Bookings to collect fit-for-gifting notes for Chinese New Year to start from Jan 7

SINGAPORE: From Jan 7, the public may make bookings to collect fit-for-gifting bank notes for Chinese New Year, said the Monetary Authority of Singapore (MAS) on Thursday (Jan 2).

These "fit notes" are "generally clean and of suitable quality for recirculation, including for festive gifting", said the authority.

MAS also encouraged the public to be more environmentally conscious by choosing fit notes over new notes or giving digital red packets during the festive period.

DBS, OCBC and UOB customers can start making online bookings for fit or new notes from Jan 7. 

Bookings must be made online through the banks' official websites or mobile banking applications, said MAS.

Customers can collect their pre-booked notes at the banks' branches from Jan 14.

"To protect customers from phishing scams, banks will not send any SMS messages with clickable links to customers," said MAS.

To make it easier for the public to obtain fit notes, DBS, OCBC and UOB will also be increasing the number of pop-up and branch ATMs dispensing such notes in various locations across Singapore, the authority added.

For DBS, OCBC and UOB, only those aged 60 and above or people with disabilities will be allowed to walk in to exchange their old notes for fit or new notes from Jan 14.

Customers of other banks may refer to the respective banks’ websites for details on fit and new notes exchange.

On Thursday, DBS said that fit and new notes will be available via 72 pop-up ATMs across 48 locations from Jan 14 to Jan 28.

The number of pop-up ATMs dispensing fit notes has increased by 50 per cent this year, bringing the total number to 15, the bank added.

DBS' pop-up ATMs will operate daily from 10am to 10pm, and from 10am to 1pm on the eve of Chinese New Year. Customers can also go online to check hourly estimated wait times and seating options for selected locations.

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 or digital red packets "preserves" the Chinese New Year tradition "while reducing carbon emissions from producing new notes".

More than 11.7 million fit notes were exchanged at the banks last year, a 5 per cent rise from the previous Chinese New Year.

"This resulted in emissions savings of around 408 tCO2e, equivalent to the annual emissions from powering about 220 four-room public housing flats," said MAS.