SINGAPORE - OCBC Bank has upgraded all cash deposit machines (CDMs) at its branches to accept the full range of Singapore dollar notes.
Previously, $2, $5 and $1,000 notes, could not be deposited at CDMs.
The upgrade means shorter queues for customers needing counter service, said OCBC.
The bank expects to move 25 per cent of its current over-the-counter cash deposit transactions to the CDMs.
Productivity gains are estimated at $6 million over five years, as branch tellers are freed to perform other banking transactions.
Annually, a total of 3.5 million cash deposit transactions are done over the counter at OCBC's islandwide network of over 100 branch CDMs.
The upgraded machines will give customers 24-hour access to "any denomination" note deposits across OCBC branches.
OCBC also plans to enable another 120 dual-function ATMs that both accept note deposits and dispense cash - all located at NTUC FairPrice supermarkets - to accept notes of any denomination by the end of the year.
Mr Aditya Gupta, OCBC Bank's head of e-business in Singapore, said: "We have been continuously investing in making day-to-day banking more simple, instant and accessible for our customers."
An earlier version of this story stated that OCBC Bank was the first local bank to upgrade all its cash deposit machines to accept the full range of Singapore dollar notes. This is incorrect. Since March 2014, all UOB cash deposit machines have been able to accept the full range of Singapore Dollar notes. We are sorry for the error.