State Bank of Pakistan (SBP) has allowed banks to charge fee for Interbank Fund Transfers (IBFT) for amounts exceeding Rs. 25,000 per month. However, banks are allowed to set limit at a higher minimum aggregate amount as well.
It has now been decided that Banks/MFBs/EMIs shall continue to provide free of cost IBFT services to their individual customers up to, at least, a minimum aggregate sending limit of Rs.25,000 per month per account/wallet. Hence, individual customers of Banks/MFBs/EMIs shall continue to send out as many free IBFT transactions as long as they remain within their monthly limit of Rs.25,000.
After the monthly limit of Rs.25,000 is exhausted, Banks/MFBs/EMIs may charge their individual customers, a transaction fee of 0.1% of the transaction amount or Rs.200, whichever is lower. However, Banks/MFBs/EMIs are encouraged to provide free of cost IBFT services to their customers to promote adoption of digital payments in the country.
All Intra Bank Fund Transfers (IBFT) as well as incoming interbank fund transfer services shall remain free of charge, says State Bank of Pakistan (SBP).
Banks/MFBs/EMIs shall ensure proper disclosure of charged and free IBFT amounts along with applicable fees to their customers by sending regular notifications through SMS, apps and email. After every digital transaction, the customer shall receive free of charge SMS on their registered mobile numbers intimating them about the transaction amount and the charges being recovered.
According to the SBP circular, the banks will be allowed to charge fee for Interbank Fund Transfers (IBFT) starting July 1, 2021, when all above instructions will come into effect.
With immediate effect, it is further advised that Banks/MFBs/EMIs shall not limit the number of fund transfer transactions on their customer accounts/wallets unless there are genuine concerns related to AML/CFT or frauds.
Read more: USD to PKR: Dollar rate in Pakistan Today – 16 June 2021.
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