Good news! There is a new POSB Programme for National Service Man! I am included! Yay! Oh wait.. Let me take a good look at this article again.. POSB Launches Savings Programme for NSmen
Alright, it is for NSF rather than NSmen, there is a serious mistake written on the Channel News Asia website which is quite misleading for NSmen.
NSF: Singapore Man / Permanent Residence who are currently serving their National Service
NSmen: Who are operational ready, in other words, completed their 2 years of National Service.
So this program is really good for NSF to save their monthly allowance so that they can build their own savings when they are serving their nation. Under this programme, NSF will get an interest rate of 2 per cent per annum on their monthly contribution to their saving account for the entire duration of their full time national service period.
Below is the diagram for NSF saving programme
My opinion:
For those who are not financial savvy or don't want to take risk in investment, this will definitely be a good tool for you to grow your savings. However, do take note that only your monthly NS contribution will be taken into account for the 2% growth, other than that, it will not be counted in the 2% interest.
It will be great for officers who are getting huge allowance as they can contribute more to their saving account to earn 2% per year. Let's say if an officer contributes (after expenses) $900 per month, which gives around over $2,000 worth of interest. Of course, for the others, you can still save and earn interest from this programme. So it is certainly a win-win situation whereby it helps you grow your wealth when you are serving your nation.
This is certainly NOT for NSman!
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