SBI removes SMS charges on mobile money transfers: users will now be able to transact easily without any additional fees
India’s largest lender, the State Bank of India (SBI), has announced a waiver of SMS charges on mobile money transfers. SBI has informed that by using USSD services, users can now easily transact without additional charges.
SBI shared this information on social media. SBI wrote in the post, ‘SMS charges on mobile money transfer now waived! Users can now easily transact at no additional cost.
The message further states that users can avail the services at no additional cost. Including send money, request money, account balance, mini statement and change UPI PIN.
USSD or Unstructured Supplementary Service data is commonly used to check airtime balance or account information and for mobile banking transactions. This service works on feature phones. The SBI’s decision will benefit mobile phone users, who make up more than 65% of the country’s more than one billion mobile phone users. Feature phone users can use this service by dialing *99#.
According to other news, SBI raised the benchmark prime rate by 70 basis points. After this hike, according to information posted on the SBI website, the revised rate is now 13.45%. The new rates came into effect on September 15. The bank also raised the base rate by the same basis point to 8.7%, effective today.
The amount of EMI of borrowers who take loans at the base rate will increase. The bank reviews both the BPLR and the base rate on a quarterly basis. In the coming days, other banks may also revise the SBI lending rate.