Ringo's response on Facebook

"It's great! It's an honour and a pleasure to be considered and acknowledged for my music and my charity work, both of which I love. Peace and love. Ringo"

The British New Year Honours
The awards are presented by or in the name of the reigning monarch, currently Queen Elizabeth II or her vice-regal representative, and it recognizes the achievements and service of extraordinary people across the United Kingdom. Honours have been awarded at New Year since at least 1890 when a list of Queen Victoria's awards was published by the London Gazette on 2 January.

Some Knight Bachelor Wikipedia knowledge
Like other knights, Knights Bachelor are styled Sir. Since they are not knights of any order of chivalry, there is no post-nominal associated with the honour. When the style Sir is awkward or incomplete due to a subsequent appointment, recipients may sometimes use the word "Knight" or "Kt" (the lowercase 't' distinguishes it from "KT", the post-nominals of a Knight of the Thistle) after their name in formal documents to signify that they have the additional honour.

Ringo's official listing on gov.uk
Order: Knighthoods
Level: Kt
Award: Knight Bachelor
Name: Mr Richard STARKEY MBE
Citation: Musician. For services to Music.
County: Abroad
ref: gov.uk

Huge congrats Sir Ringo! Sir Richard Starkey has a nice ring to it. Best drummer best pal! X Paul pic.twitter.com/ew5PuxhEv1

— Paul McCartney (@PaulMcCartney) December 30, 2017

Honours rejected
David Bowie turned down an OBE in the Queen's birthday honours in 2000. Also comedy duo French and Saunders and Fawlty Towers star John Cleese turned an Honour down.

John Lennon is one of the few that returned his honour. He sent back his MBE in 1969 in protest against Britain's involvement in the Nigerian civil war.

PS
Two essential Ringo Starr albums are remastered for worldwide reissue. 'Ringo' and 'Goodnight Vienna' will be available January 19 on 180-gram vinyl.