Singapore Bank Employees’ Thrift and Loan Co-operative Limited (SBETL) is a non profit co-operative in existence since November 1958. It caters to bank employees till manager level.

It encourages thriftiness among its members by way of compulsory contribution or “subscription”. Dividend is paid on the account based on SBETL’s surplus. For many years now, SBETL has been giving out a dividend of not less than 2%. Withdrawal of the dividend is not possible however as it is part of SBETL’s capital and is only given back to the account holder when he ceases to be with SBETL.

In addition to the compulsory contribution, SBETL also offers another monthly saving scheme, known as “Specific Deposit”. Withdrawals on this account can be made with just a phone call and the cheque will be ready within a week. Interest is payable on this account and SBETL’s rate is one of the most attractive among the banks in Singapore.

As the name suggests, SBETL also provides loans to its members in case of unforseen circumstances. Members with at least 1 year of membership are eligible although consideration will be given to new members with at least 6 months membership (case by case basis). Granted loan can be up to a maximum of 6 times the applicant’s salary with a maximum repayment period of 36 months. Since the loan repayment amount can be deducted directly from the applicant’s salary, it is hassle and worry free for the applicant.

SBETL also provides other benefits to its longer serving members (24 months membership or more):

  • Scholarship awards for member’s children (up to JC level)
  • Death benefits for member’s spouse/parents
  • Retirement benefits for loyal members (5 years membership or more)