Circulars/Notifications - Payment System Department  
 PSD Circular No. 02 of 2021
June 16, 2021 

The Presidents/Chief Executives,
All Banks/MFBs/EMIs/PSOs/PSPs

Dear Sir/Madam,

Pricing of Interbank Fund Transfer (IBFT) Services


    Please refer to PSD Circular No. 02 of 2020, wherein Banks/MFBs were advised to waive all charges for customers using their online fund transfer services including Intra and Interbank Fund Transfers (IBFT).

2. 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.

3. 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.

4. All Intra Bank Fund Transfers as well as incoming interbank fund transfer services shall remain free of charge.

5. 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.

6. The above instructions shall come into effect from July 01, 2021.

7. 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.

Please acknowledge receipt.

Yours sincerely,


(Shoukat Bizinjo)
  Additional Director

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