The advent of Savings bank service in Malaysia dates back to the late 19th century. The first banks, namely the Perak and the Selangor Savings Bank were started in 1888 and 1893 respectively and were administered by the respective State Treasuries until they were taken over by the Postal Department.
Since 1949 savings with the Post Office Savings Bank have grown steadily. In 1949 it had 229,652 depositors with a credit balance of RM47.2 million. At the time of the launching of Bank Simpanan Nasional, Malaysia on 1st December 1974, it had more than 2.5 million depositors. The accumulated assets of the bank were over RM537 million, out of which over RM526 million were in government securities. The amount standing to the credit of depositors was over RM511 million. At the end of 1981, the Bank had more than 4.3 million depositors with accumulated assets of more than RM1.2 billion.
By the Late YAB Tun Haji Abdul Razak Bin Hussein, the Second Prime Minister of Malaysia “Bank Simpanan Nasional represents a new way in our efforts to instill thrift so that the people will be encouraged to save their money. It will maintain the high standards of the Post Office Savings Bank and at the same time bring several changes in keeping with present time.
I hope that with the launching of Bank Simpanan Nasional today, it will develop as a major saving institution and will expand the savings campaign of the government an anti-inflationary move and quicken the pace of national development.
Therefore Bank Simpanan Nasional has an important role in the lives of the people and National Development.”