On the continuous insistence of commercial banks, the State bank of Pakistan has agreed to allow banks and various service providers to charge a nominal fee on the inter banks funds transfer amounting above Rs 25,000.
The regulator directed banks to provide free of charge digital funds transfer services to individual customers up to a minimum aggregate sending limit of Rs 25,000 per month per account/wallet.
Moreover, banks may opt to set this aggregate limit at a higher amount as well. This would facilitate individual customers to make as many free fund transfer transactions, remaining within their aggregate monthly free limit.
For transactions above the aggregate limit of 25,000 per account in a month, banks may charge individual customers a transaction fee not greater 0.1 percent of the transaction amount or Rs 200 whichever is lower.
This will help service providers to recover of the costs they incur on providing inter-bank fund transfer services and to equip their systems more digitalized.
SBP has also advised banks that all digital fund transfer transactions between different accounts within the same bank (Inter-bank fund transfers) shall remain free.
SBP has also directed banks to ensure proper disclosure of charged and free IBFT amounts along with applicable fees to their customer by sending timely notifications through SMS/Email alerts.
Also after every digital transaction, banks are required to send free of charge SMS on their registered mobile numbers to inform them about the transaction.
In 2020 due to the Covid-19 pandemic, SBP directs Banks to facilitate customers by facilitating them with free-of-cost IBFT regardless of the size of the transactions. The idea was to avoid in-person interaction and educate customers to fulfill their banking needs through the usage of digital banking which includes payment of Utility bills etc also.
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