The largest lender in India, State Bank of India (SBI), has announced that SMS fees for mobile fund transfers will be waived in an effort to encourage fund/money transfers via mobile banking among marginal and poor people. Users will eventually feel less burdened, and mobile fund transfers will become more affordable and practical.
Users can now conveniently transact using USSD services without paying any extra fees, according to SBI. Just dial *99# & avail Banking services absolutely free, it added.
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
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.”
What is USSD?
Unstructured Supplementary Service Data, also known as USSD, is a service that can be used to transfer money, check your account balance, generate bank statements, and many other things. With this service, users can access banking services without a smartphone or an Internet connection. It works on feature phones. By using mobile banking with the *99# code, users can access basic banking services like fund transfers and account statements without a smartphone or Internet connection.
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.
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