POSB Bank Singapore

POSB Bank Singapore, POSB Bank (or simply known as POSB) is a Singaporean bank offering consumer banking services and is the oldest bank in continuous operation in Singapore. Established on January 1, 1877 as the Post Office Savings Bank, the bank now operates as part of DBS Bank, which acquired the institution and its subsidiaries on November 16, 1998.[

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.


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.[ 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. 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. 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.

Decline and revival

Reaching its 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. 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



Banking services

Deposit accounts

Savings

  • POSBkids Account
  • POSB Savings
  • POSB Passbook Savings Account

Current

  • POSB Current Account

Fixed Deposits

  • S$ Fixed Deposit
  • Safe deposit box

Loans and Mortgages

  • Home loans

Credit Cards

  • POSB Everyday Card

Debit Cards

  • PAssion POSB Debit Card

POSB Branches in Singapore

Branch NameAddressWorking Hours
Eunos Station Branch30 Eunos Crescent #01-01 Eunos MRT Station Singapore 409423 Mon – Fri: 8.30 AM – 8.30 PM Sat – Sun: 8.30 AM – 3.00 PM
Heartland Mall BranchBlk 205 Hougang Street 21 #03-00 Heartland Mall Singapore 530205 Mon – Sat: 11:00 AM – 7:00 PM
Hougang Central BranchBlk 805 Hougang Central #01-102/104 Singapore 530805 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
ITE College Central Branch2 Ang Mo Kio Drive Blk A #01-10 Singapore 567720 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Jurong East Central Branch21 Jurong Gateway Road #01-03 CPF Jurong Building Singapore 608546 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Jurong Point Branch1 Jurong West Central 2 #B1-20 Jurong Point Shopping Centre Singapore 648886 Mon – Sat: 11.00 AM to 7.00 PM Close on Sundays and Public Holidays
Jurong West BranchBlk 501 Jurong West Street 51 #01-279/281 Singapore 640501 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Kampong Ubi BranchBlk 301 Ubi Avenue 1 #01-257 Singapore 400301 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Marine Parade BranchBlk 83 Marine Parade #01-584/586 Singapore 440083 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Nanyang Estate BranchBlk 960 Jurong West Street 92 #01-174 Singapore 640960 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Nee Soon South Branch30 Yishun Street 81 #01-04 Nee Soon South Community ClubMon – Fri: 8.30 AM – 4.30 PM Sat: 8.30 AM – 1.00 PM
Newton Branch135 Bukit Timah Road Newton Building Singapore 229837 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
Ngee Ann City Branch391 Orchard Road #04-15 Ngee Ann City Singapore 238872 Mon – Sat: 11:00 AM – 7:00 PM
Pasir Ris East BranchBlock 442 Pasir Ris Drive 6 #01-32/34 Singapore 510442 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM
POSB Compass One Branch1 Sengkang Square #02-05/06 Compass One Mall Singapore 545078 Mon – Sat: 11.00 AM – 7.00 PM
Potong Pasir Branch6 Potong Pasir Ave 2 #01-02, Potong Pasir Community Centre Singapore 358361 Mon – Fri: 8:30 AM – 4:30 PM Sat: 8.30 AM – 1.00 PM

POSB Customer Care Helpline Numbers

HotlineWorking HoursPhone Number
POSB Online Banking Hotline24 Hours1800 339 6666
Personal Banking24 Hours1800 747 7000 Overseas – 65 6747 7000
Corporate & Institutional BankingMonday to Friday – 9 AM to 6 PM65 6876 0888

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POSB Credit Card Hotline and Commercial Banking Numbers

HotlineWorking HoursPhone Number
Credit Cards24 HoursLocal – 1800 111 1111
Business BankingMonday to Friday – 9 AM to 6 PM1800 339 6666
Commercial BankingMonday to Friday – 9 AM to 6 PM65 6245 8811
Report lost/stolen credit cardNot Available1800 339 6963 Overseas – + (65) 6339 6963

How do you change your credit card PIN with POSB?

You can change your POSB credit card PIN in two ways:

Through the Mobile Application: Changing the PIN through the mobile App is the most convenient way to change your credit card PIN. All you have to do is to enter your credentials to verify your identity.

How do you change your phone number with POSB?

In order to change your telephone number, you need to visit the nearest POSB branch and fill out an application form. Before you fill out the form, you will need to confirm your identity details in order for the bank to verify your details. The bank usually takes about four to five working days to activate your mobile number. Also check for POSB iBanking Service to learn more.

What is meant by priority banking?

Priority banking is a specific branch of banking, largely connected with consumer banking. The bank recognises certain individuals, who are usually above average in their net worth, and provide them with services that would make banking more convenient than before. As such, customers are allowed to apply for priority banking services and these kind of services are closely connected with wealth management.