Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Provider Department in the Straits Settlements and was established by the colonial government to supply banking services for lower-income citizens.Following completion of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Regulation entered impact and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s possessions and liabilities split in 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 100,000 th depositor.
Recommendation With regards to Taking Personal Loans In Singapore
If you are planning to take a major loan, do not ever secure a personal loan from a bank a couple of months before the significant loan. This will impact you.
A essential element is your DSR (Debt Servicing Ratio)when you take a bank loan for a car or home. This measures exactly what percentage of your earnings can enter into paying back the housing or auto loan, including other overheads (e.g. repayment for other personal loans).
So a DSR of 50% implies your loan payments, plus payments of any other loans you have, can’t exceed 50% of your income.Just for recommendation, the majority of banks allow 40% DSR for a house, and 30% DSR for a cars and truck.
Particular Loans Are Cheaper – Take out a particular loan where you take a renovation loan for your renovation needs and a car loan for your cars and truck. It is not smart to get a personal loan for your cars and truck or renovation requirements. When it pertains to banks, specific loans’ rate of interest are lower.
When it comes to individual loans, they are unsecured where you have nothing to back the loans if you can not pay back the banks. Such loans are riskier for the banks and they have a higher interest rate for personal loans. Due to the nature of such personal loans, it is not a good idea to take individual loans except for emergency situation circumstances.