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In the last year of his presidency, Ong found out, through the newspapers, that the government aimed to submit a bill to Parliament to sell the Post Office Savings Bank to The Development Bank of Singapore Limited. The POSB was a government statutory board whose reserves were under the president's protection; the move according to Ong, was ...
Savings competitions were also organised among all public and government-aided schools to encourage students to open an account with the bank. From 1966 to 1969, the number of accounts opened increased from 10,596 to 174,506 with deposits totaling S$57.7 million in 1969.
Hence, fixed deposits became the preferred choice for Singaporeans to store their savings as they offer relatively higher interest rates as compared to an average savings account and yet are covered by Singapore's deposit insurance up to a maximum of $100,000 for each bank or finance company. SSBs are completely covered by government guarantee ...
The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing [3] needs in Singapore.
The Government and each of the fifth schedule entities manage a portfolio of reserves under their charge for the benefit of the Government. These entities are divided into two parts where Part 1 of the fifth schedule comprise Key Statutory Boards that were created from and managed according to a statute passed by Parliament such as the Housing and Development Board whereas Part 2 contains ...
ING offers branchless banking with operations in Australia, Italy, Spain, Germany and Austria. It offers services over the counter, web, phone, ATM or by mail. The service concentrates on simple interest-bearing savings accounts for retail customers. Originally created as ING Direct, these branches were renamed [49] to ING between 2017 and 2019.
Singapore's debts are under the responsibility of MAS. As of 2022, the Singapore Government debt exceeds the country's GDP at about 150%. However, these are not net debts, but gross external debts, which can be traced to the debt liabilities in Singapore's banking sector—a reflection of the country's stature as a major global financial hub.
In October 2009, OCBC acquired ING Asia Private Bank as a result of ING's restructuring plan, following a government bailout of ING Group in 2008, [6] due to the financial crisis in the late 2000s. After completed the acquisition, Bank of Singapore was launched on 29 January 2010 from the combination of ING Asia Private Bank and OCBC Private Bank.