New Delhi: In an effort to promote fund/money transfers via mobile banking among marginal and poor people, India’s largest lender State Bank of India (SBI) has announced to waive off SMS charges on mobile fund transfers. It will eventually reduce the burden from the shoulders of users and make mobile fund transfers cheaper and convenient.
(ALSO READ: Make in India: Smartphones share reach 16%; Check details)
SBI informed that users can now conveniently transact without any additional charges using USSD services. Just dial *99# & avail Banking services absolutely free, it added.
It shared an infographic on its official twitter handle and wrote, “SMS charges now waived off on mobile fund transfers! Users can now conveniently transact without any additional charges.”
SMS charges now waived off on mobile fund transfers! Users can now conveniently transact without any additional charges.#SBI #StateBankOfIndia #AmritMahotsav #FundTransfer pic.twitter.com/MRN1ysqjZU— State Bank of India (@TheOfficialSBI) September 17, 2022
What is USSD service?
An acronym for Unstructured Supplementary Service Data (USSD) is a service used for fund transfers, checking account balances, generating bank statements, and many more. This service works on feature phones and allows users to avail banking services without a smartphone and Internet connection. It allows users to avail the simple banking services like fund transfer or account statement without a smartphone or Internet connection by using mobile banking through the *99# code.
(ALSO READ: Face DIFFICULTY in getting personal loans? Here are 9 TIPS to increase chance)
SBI added in the infographic that users can avail the services without any additional cost including send money, Request Money, Account Balance, Mini Statement, and Change UPI PIN.
.