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IBFT free up to Rs. 25,000 per month,fee restores on large transactions

The SBP has decided to maintain free IBFT pricing on transactions up to Rs 25,000 per month. However, nominal fees have been restored on large transactions.

After exceeding the monthly limit of Rs 25,000 per account, banks can charge their customers 0.1% of the amount per transaction or Rs 200, whichever is less.

According to the details, the State of Pakistan had instructed banks and other service providers in March 2020 to deal with the extraordinary situation of lockdown during the outbreak of Code 19 in 2020, regardless of the volume of transactions. Provide Interbank Money Transfer (IBFT) to customers free of cost.

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