By Elizabeth Wilmot
POSB branches are designating a special counter dedicated to customers aged 50 and above for the first three hours of business every Tuesday.
The initiative, which starts next week, is termed '50+ Tuesdays' and will apply at all 49 branches.
Customers will be served snacks and drinks as they wait and magnifying glass bookmarks will also be given out.
'I think it's a step in the right direction. It makes us feel secure with our money despite the financial turmoil,' said Mr Kambarudin Ibrahim, a 52-year-old technician who has been banking with POSB for 45 years. 'When the bank does something like this, it's a booster for our confidence.'
Mr Kiew Mee Chean, a 60-year-old who gives freelance tuition to primary and secondary school students, agreed: 'It's good and very convenient and I don't have to queue. I am also very happy and comfortable with the staff here.'
POSB will also offer its '50+ Fixed Deposits' scheme, which rewards customers based on age, not the amount placed with the bank.
For a six- to nine-month fixed deposit tenor, a person aged between 50 and 59 years can get an interest rate of 0.850 per cent. Those 60 and above can get 0.855 per cent.
Customers can choose varying tenors of six to nine months, 10 to 11 months, 12 months, 18 months or 24 months. The minimum sum is $10,000.
POSB managing director Davy Wee said: 'We appreciate the support of many generations of Singaporeans who have been with POSB through the years.
'We also want to honour grandparents, who have been taking care of the family and keeping it closely knit. We will continually look for meaningful ways to show how much we value this group of customers.'