SINGAPORE: The Monetary Authority of Singapore (MAS) announced on Monday that collection reservations for Lunar New Year gift notes will begin from Wednesday (January 17).
As part of its efforts to promote environmental sustainability, MAS is encouraging people to gift such “fit notes” or digital red packets this Lunar New Year.
MAS said the banknotes were “generally clean and of suitable quality for recirculation, including as celebratory gifts.”
DBS, OCBC and UOB customers can start booking their Fit or new Note online from January 17th. You can also reserve a new notebook from the same date.
Customers of Singapore’s three banks must make an appointment to pick up their banknotes in person at a bank branch. Collection of reserved notes will begin on January 24th.
“For online advance reservations, members of the public must make reservations through the bank’s official website or mobile banking application,” MAS said.
“To protect customers from phishing scams, banks will no longer send SMS messages with clickable links to customers.”
From January 24, DBS, OCBC and UOB will only allow senior citizens aged 60 years and above or persons with disabilities to directly enter bank branches to exchange old banknotes for regular or new banknotes.
You can also withdraw genuine or new notes at selected pop-ups and ATMs at three local banks.
MAS said the condition of the banknotes was verified by banknote processing machines and was comparable in quality to banknotes dispensed at ATMs.
“Giving a fit note reduces your carbon footprint and waste, while also sending your loved ones a similar wish,” the agency added.
During last year’s Lunar New Year, people exchanged more than 11 million banknotes.
“This resulted in an emissions reduction of approximately 400 tCO2e, equivalent to the annual emissions of powering approximately 220 four-room social housing apartments.”