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Good News! SBI waives off SMS charges for mobile fund transfer; Avail Free Banking Services Now

New Delhi: In an effort to promote fund/money transfer through mobile banking among the marginalized and poor, India’s largest lender State Bank of India (SBI) has announced waiving off SMS charges on mobile fund transfers. This will eventually ease the burden off the shoulders of the users and make mobile fund transfers cheap and convenient.

(Also read: Make in India: Smartphone share reaches 16%; check details,

SBI informed that using USSD services, users can now easily transact without any additional charges. Just dial *99# and avail banking services absolutely free.

It shared an infographic on its official Twitter handle and wrote, “SMS charges on mobile fund transfer now waived! Users can now easily transact without any additional charges.”

What is USSD Service?

An abbreviation for Unstructured Supplementary Service Data (USSD) is a service that is used for fund transfer, checking account balance, generating bank statements and many other things. The service works on feature phones and allows users to avail banking service without a smartphone and internet connection. It allows users to avail simple banking services like fund transfer or account statement without smartphone or internet connection using mobile banking through *99# code.

(Also read: Facing difficulty in getting a personal loan? Here are 9 tips to increase your chances,

SBI added in the infographic that users can avail services at no extra cost, including sending money, requesting money, account balance, mini statement and changing UPI PIN.

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