POSB Account Services Centre (For Work Permit Holders)

Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank became part of the Postal Services Department in the Straits Settlements and was established by the colonial federal government to supply banking services for lower-income citizens.Headquartered in the General Post Office Building, in Raffles Location, the bank was under the jurisdiction of the Postmaster-General, with bank policies managed by a group of trustees designated by the Guv of the Straits Settlement. From 1877 to 1940, the bank had a constant development of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars throughout the very same duration.