Banking services are now available at the post office
Published on: Saturday, June 22, 1968
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Initially, nine major Post Offices in the State will cater for depositors, and they include the Post Offices at Kota Kinabalu, Tanjong Aru, Kota Kinabalu Airport, Tuaran, Papar, Sandakan, Tawau, Lahad Datu and Labuan.
The service will be extended gradually to all other Post Offices in Sabah.
In West Malaysia, there are 250 Post Office Savings Banks with about 1,301,000 depositors having a saving totalling more than $216 million.
Depositors holding passbooks issued by Post Offices in Sabah will be able to deposit or withdraw at any of the 250 Post Offices in West Malaysia. Likewise West Malaysian depositors will be able to make use of the facilities in Sabah.
Two types of accounts may be opened with the Post Office Savings Bank. A Personal Account may be opened by anyone above the age of seven years, and a Trust Account can be opened by any adult in trust for any other person irrespective of age.
Enquiries on other types of accounts should be addressed to the Controller, Post’ Savings Bank, Kota Kinabalu.
An account may be opened with as small a sum as $1 to a maximum of $40,000.
All deposits over $200 will be acknowledged separately by means of a printed acknowledgement from the Head Office in Kota Kinabalu. Cheques drawn on Sabah banks are accepted.
Money deposited is guaranteed by the Government and earn interest at the rate of 4pc per annum, that is, $4 for every $100 for 12 complete months.
The amount of interest earned will be added to the principal every year and the combined sum (that is, interest plus principal) will earn interest for the following year and so on).
Depositors should send their Passbooks once every year to the Savings Bank Head Office for checking and insertion of interest.
Envelopes are provided free at the Post Offices and no postage stamp is required.
Depositors may withdraw up to $200 instantly on demand once in 7 days amounts of between $200.
Withdrawals of larger to $600 may be made in two ways:-
(a) By filling in a Notice of Withdrawal form at any of the nine Post Offices, and a warrant will be issued within two or three days to take payment at the Post Office indicated in your Notice of Withdrawal; or
(b) In the case of depositors in the Kota Kinabalu area, by calling personally at the Savings Bank Head Office in Wing On Life Building, Gaya Street, and payment will be arranged within a few minutes.
However, urgent withdrawals up to $600 can be made by means of telegraph. A telegraph fee of $2 will be charged. Enche Wong Nyen Shin, who had recently under-gone extensive training in Post Office Savings Bank at Petaling Jaya, is in charge of the Head Office and he will be available to assist any personal callers.
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