| POSB – The
Need for a People’s Bank
Do you know …
On 8 July 1966, Post Office Savings Bank (POSB)
officially became an independent savings bank
in Singapore to provide a means for the deposit
of savings, encourage thrift and mobilise domestic
resources for public development. Dr Goh saw
the possibility of tapping the national savings
for projects leading to national development
and called for initiatives to raise the amount
of deposits in the POSB. The POSB was an important
financial resource.
In
1968, a Savings Bank Committee was formed to
encourage Singaporeans to make deposits
with 4% interest that was exempt from income
tax. The habit of saving pocket money was actively
promoted among school children. The domestic
savings were then channeled to finance government
projects, and to assist in Singapore’s
infrastructure development. POSB became an
important financial resource as deposits increased
from $91 million in 1971 to $996 million in
1976. In 1972, the POSB was made a statutory
board within the Ministry of Communications.
Source NAS |
Source: Your National
Savings Bank |
Source: Your National Savings
Bank |
Source: POSB
Collection, NAS |
1 Consultation
Research Bureau, The Post Office Savings
Bank of Singapore: Your National Savings Bank – 100
Years, (Singapore: The Post Office Savings
Bank, 1977), p. 20.
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