New rules will take effect on May 1
From May 1 next year, Russians will be able to transfer up to 30 million rubles a month free of charge between their accounts in different banks through the Faster Payment System (FPS), as reported by the Central Bank of the Russian Federation.
The amount of transfers without commission from one citizen to another (C2C transfers) will remain the same — 100 thousand rubles per month. The commission for a transfer in excess of this amount will be 0.5% of the transfer amount, but not more than 1.5 thousand rubles.
In addition, from April 1, 2024, the regulator also exempted banks from paying commissions to the Bank of Russia on a number of transactions in the SBP. Zero tariffs for banks will apply for transferring cashback to citizens, as well as for returning such cashback to the seller in case of refusal of a purchase. This will make the SBP loyalty program more attractive not only for trade and service enterprises, but also for the banks that serve them.
Central Bank of the Russian Federation
In the SBP, until July 1, 2024, there is a grace period for banks when they do not pay a commission to the regulator for transfers between citizens. But the Central Bank of the Russian Federation decided to establish a zero tariff for these operations without limitation of validity period.