SBI users will now be able to transact easily without any extra charges. SBI waives off SMS charges for mobile fund transfers. Earlier, they used to deduct charges on money sent, account balance, request money, account balance, mini statement, and UPI PIN change.
SBI waives off SMS charges for mobile fund transfer
The State Bank of India (SBI), India’s largest lender, has announced a waiver of SMS fees for mobile cash transfers. SBI said that customers may now easily transact using USSD services without paying additional fees.
This information has been posted on social media by SBI. ‘SMS charges on mobile cash transfers are eliminated!’ declared SBI in the tweet. Users may now simply transact without paying any further fees.
The message goes on to say that users can access the services for free. Sending money, requesting money, account balance, mini statement, and changing UPI PIN are all available.
Also, Read- How to open a zero balance account online in SBI
What is Unstructured Supplementary Service Data (USSD)
USSD, or Unstructured Supplementary Service Data, is a popular method for monitoring talk time balances or account information, as well as for mobile banking transactions. This service is compatible with feature phones. The SBI decision will assist feature phone users, who make up more than 65% of the country’s more than 1 billion mobile phone subscribers. Users of feature phones can access this service by calling *99#.
SBI has upped the benchmark prime lending rate by 70 basis points, according to other news. According to the information on SBI’s website, the amended rate is currently 13.45%. The revised rates went into effect on September 15th. The bank has also raised the base rate by one basis point to 8.7%, effective today.
Borrowers taking out loans at the base rate will see their EMIs rise. The BPLR and the Base Rate are both revised quarterly by the bank. In the next few days, other banks might also revise the lending rate like SBI.
State Bank of India (SBI) has changed its policy, where earlier SMS transactions were charged, they will not be charged from now i.e. SBI waives off SMS charges for mobile fund transfers.