- What is DCS?
- Why should I apply for DCS?
- How can I apply for DCS?
- How will I know if my application has been approved?
- How will I be informed of any dividends paid?
- What will happen to my dividends if the payment is not credited into my bank account?
- How do I change the designated bank account for my dividend proceeds?
- Are there any charges?
- How do I withdraw from DCS?
- What is DCS?
Direct Crediting Service, or DCS, allows you to credit your Singapore-dollar dividend payments or other cash distributions directly into your designated bank account.
- Why should I apply for DCS?
You'll enjoy greater convenience as you do not need to wait for your dividend cheques to arrive by mail, and to deposit them at your bank. You also begin to earn interest from the date of payment.
- How can I apply for DCS?
You can apply it through your stockbroking company, or with us.
- How will I know if my application has been approved?
Once your bank has approved your application, we'll notify you via mail. Your bank account number will also be reflected in your CDP monthly or year-end statements.
- How will I be informed of any dividends paid?
You will receive a Monthly Summary of Payments with details of the payments. This Monthly Summary of Payments will be sent to you whenever there are payments made to you for the month. There will also be a transaction code "CDP" on your bank statement to indicate the amount credited into your bank account.
- What will happen to my dividends if the payment is not credited into my bank account?
If we are unable to credit the dividend payment into your bank account, we'll issue a cheque instead. We will also enclose a DCS application form so that you can furnish CDP with the updated details concerning your bank account.
- How do I change the designated bank account for my dividend proceeds?
You can submit a new form, or write to us providing your particulars:
- Name
- Address
- Securities account number
- Identification / passport number (the records with CDP and your bank should correspond)
- Contact number
- New designated bank name & account number
- Signature (to match that in our record)
You will receive a notification once the change has been effected.
- Are there any charges?
Currently, DCS is a free service extended to our account-holders.
- How do I withdraw from DCS?
You can write to CDP on your request.
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