POSB Boon Lay Branch

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.Headquartered in the General Post Office Structure, in Raffles Place, the bank was under the jurisdiction of the Postmaster-General, with bank policies supervised by a group of trustees selected by the Governor of the Straits Settlement. From 1877 to 1940, the bank had a consistent growth of accounts opened increasing from 211 to 57,000 while overall deposits increased from 19,862 to 14.3 million Straits dollars during the very same period.