Banks Raise Fees

EghtesadOnline: New banking fees came into effect on May 7. Lenders may offer up to 30% discount on banking charges to be able to compete with their peers and offer up to 40% discount to knowledge-based companies.

News ID: ۷۵۲۴۹۵

08 May 2023

The Central Bank of Iran has told banks to raise fees for banking services in rial and electronic modes. It also unveiled a long-awaited fee model for transactions per which payment acquirers, shops and retailers will be charged for transactions via POS terminals.

New banking fees were implemented on May 7, the bank said allowing lenders to offer up to 30% discount on banking charges to promote competition between banks.  Moreover, lenders are allowed to offer up to 40% discount on charges related to knowledge-based companies.

Bank fees have remained unchanged since 2020.