Post Savings Bank
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POST OFFICE SAVINGS BANK SINGAPORE Annual Report 1986 Contents Highlights Chairman's Statement/2 Hoard of Directors/3 The Year in Brief/4 POSB Services/4 Community Relations/10 Personnel/11 Organisation Structure/12 Financial Statements/13 Changes and Trends/21 Directory of Offices/22 Subsidiary and Associate Companies/25 WE THOUGHT YOU MAY APPRECIATE A COPY OF OUR ANNUAL REPORT AND HOPE YOU WILL FIND IT OF INTEREST POST OFFICE SAVINGS BANK SINGAPORE Highlights of 1986 Number of Number of Savings Accounts Savings Accounts Balances of All Accounts (in Millions) Number of Savings Transactions Interest Credited Number of Cash-On-Line Tellers Number of Current Accounts Number of Giro Standing Orders Total Depositors' 20 Balances (in Millions of S$j 16 12 8 4 Number of Savings Transactions (in Millions) Number of Giro Standing Orders (in Hundred Thousands) •Chairman's each month. A total of 1,756 and government Statement organisations from the departments. The response private and the public to NETS had been I am pleased to report the sectors participate in the encouraging. In fact, the Bank had a satisfying year in salary crediting scheme. This company recorded its $25 1986. Two milestones were has resulted in substantial million sales target in recorded during the year — savings in manpower, August, just seven months savings deposits breached insurance and security costs after its launch. the $10 billion mark, and the for the participating We are pleased that our number of savings accounts organisations. Loss of man- efforts to pave the way to a exceeded 3 million. hours is also minimised as cashless society are showing Although POSB's interest workers do not have to results. We will continue to rates softened in line with queue for their paychecks. focus our efforts on general market trends, Instead, they can withdraw improving cashless payment savings deposits increased by their salaries anytime, from systems. And our aim of 16% to reach $10,559 million 279 Cash-On-Line providing convenient and at the end of the year. Automated Teller Machines efficient customer services Growth was also recorded located all over Singapore. remains unchanged. in the other services, most This convenient service has In this regard, I would significantly in services remained popular since its like to record my which contribute to a introduction in December appreciation to the staff of reduction in the volume of 1979. For 1986, the number POSB for their diligence and cash transactions. of cardholders increased by commitment in making I must make reference to 17% to 883,000. Together, banking convenient and the continuing impact of they conducted over 27 pleasant. POSB's electronic banking million transactions last 1986 also saw the services which we have year. This was a 35% retirement of Dr Toh Peng actively promoted in support increase over the previous Kiat, Mr Chan Sek Keong, of the national drive to year. As at end June, 1987, Mr Lee Hock Ley and Mr conserve manpower POSB is servicing 946,000 Ng Kiat Chong from the resources and increase cardholders. We expect that, Board. I wish to express my productivity. And these at the current rate of growth, appreciation for their advice were the services which we should issue our one and contribution to the recorded the most significant millionth card before the end POSB. We welcome Dr growth. of this year. Wang Kai Yuen and Mr GIRO payment service— Another popular cashless Chao Hick Tin who were an electronic funds transfer service, the POSB Current appointed to the Board in payment system, for Accounts, attracted over February 1987. example, saw a 57% jump in 129,000 account holders. the number of standing In January 1986, the orders, to a record 1.34 Network for Electronic million. Transfers (NETS), a joint And today, more than venture between POSB and 500,000 salary credits are four local banks, DBS Bank, made to POSB accounts OCBC, OUB and UOB, Chua Kim Yeow launched EFTPOS. To date, Executive Chairman, POSB 801 NETS terminals have June 1987 been installed at 344 outlets throughout the island, covering supermarkets, retail stores, petrol stations Board of Directors Mr Chua Kim Yeow Mr Hsuan Owyang Executive Chairman Deputy Chairman Mr Lee Ek Tieng Mr Thai Chee Ken Dr Wang Kai Yuen Mr Chao Hick Tin • The Year In Brief The interest rates during the year were: • Savings Accounts Number of Accounts The number of savings accounts with the bank reached 3.1 million at the end of 1986 — an increase of 189,000 or 6.6% over 1985. Depositors' Balances Total balances standing to All interest earned is exempt the credit of depositors from income-tax. increased 15.7% during the year, from $9,129 million to • Current Accounts $10,559 million. The number of current accounts reached 114,000 at Deposits and Withdrawals the end of 1986. This was an Deposits received during the increase of 34% over the year totalled $12,084 previous year. million. Withdrawals amounted to $11,047 • GIRO Standing Orders million. The net deposit The Bank's GIRO service inflow was $1,037 million. registered a 57% increase. The number of standing Transactions Handled orders at year end was 1.34 The number of transactions million. handled rose from 42 million in 1985 to 55 million in 1986. • POSB Services Cash Turnover • Branch Network The Bank handled a cash New Branches turnover of $23,131 million, Seven new branches were a 13.2% increase over 1985. opened during the year. Savings bank counters at Interest Credited and three post offices were Accrued replaced by new and better- Interest credited and equipped branches near accrued to depositors' these post offices. By the end of the year, the Bank The POSB touches the accounts totalled $416.7 had 137 outlets throughout lives of almost every million, a reduction of $27.9 the Republic. Singaporean. million or 6.3% over the previous year. By the end of 1986, the Principal Branches number of savings Interest Rates The Jurong and Raffles City accounts reached 3.1 In line with prevailing branches, both Principal million, an increase of market conditions, the Bank Branches, opened on 189,000 or 6.6% over reduced its interest rates on February 3 and December 29 1985. four occasions during the respectively. There were 21 year. Principal Branches at the end of the year. The full range of POSB services are available at these branches as well as higher withdrawal limits of up to $10,000 in cash and $50,000 by cheque. Principal Branches also accept and process applications for renovation and housing loans. Longer Banking Hours Banking facilities on Saturday afternoons were available at 20 branches. Nine branches located in selected department stores, supermarkets and housing estates offered personalised night banking services up to 7.00 pm. • Cashless Services POSB has been actively supporting the national drive to reduce cash transactions to conserve manpower resources. During the year the Bank continued to promote services that facilitate cashless payments. Beginning with the Salary The Jurong Branch, Crediting Scheme, workers a principal branch, are paid monthly through in operation from 3.2.86, their POSB accounts. They with higher withdrawal can then pay their household limits of $10,000 in cash bills through GIRO or and $50,000 by cheque. POSBLine, or by a POSB cheque. Or they can use their Cash-On-Line cards instead of cash to pay for purchases where NETS point-of-sale terminals are installed. And when they need to draw on their salaries, they can do so through an extensive network of Automated Teller Machines. Raffles City Branch — 1 of the 2 principal branches opened in 1986, offering savings accounts with higher withdrawal limits, the current accounts facility, sale of Travellers' Cheques and US$ Bank Drafts. Salary Crediting Scheme At the year's end, 532,000 salary credits were being made to POSB accounts. A total of 1,756 companies participated in the Scheme. Current Accounts The POSB Current Accounts facility continued to be popular. The number of accounts increased 34% to 114,000 accounts. This is due largely to its attractive features. No introducer is required and depositors can apply for the current accounts facility at 78 outlets. Current account holders need not maintain a minimum balance in their accounts and hence no service charge is imposed. POSBLine This telephone banking service enables subscribers With the Giro payment to make account balance service, payment is enquiries, request for effected through computer cheque books, transfer funds tapes. between their savings and The Giro payment service current accounts and make is becoming so much a electronic payments to 17 part of our lives that by billing organisations. Among end 1986, there were 1.34 the organisations million Giro standing participating in the scheme orders. are the Public Utilities Board, Telecoms, Income and Property Tax Divisions and the Jurong Town Corporation. Subscribers can also donate to the Community Chest of Singapore through POSBLine. NETS, an electronic funds transfer at point-of-sale system, allows the payment of purchases at supermarkets and retail stores with the use of a Cash-On-Line card. By August 1986, seven months after the launch of NETS, a transaction value of $25 million was reached. GIRO Payment Service Cardholders conducted 27 In line with the drive for million transactions, a 35% cashless transactions, Multi- increase over the previous Revenue Collection Centres year. In response to were closed in phases. This changing demand, the Bank gave a boost to the Bank's re-sited some of its GIRO payment service Automated Teller Machines. which registered a 57% increase in standing orders Travellers' Cheques to 1.34 million by the end of The sale of travellers' 1986.