The People's Own Savings Bank, formerly the Post Office Savings Bank, was established in 1904 as a statutory fund to mobilise savings for national development. The Bank commenced its operations through the Post Office infrastructure network. In 1965 the Post Office Savings Bank Act [Chapter 249] was promulgated providing for the administration of the Savings Bank by the Posts and Telecommunications Corporation (PTC) on an agency basis.
The Bank derives its mandate from the People’s Own Savings Bank Act [Chapter 24:22] of 1999.
The Bank’s main functions are to;
(i) Accept deposits that are repayable with interest.
(ii) Provide banking and financial services for the people of Zimbabwe.
(iii) Encourage saving by the people of Zimbabwe.
(iv) Grant loans and advances to the people of Zimbabwe.
“To be a world class Savings Bank catering for all”
“A savings Bank which mobilises deposits and provides a broad range of appropriate, quality, accessible and affordable financial services.”