My First Savings Account (POSB)
Back in 1969, school children participated in a savings scheme by purchase of stamps for sticking onto a card. This card belonged to the Postal Savings Bank. This is the current Post Office Savings Bank (POSB) and now part of DBS. I was in Primary 6 in 1969 and remember that I was excited to be able to save some of my pocket money. In 1972, the balance in the old passbook was transferred to a savings account of POSB. POSB was guaranteed by the government. Since POSB is no longer part of the government in 1998 when DBS acquired POSB, the government guarantee disappeared. Back in 1970s, there was no computerised system to keep track of bank transactions. All entries on the passbook were hand-written neatly. The descriptions in the passbook were in four official languages. My savings was just $19 when I started this passbook, a very small amount by today’s standards. I felt rich when I was growing up. The interest amount was $1.60 and this approximates a return of 8% per annum! This kind of interest was unheard of now. It is amazing that I have been a POSB depositor since when I was just 12 years old. The savings habit continues until now. POSB is an institution with a long history.
