DBS offers customers in-house GIRO and standing instructions on Saturdays

Under the directive of the Association of Banks in Singapore (ABS) announced on 12 July 2005, all banks are required to adopt the 5-Day Clearing Week (5DCW) system from 15 May 2006. This move to a 5DCW is in line with practices in leading financial centres like the US, UK, Switzerland, Germany and Australia where there are no payment clearing facilities on Saturdays. Asian countries that do not have Saturday clearing include Thailand, China and Indonesia. This is also in-line with the present move towards a 5-day work week among many companies in Singapore.

The 5DCW means that there will be no crediting or debiting of customer accounts with cheques, GIRO or Interbank funds transfers on Saturdays.

Clearing of funds will be from Mondays to Fridays only.

Besides the industry-wide practice of extending the cut-off time for cheque deposits from Monday to Fridays by half-an-hour, DBS is offering our customers the value-added services of in-house GIRO and standing instructions on Saturdays. This means that transfers from one DBS/POSB account to another can still be carried out, even on Saturdays.

Please note that as with current practice, there will be no clearing of cheques, GIRO and Interbank funds transfers on public holidays.

To find out more about the 5DCW, please refer to ABS' Media Release or our Frequently Asked Questions. You may also contact our dedicated customer support teams anytime between 9.00a.m. to 5.00p.m., from Monday to Friday.

Retail customers, please call: 1800-111 1111 or +65 6327 2265 (from overseas).

Corporate/Institutional customers, please call: 1800-222 2200 or +65 6327 2265 (from overseas).

Overseas customers, please call: +65 6237 2265.