Bookings to collect fit-for-gifting notes for Chinese New Year to start from Jan 17

SINGAPORE: Bookings to collect fit-for-gifting bank notes for Chinese New Year will start from Wednesday (Jan 17), the Monetary Authority of Singapore (MAS) announced on Monday.

As part of efforts to promote environmental sustainability, MAS is encouraging people to give such “fit notes” or digital red packets this Chinese New Year.

Such notes are “generally clean and of suitable quality of recirculation, including for festive giving”, said MAS.

DBS, OCBC and UOB customers can start making online bookings for fit or new notes from Jan 17. They can also make bookings from the same date for new notes.

Customers of the three Singapore banks must make bookings to collect the notes in person at bank branches. Collection of pre-booked notes starts from Jan 24.

“When making an online pre-booking, members of the public should do so through the banks’ official websites or mobile banking applications,” said MAS.

“To protect customers from phishing scams, banks will not send any SMS messages with clickable links to customers.”

For DBS, OCBC and UOB, only elderly people aged 60 and above or people with disabilities will be allowed to walk in to bank branches to exchange their old notes for fit or new notes from Jan 24.

People can also withdraw fit or new notes at selected pop-ups and ATMs of the three local banks.

MAS said the condition of fit notes has been verified by bank note processing machines and they are similar in quality to notes from ATMs.

“Gifting fit notes reduces carbon emissions and wastage, while conveying the same well wishes to loved ones,” added the authority.

During Chinese New Year last year, members of the public exchanged more than 11 million fit notes.

“This resulted in emissions savings of approximately 400 tCO2e, equivalent to the annual emissions from powering about 220 four-room public housing flats.”

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