Russian Central Bank extends zero tariffs for banks for individual transfers via FPS until July 1, 2024

MOSCOW. April 20 (Interfax) - The Central Bank of Russia (CBR) has extended the zero tariffs for banks on transfers between citizens via the Faster Payments System (FPS) until July 1, 2024, the regulator said in a statement.

"The CBR's board of directors has decided to extend its zero tariffs policy for banks on transfers between citizens via the FPS until July 1, 2024. This step will allow credit institutions to maintain minimal tariffs for transfers via the FPS for clients," according to the statement.

The grace period for banks for transfers of individuals via the FPS to a special account in the marketplace, with the operator of the financial platform, has also been extended until July 1, 2024.

Individuals currently do not pay a commission when transferring funds to themselves or other individuals via banks using the FPS up to 100,000 rubles per month. They do pay commissions of 0.5% of the amount being transferred from 100,000 rubles per month, though not more than 1,500 rubles. As of November 1, 2020, the same tariffs are set for transfers via the FPS of an individual from a bank account to a special account in the marketplace, with the operator of the financial platform.

The CBR reset its tariffs for banks in the FPS on April 1, 2020, and they are to be valid until June 30, 2022.

The CBR launched the pilot mode of the FPS on January 28, 2019, and then in full scale on February 28 of the same year. The FPS allows transferring funds between accounts in different banks by phone number in C2C transactions, paying for goods and services in C2B transactions, and receiving refunds when refusing to purchase or render payment from companies to a client as a transfer to a brokerage account, insurance payment, and others in B2C operations. There are plans going forward to add to the FPS the possibility for citizens to render transfers to the government in C2G transactions, and to pay for utility services and other options.