POSB launches 2% interest savings scheme for NSFs – many think its a joke

Senior Minister of State and President of HomeTeamNS, Mr Desmond Lee, today kicked-off a new savings scheme for full-time national servicemen (NSFs). The Save-As-You-Serve Programme was developed by POSB in partnership with HomeTeamNS and SAFRA.
Under the scheme NSFs will get an interest rate of 2 per cent per annum on their monthly contribution to the savings account for the entire duration of their full-time National Service period, up to 24 months. Regular savings accounts currently only attract 0.05 per cent interest.
Mr Lee praised the programme and said, “I hope more partners will come on board to introduce other innovative programmes to recognise the contributions of our NSFs and NSmen in keeping Singapore safe and secure.”
Many who responded to Channel NewsAsia’s sharing of the news on their Facebook however thought that the new programme by the bank was a joke.
Keith Yau, who shared the news said, “(effing) nonsense. 2% of 1000 is only 20. What can 20 do?”
Anaqi Anzari said: “How good is this even? With really low NS allowance, nah.”
Vinson Chan: “Joke man. NSF already not enough of money to spend. Where got money to save unless they moonlight?”
Jacob Tan Zhao Kai: “Pls lah, inflation 3 to 5%, u give us 2% also my money kiu jui, just lesser oni.”
Steve Chow: “Lol is it a joke. Their allowance so miserable how to save lol.”
Agnes Angelica, the mother of a NSF said: “My boy gets $500+ every month, give me $150, he left with so little to survive until the next pay day, how to save like that?”
Saifudin Saim summed it up the best: “Seems like POSB doesn’t understand the suffering of NSF’s monthly pay. It more a marketing insult.”