POSB Will Not Be A Commercial Bank

Saturday, 6th August 1983

Singapore Government Made a "U-Turn" about changing POSB to a full commercial bank. As such, Post Office Savings Bank (POSB) will remain a statutory board and keep its tax-free status for savings accounts. And POSB deposits will continue to be guaranteed byh the government.

According to the government statement, the decision was made to the best interest of the public. Earlier in Jan 1983, the POSB announced that the government had allowed it to offer full banking services and it is expected to do it before July 1984. It is reported that Monetary Authority of Singapore (MAS) was proposing that the tax-free status on savings be drop when it went into full commercial banking. MAS claimed that if POSB would give it an unfair advantage over other banks.

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