When did the Post Office Savings Bank start?

Post Office Savings Banks were opened in 1882.

When was POSB established?

1877
The Post Office Savings Bank (POSB) was established by the British colonial government in 1877 to provide banking facilities for lower-income groups. Following Singapore’s separation from Malaysia in 1965, control of the POSB was transferred to the Postmaster-General of Singapore in 1966.

Why did the post office stop banking?

The government passed legislation requiring it to stop accepting deposits on July 1, 1967, and to transfer remaining deposits (approximately $50 million) to a claims fund of the United States Treasury.

When did POSB merge DBS?

July 1998
The Post Office Savings Bank was renamed as POSBank in March 1990. On 24 July 1998, the Ministry of Finance announced the acquisition of POSBank by DBS Bank, which was fully acquired 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.

Does the post office savings bank still exist?

The Bank and National Savings remained a popular Post Office institution and are still in operation today.

What are Post Office Savings Bank?

The post office savings account is a deposit scheme provided by the post office throughout India. The account provides a fixed interest rate on the account balance. It is a beneficial scheme for individual investors who wish to earn a fixed rate of interest by investing a significant portion of their financial assets.

What is the difference between DBS and POSB?

The difference between POSB and DBS POSB and DBS started out as different banks. POSB was then acquired by DBS on 16 November 1998. POSB chose to keep its identity, but it is still a subsidiary of DBS. This allows you to use services from both banks together.

Is POSB savings same as DBS?

Is DBS Savings same as POSB savings? If you are looking for personal savings accounts, you will be able to apply for either DBS savings accounts if you are an existing POSB customer and vice versa. The terms and conditions, interest rates, and mechanics of the accounts will be the same.

What are post office savings banks?

Does the post office have a bank account?

Post Office ISAs are provided by OneFamily. Savings in Post Office cash ISAs are deposited with Bank of Ireland UK. All other Post Office savings accounts are provided by Bank of Ireland UK.

What’s the difference between POSB and DBS?

Why did DBS merge with POSB?

DBS acquires POSB We acquired POSB, a move in line with the government’s call for local banks to merge so as to create fewer, but larger and stronger banks that are able to compete on the international stage.