Singapore, 07 October 2015 – OCBC Bank has become the first local bank to upgrade all cash deposit machines (CDMs) at its branches so as to accept the full range of Singapore dollar denominations: S$2, S$5, S$10, S$50, S$100 and S$1,000 notes. This will give customers 24-hour access to ‘any denomination’ note deposits across OCBC Bank’s islandwide network of over 100 branch CDMs. These upgrades should mean shorter queues for customers needing counter service, while branch tellers who need to process fewer note deposits can perform other tasks instead. A further 120 dual-function ATMs that both accept note deposits and dispense cash, all located at NTUC FairPrice supermarkets, will also be enabled by end-2015 to accept notes of any denomination.

Annually, a total of 3.5 million cash deposit transactions are done over the counter at OCBC Bank branches. A sizeable number involve S$2, S$5 and S$1,000 notes, which could not be previously deposited at CDMs. Now that the machines can accommodate all notes, OCBC Bank expects to move 25% of its current over-the-counter cash deposit transactions to the CDMs. Queues for counter service will not only be shorter, but will move faster because of the reduction in this labour-intensive process. Tellers will have more time to serve the other banking needs of customers, and the resultant teller productivity uplift is estimated to be worth $6 million over five years.

Mr Aditya Gupta, OCBC Bank’s Head of E-business Singapore, said: "We have been continuously investing in making day-to-day banking more simple, instant and accessible for our customers. As we build on our leadership in the online and mobile space, we are also extending the same principles across physical interactions. We are pleased to now provide customers with the flexibility and convenience of depositing the full range of Singapore dollar notes round-the-clock through our extensive network of CDMs and ATMs. We believe this will in turn significantly enhance customer experience as well as the productivity of our frontline staff."