Home Technology SBP Maintains Feeless IBFT on PKR 25, 000/month

SBP Maintains Feeless IBFT on PKR 25, 000/month

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In a statement released by the central bank on the 16th of June 2021, SBP has asked all banks to maintain feeless Inter Bank Fund Transfer on an amount of PKR 25, 000 per account, every month.

The PSD Circular No. 02 of 2021 states that the banks will continue to provide feeless fund transfers for Inter and Interbank Fund Transfers. All Banks/MFBs/EMIs/PSOs/PSPs will waive off fees. The minimum aggregate was set at Rs 25, 000 per month per account/wallet. Once the monthly limit of PKR 25, 000 has been exceeded the users will be charged a transaction fee of 0.1% or a transaction amount of Rs.200 (whichever is lesser). Moreover, all incoming Intra Bank Fund Transfers and Inter-Bank Fund Transfers will remain free.

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Banks/MFBs/EMIs are also directed to ensure the right disclosure measures. They should inform the customers via regular notifications through SMS, apps, and email. The customers are to receive a fee of charge message on their registered mobile number about the transactions that they carry out. The decision to continue waiving off the charges is made to encourage and promote digital banking throughout the country.

All the above terms are to be put into effect from July 01, 2021.

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