Indian Thought Latest News & Views
New Delhi: The country’s largest lender State Bank of India has given a big relief to its customers. Such users, who transfer funds from mobile, will not have to pay SMS charges. The bank announced that SMS charge on mobile fund transfer has been waived. This means YesBI users can easily transact with the help of USSD facilities for no extra charges.
Sharing this information on Twitter, YesBI said that “SMS charges on mobile fund transfer now waived! Users can now easily transact without any additional charges.” It further states that users can avail the services at no additional cost, including sending money, requesting money, account balance, mini statement and changing UPI PIN.
What is USSD?
USSD or Unstructured Supplementary Service data is commonly used to check talk time balance or account information and for mobile banking transactions. This service works on feature phones and can be availed by any YesBI customer using this service. Users with feature phones will benefit from this decision.
More than 65 percent feature phone users
Users using feature phones comprise more than 65% of the country’s more than 1 billion mobile phone users. Now such users can do transactions and other things without any additional charges.
It is worth noting that recently YesBI had increased the benchmark prime lending rate by 70 basis points. With this increase, as per the information posted on SBI’s website, the revised rate is now 13.45%. The new rate is effective from September 15. The bank has also increased the base rate by equal basis points to 8.7 per cent, with effect from today.
Explain that the bank revises both BPLR and Base Rate on a quarterly basis. Other banks are also likely to revise the lending rate by SBI in the coming days.
