SBP deputy chief explains about charges levied on online funds transfer

Speaking with a news outlet, Sima Kamil said that before COVID-19, some banks used to charge Rs100 up to Rs400 for money transfers but during coronavirus, charges were removed for online money transfers.

However, the COVID situation has improved in the country after which the fee for the transfer of money has been reinstated.

SBP Deputy Governor said that online transactions up to Rs 25,000 in a month will be free while Rs10 will be charged for transactions of Rs 10,000 in addition to Rs 25,000.

Likewise, after withdrawal of Rs50,000 in total after a stipulated limit of Rs25,000 in a month, an additional Rs25 will be charged.

While a maximum of Rs 200 will be charged for a large transaction in a month.

The Deputy Governor said that even for online purchases of more than Rs25,000 in a month, transaction charges would be levied under the funds' transfer procedure while online payment of utility bills would not be charged for money transfer.

In response to a question, Sima Kamil said that there is no law that the bank does not accept a guarantee of an adult girl, not taking the bank guarantee of the adult girl is unacceptable.

She said that a housewife can open an account only on her identity card and no more than Rs500,000 transaction can be made in a housewife's account.