long queues outside bank
People depositing money on Li Chun day (Representational picture) Reuters

The auspicious day of Li Chun, which has fallen on February 4, Sunday, has its own importance for Chinese farmers. In medieval age, on this day farmers used to pray for a good harvest, but now it has become a day to make monetary transactions.

Thus banks with long queues were not at all an uncommon sight today morning as many people who believe in depositing money on the day of Li Chun. Huge lines were seen at Waterway Point in Punggol, Tampines Central and Bedok Town Centre from early morning.

They believe that the auspicious day will help their wealth to grow and bring fortune for the rest of the year.

Several social media users have shared their moment with their friends through social media post. One of the users who was just passing by the OCBC branch at Tampines Central posted a photo of the long queue outside of the bank and wrote, "May everyone has a huat Li Chun 2018."

The recent tradition of money transaction on this particular day has started due to lack of occupation related to agriculture in present time.

Even people deposit their money on the basis of their Chinese zodiac signs, including the time limit for the transaction.

However, this modified tradition of money transaction is also changing as people are getting used to online transactions. In 2018, several people choose their mobile phones to do internet banking.

Provided benefits

Banks also take an active part in this tradition. The DBS bank has also said that people who want to deposit their through PayLah app could win $88.

The OCBC Bank provided a special offer to their customers on the same day. According to the special facility, a person will receive an interest rate of 1.08 percent per annum, if he or she deposits a minimum amount of $18,000.

In addition to that, OCBC Premier Banking customers will have an opportunity to enjoy an interest rate of 1.18 percent per annum for $38,000.