The origins of the Post Office Savings Bank can be traced back to 1 January 1877 when it was established in the General Post Office Building at Raffles Place by the British colonial government. It languished in the 1950s and was revitalised in the 1960s by then Minister of Finance, Goh Keng Swee, who saw the potential in using national savings for public development as well as to promote a culture of savings and thriftiness. In 1972, the bank was made into a statutory board. By 1976, one million accounts were created with deposits exceeding $1 billion. The name of the bank was changed to POSBank in 1990 after a corporate makeover. It was later acquired by DBS Bank in 1998.
