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Wednesday, September 19, 2007

POSB Disappearing from Kim Seng Road

I was disappointed when I went back to the POSB (Post Office Saving Bank) and they were no longer available at Kim Seng Road, Tiong Bahru in Singapore around 2007.

Many things brought back lots of fond memories for me.

I remembered how much a part of life POSB was for me since I know how to save money by collecting stamps on the saving book.  I grow up with the "Thumb Print" Post Bank Saving Book.

Banking through POSB, the "Key" logo was in my childhood memory and I still remembered how much I enjoyed the coin saving experience.

Now the convenience of having the POSB within mins of walking distance is no longer available. Our POSB within Tiong Bahru Market vacinity is moved and relocate on Ground level at Tiong Bahru Plaza. 

I think most of the residents in Tiong Bahru Estate will miss it, especially the hawkers with a lot of cash to deposit daily will miss it even more!

Here is some backgroup on POSB I found on the web at

The history of the bank dates back to 1 January 1877. The British Government established the Post Office Savings Bank in the General Post Office Building in Raffles Place. In 1951, its number of depositors hit the 100 000th mark. It grew until its peak in 1955 and languished thereafter.

In the mid-sixties, the Post Office Savings Bank, as POSBank was then called, was part of the Postal Department.

It was Dr Goh Keng Swee, the then Minister for Finance, who helped to revitalise the bank. He saw the potential in tapping the national savings for the development of the infrastructure in Singapore.

On 1 January 1972, the Bank was made a Statutory Board, under the care of the Ministry of Communications. Its two principal functions under the Post Office Savings Bank Act of 1971 were:

1. To carry on the general business of a savings bank and to promote saving and encourage thrift
2. To mobilise domestic savings for the purpose of public development.

The Bank commissioned Mr William Lee to design its logo in 1972.

In 1974, responsibility for the Bank was transferred to the Ministry of Finance. In the same year, the Bank set up a subsidiary, Credit POSB Pte Ltd, to tap into the housing market.

In 1976, the number of accounts hit the one millionth mark. In the same year, deposits crossed the S$1 billion mark.

In 1980, it introduced the Passcard, and the Principal Branch. In 1981, its first Cash-On-Line ATM machine opened at Newton Branch.

In 1983, its eight-storey headquarters, POSBank Centre, at Bras Basah Road was completed.

In 1984, the Bank introduced its current account facility. In 1986, deposits crossed the S$10 billion mark.

It changed its name to POSBank in March 1990. In 1996, it won the National Productivity Award conferred by the National Productivity Board.

It introduced the Electronic Share Application to let its depositors apply for Initial Public Offering (IPO) shares.

In November 1998, it was acquired by DBS Bank.
Source of above information:

Dexterine Ho
Revised with Labels (Tags) and some new information on 30 Sept 2011