founded 1877 ; 139 years ago 1877 headquarters singapore key people peter seah lim huat chairman piyush gupta ceo products financial services parent dbs bank website www.posb.com.sg posb bank or posb is a singaporean bank offering consumer banking services and is one of the oldest bank in continuous operation in singapore . established on january 1 1877 as the post office savings bank 1 the bank now operates as part of dbs bank which acquired the institution and its subsidiaries on november 16 1998 . 2 prior to its acquisition the bank was a major public 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 . contents 1 history 1.1 decline and revival 1.2 statutory board new services and facilities 1.3 acquisition by dbs bank 2 banking services 2.1 deposit accounts 2.1.1 savings 2.1.2 current 2.1.3 fixed deposits 2.2 loans and mortgages 2.2.1 credit cards 2.2.2 debit cards 3 see also 4 references 5 external links history edit founded on january 1 1877 as the post office savings bank posb the bank was part of the postal services department in the straits settlements and was set up by the colonial government to provide banking services for lower income citizens . 1 headquartered in the general post office building in raffles place the bank was under the jurisdiction of the postmaster general with bank policies overseen by a group of trustees appointed by the governor of the straits settlement . 3 from 1877 to 1940 the bank had a steady growth of accounts opened increasing from 211 to 57 000 while total deposits increased from 19 862 to 14.3 million straits dollars during the same period . 1 following the end of world war ii and the dissolvement of the straits settlement the 1948 savings bank ordinance came into effect and in 1949 posb was separated from the other post office savings banks in malaya with the bank s assets and liabilities split between singapore and the federated malay states . 4 after the separation from 1949 to 1955 total deposits of the bank increased from m 27.4 million to m 57.6 million and in 1951 the bank had its 100 000th depositor . 1 decline and revival edit reaching it s peak in 1955 the bank had a slow decline from 1957 to 1966 with total deposits falling below the m 50 million mark to m 37.4 million . 5 after singapore s independence in 1965 the country went through a rapid industrialisation programme . to develop the infrastructure of the infant city state then minister for finance goh keng swee set up a savings bank committee was later reconstituted into a permanent advisory committee within the bank to promote domestic savings through posb to provide the government with a non inflationary source of funds for national development . 5 following the recommendations of the savings bank committee withdrawal limits of accounts were raised from s 200 once every seven days to s 500 once every three days longer banking hours exempting interest earned on posb savings accounts from income tax and accepting non romanised signatures for operating accounts . 6 savings competitions were also organised among all government and government aided schools with the incentive of a posb lucky draw to encourage students to open an account with the bank . from 1966 to 1969 the number of new accounts opened increased from 10 596 to 174 506 with deposits totalling s 57.7 million in 1969 . 6 statutory board new services and facilities edit in 1971 it was announced that the bank would become a statutory board under the ministry of communications . the post office savings bank bill was passed in parliament on july 30 1971 and the bank ceased to be a branch of the postal services department in 1972 after the 1971 post office savings bank of singapore act came into effect in that year . 7 in 1974 the bank 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 posb 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 . acquisition by dbs bank edit 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 island wide in posbank branches and vice versa . banking services edit deposit accounts edit savings edit posbkids account posb esavings posb passbook savings account current edit posb current account fixed deposits edit s fixed deposit safe deposit box loans and mortgages edit home loans credit cards edit posb everyday card debit cards edit passion posb debit card posb active card posb go debit mastercard see also edit dbs bank references edit 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 . a b c d consulton research bureau . 1977 . the first hundred years of the post office savings bank of singapore . singapore the post office savings bank pp. 10 11 . call no . rsing 332.22095957 con . retrieved august 22 2016 . singapore statutes online 237 post office savings bank of singapore transfer of undertakings and dissolution act . singapore statues government of singapore . retrieved august 22 2016 . the postmaster general s report for 1877 . 1878 june 8 . the straits times p. 1 . retrieved from newspapersg . retrieved august 22 2016 . singapore . supplement to the laws of the colony of singapore . 1949 . post office savings bank ordinance 1948 ord . 38 of 1948 . singapore s.n. pp. 258 266 . call no . rclos 348.5957 sslcs hwe . retrieved august 22 2016 . a b goh k. s. 1977 . the practice of economic growth . singapore federal publications pp. 8 11 . call no . rsing 330.95957 goh . retrieved august 22 2016 . a b annual report of the singapore post office savings bank 1966 . 1968 . singapore govt . printer call no . rclos 332.22 sin . retrieved august 22 2016 . republic of singapore . government gazette . subsidiary legislation supplement . 1971 december 10 . the post office savings bank of singapore act 1971 s 311 1971 . singapore s.n. pp. 1054 1055 . call no . rsing 348.5957 sggsls . retrieved august 22 2016 . external links edit posbank dbs bank v t e banking in singapore list of banks in singapore ministry of finance monetary authority of singapore local banks bank of singapore1 dbs bank posb bank3 far eastern bank2 the islamic bank of asia defunct 3 oversea chinese banking corporation singapore island bank1 united overseas bank foreign banks qualifying full banks anz bank of china bnp paribas citibank singapore hsbc bank icici bank industrial and commercial bank of china maybank standard chartered state bank of india full banks bangkok bank bank negara indonesia bank of america bank of east asia bank of india the bank of tokyo mitsubishi ufj cimb bank citibank n.a. cr dit agricole corporate and investment bank hong leong bank indian bank indian overseas bank jpmorgan chase mizuho corporate bank rhb bank sumitomo mitsui banking corporation uco bank wholesale banks abn amro agricultural bank of china banco bilbao vizcaya argentaria banco santander bank julius baer morgan stanley bank of communications bank of nova scotia barclays bank bnp paribas wealth management china citic bank china construction bank chinatrust commercial bank commerzbank commonwealth bank of australia cr dit industriel et commercial credit suisse deutsche bank dnb nord bank dz bank ag singapore branch emirates nbd first commercial bank first gulf bank habib bank hsbc private bank suisse ing bank kbc bank korea exchange bank landesbank baden w rttemberg macquarie bank mega international commercial bank national australia bank national bank of kuwait natixis norddeutsche landesbank northern trust portigon qatar national bank rabobank the royal bank of scotland soci t g n rale soci t g n rale bank & trust state street bank and trust company ubs unicredit vtb capital wells fargo bank westpac offshore banks arab bank bank hapoalim bank of baroda bank mandiri the bank of new york mellon bank of taiwan bank sarasin & cie canadian imperial bank of commerce chang hwa commercial bank clearstream banking s.a. cr dit agricole hana bank hang seng bank hsh nordbank hua nan commercial bank korea development bank krung thai bank land bank of taiwan lloyds bank mitsubishi ufj trust and banking corporation nordea bank finland norinchukin bank philippine national bank raiffeisen bank international royal bank of canada shinhan bank siam commercial bank skandinaviska enskilda banken standard bank sumitomo mitsui trust bank svenska handelsbanken toronto dominion bank union de banques arabes et francaises woori bank interbank networks and payment systems atm5 nets ez link 1 subsidiary of ocbc bank . 2 operates under uob s brand name . 3 subsidiary of dbs bank . retrieved from https en.wikipedia.org w index.php title posb bank & oldid 738000410 categories banks of singaporedbs bankcompanies 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