Bank Starts Charging Fee For Inter Bank Fund Transfer from 1st July

As per permission granted by the State Bank of Pakistan to all commercial banks for charging fees against Inter Bank fund transfers, almost all commercial banks have started charging their fee on interbank fund transfers.

At the beginning of 2020, due to the pandemic state banks asked all commercial banks to make inter-bank fund transfers free of charge through a mobile application, internet banking, and ATM.

Interbank fund transfer was made free to facilitate people to remain at home and to be safe from pandemics.

Due to this free facility for banks, customers’ transactions online started to increase and saw a rise of 200% as compared to the previous year.

But in June 2021, State Bank allowed all banks to charge their fee on interbank fund transfers but with some conditions and limitations.

There would be no fee for commercial banks on Intra bank fund transfers. It means if a customer transfers money from one branch to another branch of the same bank even if these are located in different cities.

The maximum fee would be 200 or 0.1 percent whichever is lower.

There would be no fee for interbank fund transfer transactions up to Rs.25000 and there would be Rs.10 charges on the next Rs10,000 transfer and Rs25 charges on the next Rs25000 transfer which means there would be only Rs25 charges on Rs50,000.

A maximum of Rs200 would be charged for one transaction without any limit to fund transfer allowed by banks. But this would be charged for every transaction which will exceed Rs.25000 per month.

Many banks have modified their systems to deduct charges on interbank fund transfers to cover their system cost.

These interbank fund transfer charges would not be applicable on utility bill payments and payments for charity.

The charges now will have their impact on the rise of the use of internet banking as we witness during the days there were no charges on such transactions.

State bank has further instructed the banks to provide free SMS and Email service for the transactions to their customers.

Also Read: SBP Increased Policy Rate by 150 Base Points

 

 

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