POSB 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.
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. 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. 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$57.7 million in 1969
- POSBkids Account
- POSB Savings
- POSB Passbook Savings Account
- POSB Current Account
- S$ Fixed Deposit
- Safe deposit box
Loans and Mortgages
- Home loans
- POSB Everyday Card
- PAssion POSB Debit Card
POSB Branches in Singapore
|Branch Name||Address||Working Hours|
|Eunos Station Branch||30 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 Branch||Blk 205 Hougang Street 21 #03-00 Heartland Mall Singapore 530205||Mon – Sat: 11:00 AM – 7:00 PM|
|Hougang Central Branch||Blk 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 Branch||2 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 Branch||21 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 Branch||1 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 Branch||Blk 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 Branch||Blk 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 Branch||Blk 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 Branch||Blk 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 Branch||30 Yishun Street 81 #01-04 Nee Soon South Community Club||Mon – Fri: 8.30 AM – 4.30 PM Sat: 8.30 AM – 1.00 PM|
|Newton Branch||135 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 Branch||391 Orchard Road #04-15 Ngee Ann City Singapore 238872||Mon – Sat: 11:00 AM – 7:00 PM|
|Pasir Ris East Branch||Block 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 Branch||1 Sengkang Square #02-05/06 Compass One Mall Singapore 545078||Mon – Sat: 11.00 AM – 7.00 PM|
|Potong Pasir Branch||6 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
|Hotline||Working Hours||Phone Number|
|POSB Online Banking Hotline||24 Hours||1800 339 6666|
|Personal Banking||24 Hours||1800 747 7000 Overseas – 65 6747 7000|
|Corporate & Institutional Banking||Monday to Friday – 9 AM to 6 PM||65 6876 0888|
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POSB Credit Card Hotline and Commercial Banking Numbers
|Hotline||Working Hours||Phone Number|
|Credit Cards||24 Hours||Local – 1800 111 1111|
|Business Banking||Monday to Friday – 9 AM to 6 PM||1800 339 6666|
|Commercial Banking||Monday to Friday – 9 AM to 6 PM||65 6245 8811|
|Report lost/stolen credit card||Not Available||1800 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.