According to the State Bank of Pakistan’s recent instructions about changes to the pricing mechanism of inter bank funds transfer online, a maximum of Rs 200 will be charged for a large transaction in one month.
If you make an inter-bank financial transfer of more than Rs 25,000 in a month per account, you will be charged a minimal fee.
Transactions up to Rs 25,000 in a month will be free, while a transaction of Rs 10,000 more than Rs 25,000 will be charged at Rs 10.
The SBP has changed its IBFT pricing mechanism because the coronavirus situation in Pakistan has stabilized, according to the SBP.
The central bank had encouraged banks and other service providers in March of last year to provide free inter bank funds transfer services to everyone, regardless of transaction size.
According to SBP, this was done to “deal with the unprecedented scenario of lockdowns” caused by the COVID-19 epidemic.
To combat the expansion of COVID, the goal was to make it easier for bank customers to meet their banking needs through online services rather than in-person interactions.
Inter bank funds transfer waiver gone too soon
SBP, on the other hand, claims that the condition has now improved.
Banks have been given permission to levy a small fee on “high-value transactions” under the new rules.
If the total amount of digital fund transfers in a month is less than Rs 25,000, they will be free.
Banks, on the other hand, have been instructed that they can establish this aggregate limit at any amount they like.
Individual clients may be charged a transaction fee of no more than 0.1 percent of the transaction value or Rs 200, whichever is lower, for transactions over Rs 25,000.
The SBP has also instructed banks that all digital fund transfer transactions (inter bank funds transfer) between different accounts within the same bank will remain free.
Interbank fund transfer transactions will continue to be free.
Banks have been given instructions to adequately notify their consumers about the revised prices via SMS, apps, and email.
Banks are obligated to send free SMS to their clients’ registered cellphone numbers after each digital transaction informing them of the transaction amount and charges being recovered.