Based 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 offer banking services for lower-income citizens.Following the end of The second world war and the dissolvement of the Straits Settlement, the 1948 Savings Bank Ordinance entered effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and assets divided 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.
Advice With respect to Acquiring Personal Loans In Singapore
If you are planning to take a significant loan, do not ever get a individual loan from a bank a couple of months before the significant loan. This will affect you.
When you take a bank loan for a automobile or house, a key element is your DSR (Debt Servicing Ratio ). This measures exactly what percentage of your income can enter into paying back the real estate or auto loan, including other overheads (e.g. repayment for other individual loans).
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a car loan for your vehicle. It is not a good idea to secure a individual loan for your car or renovation needs. When it concerns banks, particular loans’ rate of interest are lower.
When it pertains to personal 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 greater rate of interest for personal loans. Due to the nature of such personal loans, it is not recommended to take personal loans except for emergency situation situations.
A DSR of 50% indicates your loan payments, plus repayments of any other loans you have, can’t go beyond 50% of your income.Just for referral, a lot of banks enable 40% DSR for a home, and 30% DSR for a automobile.