We are enabling 'Cheque Positive Pay System' (CPPS) in line with NPCI guidelines, effective 1st January 2021. This added feature will protect your high value cheques against frauds.
Under CPPS, you can share your high value cheque (above ₹500,000) details with us such as the date of issuance, name of the beneficiary / payee, cheque number and amount. These will be shared with NPCI and verified against the presented cheque by the Cheque Truncation System (CTS).
The process is simple:
- The cheque will be processed based on the details mentioned on it at the time of issuance.
- When it is submitted for encashment, the details will be compared against those provided to us through CPPS.
- If they match, we will honour the cheque and in case of a mismatch, the discrepancy will be flagged by CTS to us and the presenting bank for appropriate redressal.
The advantage with CPPS is that no fraudulent cheques can be encashed and there will be nil rejections of high value cheques, unless a discrepancy is highlighted by the CTS.
Should you wish to use this facility or need more information on the same, please contact your Relationship Manager or Service Manager before issuing high value cheques over ₹500,000 from your DBS Bank account.
You can also contact our 24-hour customer care at 1860 267 1234 / 1800 209 4555 / +91 (44) 6685 4555 (from overseas) and they will be happy to assist you.
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