian Premier League (IPL).
He said: "It is a new challenge for me personally to be heading to the SA20, but what gives me the belief is the strong squad we have been able to assemble for the upcoming season.
"We have so much experience and immense potential in our ranks, which makes me excited to join the group in January and work towards achieving our target of lifting the trophy."
The Royals were semifinalists in the inaugural season of the SA20, going to down to the Pretoria Capitals in their last-four clash.
The second edition of the SA20 kicks off on 10 January 2024 when defending champions Sunrisers Eastern Cape host Joburg Super Kings.