All you need to know about UPI transactions limit
People in India are widely using UPIs (Unified Payments Interface) for sending and receiving money, making bill payments, and merchant transactions. Introduced in 2016 by the National Payments Corporation of India (NPCI), the UPI has made life easier than ever before by making instant payments available around the clock.
Hyderabad: People in India are widely using UPIs (Unified Payments Interface) for sending and receiving money, making bill payments, and merchant transactions. Introduced in 2016 by the National Payments Corporation of India (NPCI), the UPI has made life easier than ever before by making instant payments available around the clock.
The Unified Payment Interface (UPI) has witnessed a 650 per cent rise in the semi-urban and rural stores in India this year, according to a new report published by PayNearby.
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Another research by financial services technology provider, FIS showed that 76% of Indians now prefer UPI as a payment option for online checkouts.
However, there are some limits on UPI transactions.
UPI daily limit
An individual can send or make a payment of up to Rs 2 lakh per day via UPI as per the rules of NPCI, but the maximum limit can change from bank to bank. For instance, the daily UPI transaction limit for Axis bank is Rs 1 lakh per day. However, the daily transaction limit is Rs 2,00,00 lakh for Karnataka Bank, Vijaya Cooperative Bank Ltd, and Union Bank of India.
UPI transaction limit
In addition to the limit on the daily transaction, there is also a limit on each UPI transaction. The limit again changes from bank to bank. For instance, Bank of Baroda customers can send only Rs 25,000 per transaction.
Cap on the number of transactions
Users can do only 20 transactions in a single day and once the limit is reached, they have to wait for 24 hours from the time the last transaction was made for making another transaction. The limit again varies from bank to bank such as ICICI bank allows 20 transactions per day, while Bank of Baroda’s daily transfer limit is set to 10 transactions.
Note: If the limit is exhausted, one can use other available options like National Electronic Funds Transfer (NEFT), online banking, and Real Time Gross Settlement (RTGS).
If you are a Google Pay user, check the daily limit and transaction limit here:
https://support.google.com/pay/india/answer/9616021?hl=en
