Monday, 28 November 2022
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FINANCE

Banks Allowed to charge fees for Inter Bank digital transfers

The State Bank of Pakistan has allowed banks to charge fees for digital transfers of more than Rs 25,000. It will no longer be possible to send money from one bank to another without paying a fee.

According to the details, the SBP had instructed banks and other service providers in March 2020 to ensure that all its customers, regardless of the volume of transactions, are not affected by the unusual situation of lockdown during the Code 19 epidemic in 2020. Provided free bank transfer (IBFT) facility (https://www.sbp.org.pk/press/2020/Pr-18-Mar-20.pdf).

According to the SBP, the step well received by consumers and in the second quarter of FY21, internet and banking transactions more than doubled compared to the previous year. The SBP appreciates the support of all the service providers in this initiative who have allowed the public to avail free interbank remittance services without incurring any operational cost and significant loss of revenue.

Limit for Free of Cost Inter-Bank Transfer

According to the central bank, in this context, the SBP has revised the current IBFT rate setting procedure and made some changes to ensure that the bank and other financial institutions on a sustainable basis. The SBP directed to provide at least Rs 25,000 per month per account digital transfer facility free of cost to the customers. However, the banks can also increase the total amount limit. In this way, individual customers will have the opportunity to transfer money multiple times within their monthly limits.

Transaction Limit for Charge of Fees

State Bank of Pakistan said, after the monthly limit of Rs 25,000 per account has been exceeded. Banks can charge their customers 0.1 per cent of the amount on each transaction or Rs 200, whichever is less. The digital transfer of funds to different accounts of the same bank will continue to be free. In addition, no charges will levy on funds received from other banks.

Inform to Account Holders

SBP has directed the banks to inform their customers about the limit of free transfer of funds to other banks. Also about fees charged by sending regular SMS, applications and e-mails. After each digital transaction, banks will require to send free SMS to their customers’ registered mobile numbers. Informing them of the amount of the transaction and the charges received.

To ensure uninterrupted digital services to the public. SBP further directed the banks to remove the limit on the number of transactions to transfer money from customers’ accounts. As long as anti-money laundering (AML /) CFT) or no real risk of fraud.

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