Cheque Clearing Faqs

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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)

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.

Yes, you can do so provided you endorse the alterations with your full signature.

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.

As CTS uses electronic images, the physical cheque is removed from the clearance process once it is presented at your bank.

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.

The IRD will be serialized and printed on CTS watermark paper as well as controlled strictly by the participating banks.

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.

You should detach the IRD from the Return Cheque Advice and deposit it at any our branches/ Quick Cheque Deposit boxes.

You should exchange the IRD for a new cheque from the drawer.

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.

No. You should ask the drawer for a new cheque.

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.

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.

You will be able to read in a one-page document:

  1. the reason for return of cheque
  2. whether it can be presented
  3. whether you should obtain a new cheque from the drawer
  4. the validity period of the IRD and
  5. the number of times the IRD had been presented