POSB launches Save-As-You-Serve programme to recognise contributions of national servicemen
Offers national servicemen a variety of benefits under programme, including an attractive interest rate of 2% p.a. on NSF’s monthly contribution in their savings accounts
For a start, POSB will give NSFs a headstart in their savings journey by offering an attractive interest rate of 2% per annum on their monthly contribution in their “POSB SAYS” account opened with the bank for the entire duration of their full-time national service period.
The “POSB SAYS” programme consists of a regular savings account that deducts a stipulated amount (available for amounts between SGD50 to SGD3,000) from a NSF’s DBS/POSB account where his NS allowance has been credited. Through this programme, POSB continues to inculcate the value of thrift by encouraging NSFs to cultivate a habit of setting aside a portion of their salary as savings.
Currently, over 85% of NSFs bank with DBS/POSB and NSFs simply have to add a “POSB SAYS” account online at www.posb.com.sg/says. POSB will also be offering a SGD30 cash gift to NSFs who sign up before August 31, which will be credited to their HomeTeamNS-PAssion-POSB Debit Card and SAFRA DBS Debit Card.
NSFs will also enjoy a 2% rebate on all local contactless spends made on their HomeTeamNS-PAssion-POSB Debit Card and SAFRA DBS Debit Card respectively. Other benefits under “POSB SAYS” include discounts at over 1,800 merchants islandwide when members pay with their HomeTeamNS-PAssion-POSB Debit Card or SAFRA DBS Debit Card.
Said Mr. Jeremy Soo, Managing Director & Head of Consumer Banking Group (Singapore), DBS Bank, “As a key institution in Singapore, POSB serves Singaporeans from all walks of life. This includes the young, families, seniors and the community at large. Through our various initiatives, we have always been supportive of our national servicemen and we really want to express our appreciation to them for their significant contribution to the nation. The ‘POSB Save-As-You-Serve’ programme will also give our full-time national servicemen a headstart in their savings journey, as they are amongst the first group of Singaporeans to enter the workforce. All HomeTeamNS and SAFRA members can also look forward to an enhanced suite of exclusive benefits, bringing about greater value and convenience to them.”
Said Mr. Desmond Lee, Senior Minister of State, Ministry of Home Affairs and Ministry of National Development, and President of HomeTeamNS, “I am heartened to know that many companies share our vision to recognise our NS community and have partnered HomeTeamNS and SAFRA to introduce new benefits to our members. Under the “Save-As-You-Serve” (SAYS) initiative, POSB will give NSFs a head-start in their savings journey by offering an attractive 2% per annum on their POSB SAYS accounts opened with the bank for the entire duration of their full-time national service period. Over 50,000 members, including NSFs and NSmen will also be able to earn higher cash rebates on contactless card payments made through their HomeTeamNS-PAssion-POSB Debit card or DBS SAFRA cards. I hope more partners will come on board to introduce other innovative programmes to recognise the contributions of our NSFs and NSmen in keeping Singapore safe and secure.”
Mr. Donald Tan, Deputy Chief Executive Officer (Business Strategies), SAFRA, commented: “Helping NSmen save and stretch their dollar is a direct and significant way of showing our appreciation for their contributions. The enhanced rebate for local contactless spends will be a welcomed incentive for our SAFRA DBS Debit Card holders, who also enjoy special privileges at over 1,800 merchant outlets island-wide. Almost 40 percent of them are SAF full-time national servicemen, so paired with the good interest rate they can enjoy through the POSB Save-As-You-Serve programme, all these will go a long way in enhancing their lives and in meeting their lifestyle needs.”
Over the years, DBS/POSB has supported the country’s national servicemen through a number of initiatives. These include:
• Waiver of fall-below fees for all active national servicemen on their savings accounts
• Partnering SAFRA in April 2014 to launch SAFRA DBS credit/debit cards which provided exclusive benefits for its members
• Partnering HomeTeamNS in August 2015 to launch the HomeTeamNS-PAssion-POSB Debit Card which provided greater convenience and more privileges for its members
• Since 2014, the bank has also awarded SGD3,000 in cash to employees who successfully complete their 10-year NS Unit Training Cycle. This primarily benefits operationally active NS men, who represent about 60% of the bank’s workforce.
For more information on “POSB SAYS”, please visit www.posb.com.sg/says
About POSB
A part of the DBS Group, POSB is the largest and oldest local bank in Singapore with over four million customers. Having served generations of Singaporeans for the past 139 years, it is known as the "People's Bank", and prides itself on being "neighbours first, bankers second".
With a good understanding of Singaporeans through the years, POSB offers products and services that are relevant to the savings, borrowing, investment and insurance needs of all Singaporeans. With over 50 branches conveniently located islandwide, and over 1,000 ATMs and Cash Acceptance Machines across the island, POSB's distribution network is the largest in Singapore.
POSB acknowledges the passion, commitment and can-do spirit in each of its staff. For more information, please visit www.posb.com.sg