The increase in the cost of banking services by the central bank in the year of inflation control

A few minutes ago, the central bank announced in an announcement: According to the provisions of clause (4) of article (14) of the monetary and banking law of the country, as well as the provisions of clause (4) of article (20) of the law on interest-free banking operations, as well as the provisions of clause (1) ) Minutes of the 1204th meeting dated 23/04/1394 of the Money and Credit Council, determining the types and amount of the minimum and maximum fees for banking services is the responsibility of the Central Bank of the Islamic Republic of Iran. In this direction, actions have been taken in different years and notified to the country’s banking network.

According to the latest regulations announced in this regard, as well as the change in the general level of prices, as well as based on the proposals received and the investigations carried out, the types and maximum amount of fees for Riyal and electronic banking services were revised and updated, and the matter is described in the attached tables number one and Two were presented and approved in the fifth meeting dated 05/02/1402 of the Executive Board of the Central Bank.

It is worth mentioning that in order to comply with the prescribed legal obligations, the revision and adjustment of the banking service fee rates has been done after three years from the last circular and taking into account the macroeconomic conditions and the existing requirements of the country, so that the banking service fee rates listed In the attached tables of this circular, it is lower compared to the cost of providing the said services, and there are no changes in some of the fee levels compared to the previously notified criteria. Also, considering the above, the process of determining the fee to compensate and cover the provision of some other banking services was done gradually, the details of which will be communicated to the country’s banking network by the relevant units at the appropriate time.

For this reason, it is necessary to notify all relevant units of the new regulations and take the necessary measures in order to fully comply with the following items on the agenda of the bank/non-banking credit institution:

1- In order to create a competitive environment between banks and credit institutions and provide more favorable services to members of the society, that bank/credit institution can offer a maximum of 30% for all its customers, for people covered by the country’s welfare organization, pensioners and relief committee applicants. Imam Khomeini (RA) should discount up to 100% and for knowledge-based companies up to 40% of the amounts listed in the notified tables and apply lower rates;

2- In relation to the level of services where the time factor is effective in calculating their fees, that bank/credit institution is obliged to act within the framework of the provisions of Circular No. MB/111 dated 02/02/2018; Therefore, in calculating the number of days, the actual number of days in the month (30, 29, or 31 days) and the actual number of days in the year (365 or 366 days, depending on the case) should be used as the criteria for fee calculations;

3- In case of any ambiguity or suggestion, that bank/credit institution is obliged to first reflect the situation to the Coordination Council of Banks or the Center of Banks and Private Credit Institutions, as the case may be, and if the ambiguity is not resolved and it is deemed necessary to present it to Central Bank, the above-mentioned authorities will only reflect to this bank;

4- The trustee and responsibility for responding to the issues, ambiguities and requests received regarding the fees for Rial, electronic and foreign currency banking services in the Central Bank, respectively, are the departments located in the areas of supervision, new technologies and foreign exchange; Therefore, it is requested that this matter be taken into consideration in the correspondence with this bank in accordance with the provisions of clause (3).

These rules are effective from the date of notification and it is emphasized that demanding and receiving any other money under the title of Riyal and electronic banking service fees outside of the provisions of the Central Bank’s circulars is not allowed.