Grace period for banks in FPS extended for another two years
20 April 2022
News
The Bank of Russia Board of Directors has decided to extend the zero fee period for banks on P2P money transfers in the Faster Payments System (FPS) until 1 July 2024.
Such a step will allow credit institutions to maintain minimum fees on money transfers via the FPS for clients. Today, citizens may transfer up to 100,000 rubles per month via the FPS free of charge; and for transfers over this amount, the bank fee should not exceed 0.5% of the transfer (but no more than 1,500 rubles).
A similar grace period for banks is also set for transfers of citizens in their favour to the financial platform operator’s special account.
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