Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Solutions 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 Ordinance entered effect and in 1949, POSB was separated from the other post office savings banks in Malaya, with the bank’s liabilities and properties divided 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.
Tips With regard to Getting Personal Loans In Singapore
Never ever take individual loans 2 to 3 months prior to another major loan. Simply puts, no individual loans if you’re planning to buy a cars and truck, house, etc.
They are unsecured where you have absolutely 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 higher rates of interest for individual loans. Due to the nature of such personal loans, it is not advisable to take individual loans except for emergency scenarios.
A DSR of 50% indicates your loan payments, plus repayments of any other loans you have, cannot go beyond 50% of your income.Just for reference, a lot of banks enable 40% DSR for a house, and 30% DSR for a car.
If you are taking a loan from the bank for a home or automobile, it is important to note your Debt Servicing Ratio which is a step of the percentage of your routine earnings towards the repayment of your cars and truck or house loan.
Particular Loans Are Cheaper – Take out a specific loan where you take a renovation loan for your renovation requirements and a vehicle loan for your vehicle. It is not a good idea to take out a individual loan for your car or renovation requirements. When it pertains to banks, particular loans’ rates of interest are lower.