POST OFFICE SAVINGS DEPOSITS (Withdrawals over $100 without reference to Kuala Lumpur Headquarters)

Withdrawals over $100 without reference to Kuala Lumpur Headquarters

Mr William Tan asked the Minister for Communications and Works, with reference to the Post Office Savings Bank, whether he will consider making arrangements so as to allow a Singapore depositor to withdraw the whole or any part exceeding $100 of the amount standing to his credit without reference to the Savings Bank Headquarters at Kuala Lumpur.

Mr Francis Thomas: Consideration has already been given to the matter. Arrangements would not be justified which would enable a depositor to withdraw the whole or any part exceeding $100 of the amount standing to his credit without reference being made to accounts kept in the headquarters of the Savings Bank. The purpose of this reference is to ensure the security of the deposits, which security is possibly the chief attraction in the Post Office Savings Bank account. Further, the prevention of fraudulent practices in connection with P.O. Savings Bank accounts can only be effected through some centralised control. The fact that reference has to be made to Kula Lumpur is simply because the P.O. Savings Bank accounts are kept centrally in Kuala Lumpur. If at some future time arrangements are made to keep the accounts in Singapore, it will of course be no longer necessary to refer to Kuala Lumpur.

Mr William Tan: Cannot a separate headquarters be established in Singapore to deal with these withdrawals?

Mr Francis Thomas: I think that is really a separate question, Mr Speaker; it involves the whole question of pan-Malayan departments and some rather wide matters of policy.