[11/07/22] Save Deposit Time with DDA

APPHELPER
2022-07-11

[Heart] Hello, Tiger Pal!

Today I want to share some knowledge about DDA with you. Interested in SDG FAST deposit? Then this is the article for you!

1. What is DDA?

DDA (Direct Debit Authentication) fast deposit is a system service provided by DBS Bank. After connecting your Tiger account with your DBS/POSB account, you can initiate a deposit instruction directly in Tiger, and the bank will execute the deposit for you.

2. Advantages?

DDA Fast Deposit is more convenient than other SGD deposit methods. The main advantages are as follows:

Free: Both DDA authentication and deposit are free. (Tiger will bear relevant bank fees for you. Please refer to our official website page for details.)

Fast: Funds are expected to arrive in several minutes during business days. There may be a delay if you deposit during the holidays.

Convenient: Deposit instructions can be submitted via the Tiger Trade APP/official website. There is no need to log in to your bank and no need to submit a deposit notice.

3. How to use DDA?

DDA Fast Deposit can be completed in two steps:

1. Setup the connection between your DBS/POSB account and your Tiger account, and complete a DDA authentication. (Only required when you deposit through DDA for the first time)

2. Submit a DDA fast deposit instruction at Tiger

3.1 DDA Authentication

Note: Please avoid submitting the authentication application between 00:00-00:30 and 22:07-22:11 (UTC+8). Due to bank system maintenance or other reasons, the authentication application submitted during this period may fail. If it fails, please try to submit it again outside of this period.

Please see an example on the Tiger Trade APP:

3.1.1 Log into your Tiger account, click "Trade"-"Deposit", and select "Deposit with SGD"-"DBS/POSB-DDA Deposit".

3.1.2 Click "Start to Setup the DDA Connection"-"Let’s go" to start the account authentication, and you will be redirected to the official DBS/POSB online banking page.

Please note: The authentication will be completed by visiting the official DBS/POSB online banking page. Tiger Brokers will not obtain your bank account information.

3.1.3 Log into your DBS account via "My Digibank Login" or "Use Card & PIN", then verify your identity (SMS is recommended), and click "Authenticate" to complete identity verification.

3.1.4 You will automatically be redirected back to Tiger Brokers' interface. Please select a DBS account for deposit, confirm your acceptance of the agreement and click "Confirm and Submit" to submit the authentication.

3.1.5 You have completed the account authentication. The authentication result will be sent to your registered mailbox and a notification will be sent in the APP. After successful authentication, you can easily use DDA to make transfers.

3.2 Submit A Deposit Instruction

Take Tiger Trade APP as an example:

3.2.1 Login to your Tiger account and click "Trade"-"Deposit".

3.2.2 Select "Deposit with SGD"-"DBS/POSB-DDA Deposit" to enter the deposit instruction page.

3.2.3 Select the account you wish to deposit from and fill in the deposit amount, accept the terms and conditions, then click "Deposit" and fill in the login password to submit the deposit instruction.

Please note:

(1) Each deposit needs to be at least SGD 10, and not more than SGD 200,000;

(2) DDA Fast Deposit is free. Tiger will bear the relevant bank fees for you.

3.2.4 The deposit instruction is submitted successfully, and the deposit result will be sent to your registered mailbox and Tiger Trade APP.

Tips:

1. Tiger Brokers does not accept deposits from joint accounts and accounts from that registered on the Tiger account.

2. The bank may reject your deposit instructions due to insufficient account balance or other reasons, which may result in a failed deposit. Should the bank accept your deposit instructions when you have insufficient funds in your account, your account may incur overdraft and relevant fees;

3. Tiger Brokers only accepts deposit instructions submitted through the Tiger official website/APP. Tiger will submit your instructions to the bank, and the bank will complete the deposit for you;

4. The screenshots in the above guidelines are shared by Tiger Brokers clients and are for reference only. If there is any discrepancy on the screenshot page, please refer to the actual website of the bank or contact Tiger's customer service.

[Great] As you can see, DDA can save you a lot of deposit time! Hope this article can help you to know more about DDA.

APPHelper is here to help. :)

Updated on 11/07/22

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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