The Central Bank clarified the proposal to abolish commissions for transfers between its accounts

The initiative to make transfers between your accounts in different banks within 1.4 million rubles free of charge will affect transfers not only within the Fast Payment System (FPS). This was announced on Sunday, December 19, in the press service of the Central Bank (CB).

“To support citizens, you can increase the limit of free transfers between your accounts in different banks to 1.4 million rubles per month. Moreover, not only through the SBP, but also through other channels, ”RBC quotes a message from the Bank of Russia.

This will enable people, at the end of the term of the deposit, to transfer money to the bank that will offer them the best conditions for the deposit, and not to transfer it in cash from bank to bank, the Central Bank noted.

“Thus, this will not only allow us to provide our citizens with a convenient, fast, profitable and safe service for transferring their own funds between banks, but will generally increase competition in the market,” the Central Bank concluded.

On December 17, the head of the Bank of Russia Elvira Nabiullina said that the regulator is discussing an initiative to make transfers between its accounts in different banks within 1.4 million rubles free of charge. According to her, the Central Bank believes that this will “improve competition among banks”, as well as “strengthen the transmission of monetary policy” of the regulator.

In early December, Izvestia, citing a document from the National Council of the Financial Market, wrote that the threshold for banking operations subject to mandatory control is proposed to be increased from 600 thousand to 1 million rubles by the end of 2023, and then to 1.5 million rubles. Credit organizations also proposed to return the threshold for reporting cross-border transfers and transactions in favor of NPOs, which has now been canceled.