A slew of fee cuts unveiled recently will help reduce payment fees by a total of 24 billion yuan (about $3.7 billion) every year to invigorate China's economy, a central bank official said Thursday.

Over 16 billion yuan will be saved for small and micro-sized enterprises and self-employed individuals, Fan Yifei, deputy governor of the People's Bank of China, told a news briefing.

The measures, which will take effect on September 30, focus on fee cuts in basic payment services, including bank account services, RMB settlement and e-banking, said Fan.

They will help reduce the cost of capital circulation, boost consumption and promote the high-quality development of the national economy, he added.

The country will also introduce long-term measures to reduce fees for interbank ATM cash withdrawal, Fan said.

(With input from Xinhua)