SBI Announced To Waive SMS Fee On Mobile Fund Transfer
SBI Announced To Waive SMS Fee On Mobile Fund Transfer
The country's largest bank State Bank of India (SBI) has announced to waiver of SMS fees on mobile fund transfers. SBI has given information about this by tweeting. By using USSD (Unstructured Supplementary Service Data) service, users will now be able to easily transact without paying any fees, the bank said.
The bank informed about this. was given to the media. SBI shared the post and wrote that 'SMS fee waived on mobile fund transfer now. Users can now transact easily without paying any fees. Users can avail of services without paying any additional fees, including features like sending money, requesting money, knowing account balance, mini statements and change UPI PIN.'
What is USSD? Come on... let's find out
USSD, i.e. Unstructured Supplementary Service Data, is commonly used for talk time balance or account information and mobile banking transactions. This service works on feature phones. SBI's decision will benefit users with feature phones, who are more than 65% of the country's over 1 billion mobile phone users. Users can avail this service by dialing *99# from the feature phone.
So in other news, SBI has hiked the benchmark prime lending rate by 70% basis points. After this increase, SBI posted on the website and informed that now the new rate is 13.45%. This new rate has been implemented from September 15.
The EMI amount of bank holders taking loan at base rate will increase. Bank revises both BPLR and base rate quarterly. In the coming days other banks may also revise the lending rates like SBI.
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