Easily Deposit Cheques at Bank Branches and ATMs
In the past, the majority of banking transactions were conducted using cheques prior to the availability of ATMs and online banking services. We depended on cheques to withdraw money, deposit funds, and make payments to third parties. Although their utilization has declined, cheques continue to remain relevant.
Depositing a cheque at a bank branch is a straightforward process with a few simple steps:
Go to your bank and approach a bank representative to obtain a cheque deposit slip. These slips are usually available in the lobby area for easy access.
Providing all required information, fill the deposit slip. The details include, name as it appears on the cheque, bank account number, the amount mentioned on the cheque (both in words and numbers), the name and branch of the bank where the cheque is drawn, and the cheque number. You'll need to fill this information twice, on separate perforated sections of the slip.
Double-check the details on the deposit slip to ensure accuracy. Errors can prevent funds from being deposited into your account.
Attach the cheque to the deposit slip, and submit them to the bank representative responsible for cheque deposits. Collect the cheque deposit receipt. This receipt is the second perforated section of the deposit slip, stamped by the bank.
This method ensures your cheque is deposited securely and correctly for further action.
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If you're unable to visit your bank branch, you can also deposit cheques at ATMs equipped with cheque depositing capabilities. Here's how:
Visit the Nearest ATM: Locate and visit the nearest Cash Deposit Machine (CDM) of the bank where you intend to deposit your cheque.
Insert Your ATM-cum-Debit Card: Insert your ATM-cum-debit card into the machine and enter your card PIN as prompted.
Insert the Cheque: Follow the on-screen instructions to insert your cheque into the ATM.
Confirm Cheque Scanning: Ensure that the cheque is scanned correctly, then press the confirm button on the ATM interface.
Collect Your Deposit Receipt: Once the transaction is complete, collect your cheque deposit receipt from the ATM.
The bank credits the funds into your account within the shortest time possible.
Unlike cash withdrawals, which can be made at any bank's ATM, cheque deposits normally require you to use your own bank's ATM or branch facilities. A few ATM kiosks also have a drop box feature for dropping cheques into an envelope akin to a deposit slip. Here, you will not receive a receipt for the deposit of cheques immediately.
If you are a DBS Savings Account holder and wish to gain further insights into depositing cheques at DBS bank branches or ATMs, you may consult your Relationship Manager. For your convenience, they can share further information on the nearest DBS branch and ATM kiosks, where you can deposit your cheques with ease.
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*Disclaimer: This article is for information purposes only. We recommend you get in touch with your income tax advisor or CA for expert advice.