DBS Bank and POSB are...
'Quick to cut meagre interest rates for savings, but have not reduced their home loan interest rate since November 2006.'
DR CHIA SHYH CHIUAN: 'I am dismayed by yesterday's report, 'DBS and POSB cut savings rates'. DBS Bank and POSB are quick to cut the already meagre interest rates for savings, but have not reduced their home loan interest rate since November 2006. I took an HDB home loan with POSB in February 2004. Although the first-year interest rate offered was below that offered by the CPF Board, the interest rate in subsequent years has been revised several times: July 2005 from 2.45 per cent to 2.7 per cent, December 2005 from 2.7 per cent to 3 per cent, and April 2006 from 3 per cent to 3.5 per cent. It went up again in November 2006 to 4 per cent. The authorities should do something.'
'Quick to cut meagre interest rates for savings, but have not reduced their home loan interest rate since November 2006.'
DR CHIA SHYH CHIUAN: 'I am dismayed by yesterday's report, 'DBS and POSB cut savings rates'. DBS Bank and POSB are quick to cut the already meagre interest rates for savings, but have not reduced their home loan interest rate since November 2006. I took an HDB home loan with POSB in February 2004. Although the first-year interest rate offered was below that offered by the CPF Board, the interest rate in subsequent years has been revised several times: July 2005 from 2.45 per cent to 2.7 per cent, December 2005 from 2.7 per cent to 3 per cent, and April 2006 from 3 per cent to 3.5 per cent. It went up again in November 2006 to 4 per cent. The authorities should do something.'
