Central Bank of Iran updates banking service fees

The Central Bank of Iran has issued new directives regarding banking service fees to promote digital banking and reduce physical branch visits. These updated rates, approved during the eighth meeting of the Central Bank's Board of Directors, aim to align service costs with actual operational expenses.

Key changes include a significant distinction between digital and in-person services. For example, registering or transferring checks via mobile or internet banking is set at 19,000 Rials, whereas the same service at a physical branch will cost 96,000 Rials. Non-face-to-face identity verification fees have increased to 20,000 Rials plus inquiry costs. For interbank ATM cash withdrawals, the fee remains 0.5% of the transaction amount, but the minimum fee has risen from 200 to 300 Tomans. Cash withdrawals from ATMs are subject to a 0.5% fee with a minimum of 3,000 Rials.

Banks are permitted to offer discounts to specific groups, such as knowledge-based companies (up to 40%), individuals under the Welfare Organization or Imam Khomeini Relief Foundation (up to 100%), and general customers (up to 30%). The new fee structure is effective immediately upon issuance, and banks are prohibited from charging any fees outside of this official framework.