Cheque clearing SBI-FAQs
Cheque Clearing FAQs
5 Day Clearing Week
The Singapore banking industry has moved to 5-day clearing week with effect from 15th May 2006.  Hence, clearing of funds is possible only from Monday to Friday. This means that customers’ accounts cannot be credited or debited with cheques, GIRO or Interbank Funds Transfers on Saturdays, Sundays or Public Holidays.
Clearing Timing
Cheques payable in Singapore can be deposited in the Quick Cheque Deposit Boxes provided in our branches.
For SGD Cheques:
Cheques deposited before the collection time will be available for withdrawal after 2:00pm on the next clearing day.
For USD Cheques:
For Cecil Street Branch: Cheques deposited before the collection time will be available for withdrawal on the next day.
For all other SBI Branches: Cheques deposited before the collection time will be available for withdrawal after 2:00pm on the second clearing day (Monday-Friday) after date of deposit.
Collection Time:
Monday-Friday: 1.00pm (for USD cheque collection at Cecil Street Branch)
3.30pm (for SGD cheque collection at Cecil Street Branch)
2:45pm (for SGD & USD cheques  at all other SBI Branches)
Saturday & Sunday: No collection
FAQs on Cheque Truncation System (CTS) & Image Return Document (IRD)   
1.
What is Cheque Truncation system (CTS)?
2.
Can I alter a cheque under CTS?
3.
What is a Image Return Document (IRD)?
4.
Why can’t the banks return the original unpaid cheque?
5.
Will banks impose a charge for the issuance of IRDs?
6.
What are the security features of an IRD?
7.
What should I do if I receive an IRD?
8.
What should I do if I want to present the IRD to the bank for clearing?
9.
What should I do if I cannot present the IRD to the bank for clearing?
10.
Can I make alterations on the IRD e.g. get the drawer to sign on it if the cheque was unpaid because of missing or irregular signature?
11.
Can I present a torn or  damaged IRD?
12.
What should I do if I have misplaced or lost an IRD?
13.
For an IRD that is presented and returned, can the same IRD be used again?
14.
What are the benefits of the IRD to the customer?
 
 
1.
What is Cheque Truncation system (CTS)?
  Cheque Truncation System (CTS) is an image-based cheque clearing system implemented by all banks in Singapore for SGD and USD cheques. With CTS, the cheque will be scanned upon deposit and its electronic image, instead of the physical cheque, will be transmitted throughout the entire clearing cycle.
   
2.
Can I alter a cheque under CTS?
  Yes, you can do so provided you endorse the alterations with your full signature.
   
3.
What is Image Return Document (IRD)?
  Under CTS, when a cheque that you have deposited into your account is returned unpaid, you will receive an Image Return Document (IRD) instead of the cheque. The IRD serves as a notice of dishonour and replaces the original cheque for the purpose of re-presentment for clearing under CTS. It is a legally recognized replacement of the original cheque for re-presentation. 
   
4.
Why can’t the banks return the original unpaid cheque?
  As CTS uses electronic images, the physical cheque is removed from the clearance process once it is presented at your bank.
   
5.
Will banks impose a charge for the issuance of IRDs?
  Other than the usual returned cheque charges, there are no additional charges levied for the issuance of IRDs. However, a retrieval charge of SGD 50 will apply if you want the original cheque to be returned to you, provided the cheque is still in the warehouse.
   
6.
What are the security features of an IRD?
  The IRD will be serialized and printed on CTS watermark paper as well as controlled strictly by the participating banks.
   
7.
What should I do if I receive an IRD?
  You should refer to the bottom half of the IRD to determine the reason why the cheque has been returned unpaid as well as whether you can present the IRD. 
   
8.
What should I do if I want to present the IRD to the bank for clearing?
  You should detach the IRD from the Return Cheque Advice and deposit it at any our branches/ Quick Cheque Deposit boxes.
   
9.
What should I do if I cannot present the IRD to the bank for clearing?
  You should exchange the IRD for a new cheque from the drawer.
   
10.
Can I make alterations on the IRD? E.g. Can I get the drawer to sign on the IRD if the cheque was unpaid because of missing or irregular signature?
  Under the CTS, alterations are not allowed on IRDs as any changes thereon will not correspond to the scanned image of the original cheque that is stored with the presenting bank. You should ask the drawer to give you a replacement cheque instead.
   
11.
Can I present a torn or damaged IRD?
  No. You should ask the drawer for a new cheque.
   
12.
What should I do if I have misplaced or lost an IRD that can be presented?
  As an IRD is a substitute of the dishonoured cheque, you should treat a misplaced or lost IRD as if it were a lost cheque. You should ask the drawer for a new cheque. The drawer should also place stop payment instructions for the lost cheque.
   
13.
For an IRD that is presented and returned, will the same IRD be used again?
  No. A new IRD will be generated for each return of the same cheque. Hence, if an IRD is presented and subsequently returned, another IRD will be generated stating clearly that it is the second IRD.
   
14.
What are the benefits of the IRD to the customer?
  You will be able to read in a one-page document:
 
the reason for return of cheque
whether it can be presented
whether you should obtain a new cheque from the drawer
the validity period of the IRD and
the number of times the IRD had been presented