POSB Interest Rate Cutted
Friday, 1st January 1982
POSB greeted the new year by cutting its interest to 2 million depositors from 8.5% per year to 7.5%. At the same time, they are lowering the residential property loans by one percentage point to 11.75% per year for loans up to 10 years. For Loans between 11 to 15 years, it was set at 12.25% and 12.75% for above 15 years loan.