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UPI limit increased: Now the way of making payments in India has changed a lot. There are very few people in India who make cash payments. Now most people do online digital transactions. UPI was started in India in 2016. Since then, crores of people use it. If you also use UPI. Then there is an important news for you.
NPCI has increased the transaction limit through UPI. This means that now you will be able to transact more rupees through UPI. How will you be able to take advantage of the increased limit of UPI? Let us tell you.
Take advantage like this
In August this year, the National Payment Corporation of India (NPCI) had informed that it is going to increase the limit of UPI transactions. In which the limit for tax payment will be up to ₹ 5 lakh and along with this the limit for other things will also be increased to 5 lakhs. This limit has been increased from today i.e. 16 September.
If you also want to take advantage of this increased limit, then you do not have to do anything separately for this. You will make payments as you do your work. But now you will be able to make more payments than before. However, the limit for transferring money to another UPI number has not been increased. Rather, the UPI transaction limit has been increased for some tasks.
You can pay 5 lakh rupees here
Now according to the new rules in UPI, you will be able to transfer up to Rs 5 lakh through UPI to pay tax. Along with this, you will also be able to transact up to Rs 5 lakh in hospital bills, fees of educational institutions, IPO and Retail Direct Schemes of Reserve Bank of India.
Transaction limits will remain the same
NPCI has set limits for some tasks through UPI. You will not get the benefit of this increased limit in all types of transactions. UPI transaction limit depends on both the bank and the app. For example, HDFC and ICICI bank customers can transact up to ₹ 100000 through UPI in a day but Allahabad Bank customers can only transact up to ₹ 25000. You will be able to do only as many transactions as your bank's UPI transaction limit.