POSBank
Encyclopedia
POSBank is a brand
Brand
The American Marketing Association defines a brand as a "Name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers."...

 of consumer bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...

ing services offered by DBS Bank
DBS Bank
DBS Bank Ltd is a bank incorporated in Singapore. It was previously known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank....

 in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...

, 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
The Fullerton Hotel Singapore
The Fullerton Hotel Singapore is a five-star luxury hotel located near the mouth of the Singapore River, in the Downtown Core of Central Area, Singapore. It was originally known as The Fullerton Building, and also as the General Post Office Building....

, in Raffles Place
Raffles Place
Raffles Place is a geographical location in Singapore, south of the mouth of the Singapore River. Located in the Downtown Core and the Central Area, it features some of the tallest buildings and landmarks of the country.-History:...

 by the British Government. 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
Goh Keng Swee
Goh Keng Swee was the second Deputy Prime Minister of Singapore between 1973 and 1984, and a Member of Parliament for the Kreta Ayer constituency for a quarter of a century. Born in Malacca in the Straits Settlements into a Peranakan family, he came to Singapore at the age of two years...

, 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
Statutory boards of the Singapore Government
The statutory boards of the Singapore Government are organisations that have been given autonomy to perform an operational function. They usually report to one specific ministry.*Accounting and Corporate Regulatory Authority...

 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
Bras Basah Road
Bras Basah Road is a one-way road in Singapore in the planning areas of Museum and Downtown Core. The road starts at the junction of Orchard Road and Handy Road, at the ERP gantry towards the Central Business District, and ends at the junction of Nicoll Highway and Raffles Boulevard which then...

. 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
DBS Bank
DBS Bank Ltd is a bank incorporated in Singapore. It was previously known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank....

 on 16 November 1998 for S$
Singapore dollar
The Singapore dollar or Dollar is the official currency of Singapore. It is normally abbreviated with the dollar sign $, or alternatively S$ to distinguish it from other dollar-denominated currencies...

1.6 billion; at the same time, ceased to exist as a statutory board under the Ministry of Finance
Ministry of Finance (Singapore)
The Ministry of Finance , is a ministry of the Government of Singapore responsible for administering and regulating financial institutions and structures of the economy of Singapore. It is headed by the Minister for Finance...

. POSBank still operates one of the highest number of bank branches in Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...

, especially in the suburban neighbourhood
Neighbourhood
A neighbourhood or neighborhood is a geographically localised community within a larger city, town or suburb. Neighbourhoods are often social communities with considerable face-to-face interaction among members. "Researchers have not agreed on an exact definition...

s, 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, likewise for POSBank depositors.

Savings

  • POSB Children Development
  • POSBkids Account
  • POSB Passbook Savings
  • MySavings Account

Cards

  • POSB ATM Card
  • POSB GO! Enhanced ATM Card
  • POSB MasterCard Debit
  • POSB Everyday Credit Card
  • POSB Multi-tude Card

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK