Free bank transfers between individual’s own accounts up to ₽30 million per month
This new provision will apply to online transfers made by individuals between their accounts with different banks. The draft law was adopted by the State Duma in its second reading.
It will be possible to transfer funds up to ₽30 million per month free of charge using an account number through mobile applications or a personal account on the bank’s website, either to one’s own account with another bank or by a phone number using the Faster Payments System (SBP).
The new rules will not apply to transfers performed when visiting branches, as this is a more expensive operation for banks, and to transfers using a card number, since in this case it is not always possible to identify the recipient of funds.
The changes will not only allow people to move their funds between banks without incurring unnecessary expenses, but will also foster competition and improve the quality of banking products. In addition, they will reduce the operational risks for individuals who previously withdrew cash from their accounts to transfer it to another bank without commission.
Furthermore, banks will now be required to inform their customers free of charge about the impending maturity of their deposits no later than five days before they expire. This will help customers better manage their funds, ensuring they can timely renew their deposits to avoid the money being subject to demand terms if they forgot about the deposit expiration.
The provisions of the law on free online transfers will come into force nine months after its official publication, and banks will be required to inform their customers about the imminent end of their deposit period in six months.