POSB Bank

POSB Bank

Type	Subsidiary
Industry	Banking
Founded	1 January 1877
Headquarters	Singapore
Key people	Peter Seah, Chairman Piyush Gupta, CEO
Products	Financial Services
Parent	DBS Bank
Slogan	Neighbours first, Bankers second
Website	www.posb.com.sg

POSB Bank (or POSB) (Chinese: 邮政储蓄银行) is a brand of consumer banking services offered by DBS Bank in Singapore, after it was acquired by the latter in November 1998. Prior to this, it was a major public bank which began life as the Post Office Savings Bank, offering low-cost banking services to Singaporeans. DBS Bank attempts to continue this tradition by promising to keep costs low for basic savings accounts, and to exempt children, full-time students below the age of 21 years and full-time National Servicemen from bank charges.

History

The Post Office Savings Bank, part of the Postal Services Department (prior to independence) was established on 1 January 1877 in the General Post Office Building, in Raffles Place by the British Colonial Government in Singapore.^[1] The bank had a relatively glorious past; by 1951, the bank had its 100,000th depositor, and followed a slow decline after the reaching its peak in 1955.

It was only after independence when the then Minister for Finance, Goh Keng Swee, who rediscovered the potential of the bank to develop the infrastructure of the infant city-state.

In 1972, the Post Office Savings Bank, or commonly referred as the POSB or POSBank by then, was made a statutory board under the Ministry of Communications. Prior to the consolidation, the Post Office Savings Bank Act of 1971 was passed to govern the structure and operational efficiency of the bank. In 1974, POSBank was transferred to become part of the Ministry of Finance; Credit POSB Pte Ltd was established in the same year to provide custom-tailored loans relating to HDB housing ownership.

By 1976, POSBank had one million depositors, while deposits crossed the S$1 billion mark. In 1980, it introduced the Passcard, and set-up the Principal Branch. In 1981, its first Cash-On-Line ATM opened at the Newton Branch. In 1983, its headquarters were shifted to the new 8-storey complex, the POSBank Centre at Bras Basah Road. In 1984, the current account facility was introduced, and by 1986, deposits crossed the S$10 billion mark.

The Post Office Savings Bank was renamed as POSBank in March 1990. It was subsequently fully acquired by DBS Bank on 16 November 1998 for S$1.6 billion; at the same time, ceased to exist as a statutory board under the Ministry of Finance. POSBank still operates one of the highest number of bank branches in Singapore, especially in the suburban neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches and vice versa.

Banking services

Deposit accounts

Savings

• POSBkids Account
• POSB eSavings
• POSB Passbook Savings Account

Current

• POSB Current Account

Fixed Deposits

• S$ Fixed Deposit
• Safe deposit box

Loans and Mortgages

Home Loans

• POSB HDB Loan
• POSB Home Loan 2+2

Personal

• POSB Loan Assist
• POSB Further Study Assist

Cards

Credit Cards

• POSB Everyday Card

Debit Cards

• PAssion POSB Debit Card
• POSB ACTIVE Card
• POSB GO! Debit MasterCard
• POSB Multi-tude Card

See also

• DBS Bank

References

• National Heritage Board (Singapore) (2006). "POSBank". In Tommy T.B. Koh et ali. Singapore: The Encyclopedia. Singapore: Editions Didier Millet. p. 419. ISBN 981-4155-63-2. 

External links

• POSBank
• DBS Bank
• DBS Bank acquisition of POSBank

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