Confused About UPI Daily Limits? We have Got You Covered

Confused About UPI Daily Limits? We have Got You Covered

What is UPI

UPI stands for Unified Payments Interface. It is a digital payment system developed in India that allows you to transfer money between bank accounts instantly using your smartphone.

What is the UPI transaction limit?

The National Payments Corporation of India (NPCI), which governs UPI, sets a general daily limit of ₹1 lakh (approximately $1,250 USD as of May 31, 2024) for all UPI transactions. However, there are some exceptions-

UPI transaction limits for education and healthcare

For transactions related to educational institutions and hospitals, the UPI limit has been raised to ₹5 lakh approximately $6,250 USD.

Bank to Bank UPI Transaction Limit

The daily limit of transfer that can be done from one bank to another via UPI varies from Rs 25,000 to Rs 1 lakh depending on the bank. Some banks also have weekly or monthly limits instead of their daily limits.

What is NPCI?

NPCI was established in 2008. It is a non-profit organization registered under Section 8 of the Companies Act 2013.

Limit on the number of UPI transactions per day

As per new guidelines, per day, 20 UPI transactions are allowed; after that user has to wait for 24 hours to start the transaction. These limits may vary from bank to bank. Only 10 transitions are allowed for third-party UPI apps.

What are the charges for UPI transactions

Normal customers do not have to pay any charges for UPI transactions. For payments above Rs 2000, some merchants may charge an intercharge fee of up to 1.1% for UPI payments through digital wallets. This fee is levied by the bank.

Benefits of using UPI

UPI facilitates instant and seamless money transfers 24/7, 365 days a year, UPI enjoys widespread adoption across India.UPI transactions are secure. UPI can be used for various types of transactions.

Precautions while using UPI

Always use the latest version of your UPI app. Do not share your UPI PIN with anyone. Do not make UPI transactions on public Wi-Fi networks. Choose strong and unique passwords for your UPI app login.

Where to get more information about UPI?

NPCI website: https://www.npci.org.in/ UPI apps websites: PhonePe, Paytm, Google Pay, Amazon Pay, BHIM UPI RBI UPI guidelines: https://www.rbi.org.in

Some popular UPI apps

Some of the popular UPI apps include: PhonePe, Paytm,Google Pay,Amazon Pay,BHIM UPI

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