posb

ZIMSEC O Level Commerce Notes: Money and Banking: POSB Bank.

Post Office Savings Banks

• People’s Own Savings Bank.

Functions

• It accept deposits from individuals and companies.
• It operates savings accounts which earn tax free interest.
• It operates stop order facilities for clients.
• It lends money to large organisations for example Discount Houses.
• It invests money into Treasury Bills and municipal stocks.

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