Banks will not be allowed to charge citizens for money transfers in favor of the government (C2G-payments) made via the Faster Payments System (SBP). This includes payments for kindergartens, extracurricular clubs and activities, as well as taxes and fines.
According to the Bank of Russia’s decision, the maximum fee that banks may charge their customers for such payments is zero. The new fees will become effective on November 1, 2024.
It is worth noting that banks themselves do not pay any fees to the regulator for effecting C2G-payments.
At present, individuals are already able to make payments to the budget via the SBP, for example, to pay fines for traffic offenses. This facility is planned to be expanded in the future through adding an option to make payments via public services portals, including municipal services portals, as well as in places where such services are provided.
In addition, the monthly limit on fee-free transfers, equaling ₽100,000, will also be applied to digital wallet transactions starting from November. Within this amount, individuals will be able to both transfer money to each other and deposit funds into their digital wallets via the SBP without having to pay any fee.
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