KARACHI: The State Bank of Pakistan (SBP) has directed banks to provide free of cost digital fund transfer services to individuals for an amount up to Rs25,000 per account or wallet. However, individuals would be charged a small transaction fee of no more than 0.1% or Rs200 for a transfer exceeding the aggregate limit of Rs25,000. “SBP has directed banks to provide free of cost digital fund transfer services to individual customers up to, at least, a minimum aggregate sending limit of Rs25,000 per month per account or wallet. However, banks may choose to set this aggregate limit at a higher amount as well. This would allow individual customers to make as many free fund transfer transactions remaining within their aggregate monthly limit of free transfers,” a statement issued by the central bank read. The SBP said this will enable service providers to recover part of costs they incur on providing inter-bank fund transfer service and build sustainable and innovative business models. Nevertheless, the new instructions encourage banks to provide free of cost digital fund transfer services to their customers to promote adoption of digital payments in the country, it added. The central bank further instructed that all digital fund transfer transactions between different accounts within the same bank (intra-bank fund transfers) shall remain free. Banks are ordered by the SBP to 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, customers will receive a SMS on their registered mobile numbers informing them about the transaction amount and the charges being recovered.