India’s largest lender State Bank of India (SBI) has announced to waive off SMS charges on mobile fund transfers. SBI informed that users can now conveniently transact without any additional charges using USSD services.
“SMS charges now waived off on mobile fund transfers! Users can now conveniently transact without any additional charges,” SBI tweeted.
It further added that users can avail the services without any additional cost including send money, Request Money, Account Balance, Mini Statement, and Change UPI PIN.
What is USSD?
USSD or Unstructured Supplementary Service Data is most commonly used for checking talk time balances or account information, and for mobile banking transactions. This service works on feature phones. The decision will benefit consumers with feature phones who comprise more than 65% of the country’s over 1 billion mobile phone users.
In other news, SBI has hiked the benchmark prime lending rate by 70 basis points. With the increase, the revised rate is now 13.45%, as per the information posted on SBI’s website. The new rate is effective from 15 September. The bank has also raised the base rate by similar basis points to 8.7 percent, effective today.
The EMI amount for the borrowers who have taken loans at the base rate would go up.
The bank revises both the BPLR and the base rate on a quarterly basis. The lending rate revision by the SBI is likely to be followed by other banks in the days to come.
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