Bookings to collect fit-for-gifting notes for Chinese New Year to start from Jan 27
More than 16 million fit notes were exchanged at Singapore's banks last year, a 40 per cent increase from the previous year.
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SINGAPORE: From Jan 27, the public may make bookings to collect new and fit-for-gifting bank notes for Chinese New Year, said the Monetary Authority of Singapore (MAS) on Monday (Jan 19).
Fit notes are used currency notes that are similar in quality to those from ATMs and may have fold lines or minor stains, MAS said.
MAS encouraged the public to be more environmentally conscious by choosing to use fit notes or give digital red packets.
DBS, OCBC and UOB customers can start making online pre-booking for fit or new notes from Jan 27.
Bookings must be made through the banks’ official websites or mobile banking applications.
“To protect customers from phishing scams, banks will not send any SMS messages with clickable links,” MAS said.
Customers can collect their pre-booked notes at the banks' branches from Feb 3.
There will also be more pop-up and branch ATMs dispensing fit notes across Singapore this year, the authority said. New notes will be available for withdrawal at selected pop-up and branch ATMs.
UOB customers can withdraw new notes at 34 designated ATMs and fit notes at four ATMs from Feb 3 to Feb 15, with a limit of three withdrawals per customer during the exchange period. Details are available on the bank’s website.
The denominations available for withdrawal at DBS, OCBC and UOB are S$2, S$10 and S$50 notes.
DBS, OCBC and UOB customers aged 60 and above, and those with disabilities will be allowed to walk in to exchange their old notes for fit or new notes without having to pre-book online.
However, MAS encourages them to do so to ensure the availability of notes and to reduce crowding at branches.
Customers of all other banks may refer to the respective banks’ websites for details on the fit and new notes exchange.
More than 16 million fit notes were exchanged at the banks last year, a 40 per cent increase from the previous year.
“This Lunar New Year, we hope that more Singaporeans will choose fit notes or e-hong baos. Together, we can contribute to a greener future, while keeping our cherished traditions alive,” said MAS assistant managing director of finance, risk and currency Cindy Mok.
"We strongly encourage customers to gift e-Hongbaos through our UOB TMRW app to celebrate the festive season, while doing their part for the environment," said Mr Benny Chan, managing director of group channels and digitalisation at UOB.
Ms Mok said that the 40 per cent increase in the use of fit notes "reflects the public’s growing acceptance towards sustainable gifting".
