Founded 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 federal government to offer banking services for lower-income citizens.Following completion of World War II and the dissolvement of the Straits Settlement, the 1948 Savings Bank Regulation came into effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and assets 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 Getting Personal Loans In Singapore
If you are taking a loan from the bank for a home or vehicle, it is very important to note your Debt Servicing Ratio which is a procedure of the portion of your regular income towards the payment of your vehicle or home loan.
So a DSR of 50% suggests your loan repayments, plus payments of any other loans you have, can’t go beyond 50% of your income.Just for reference, most banks permit 40% DSR for a house, and 30% DSR for a vehicle.
Do not ever take out a personal loan from a bank a couple of months prior to the significant loan if you are preparing to take a significant loan. This will impact you.
Specific Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation needs and a auto loan for your cars and truck. It is not smart to secure a individual loan for your vehicle or renovation needs. When it concerns banks, particular loans’ interest rates are lower.
They are unsecured where you have nothing to back the loans if you can not repay the banks when it comes to personal loans. Such loans are riskier for the banks and they have a greater rates of interest for individual loans. Due to the nature of such individual loans, it is not recommended to take personal loans except for emergency circumstances.