look news india
New Delhi. In the digital age, every second internet user is making payments through UPI (Unified Payment Interface). With the UPI app on your phone, transferring money becomes a matter of a few seconds.
You must be making UPI payments for things ranging from a needle to an elephant. Have you ever wondered how much money you can transfer in a day?
NPCI sets limits on UPI transactions
Yes, it is important to mention here that the National Payments Corporation of India sets a transaction limit for UPI. Payments can be made through UPI only keeping this limit in mind-
Normal UPI Transactions
According to the information given on the official website of National Payments Corporation of India, the transaction limit for normal UPI is Rs 1 lakh. This limit is for transactions.
Limit for specific category
This limit increases to Rs 2 lakh with UPI transactions in capital markets, collections, insurance.
The UPI transaction limit for IPO (Initial Public Offering) and Retail Direct Scheme has been capped at Rs 5 lakh.
UPI limits for hospitals and educational institutions
According to the information given on the payment website, from 8 December 2023, the Reserve Bank of India has increased the limit of UPI transactions for specific sectors.
The Reserve Bank of India has increased the limit of UPI payments to educational institutions and hospitals to Rs 5 lakh. Let us tell you, before 2023, the limit of UPI payments for educational institutions and hospitals was Rs 1 lakh.
Person to Person UPI Transactions
Each bank can set its own terms for P2P UPI transactions. For example, HDFC Bank has set a limit of Rs 1 lakh or 20 transactions for P2P (person to person) and P2M (person to merchant) UPI transactions. This limit is set for 24 hours.
According to the rules, 20 UPI transactions can be done daily. After this, the user will have to wait for 24 hours to start the transaction. Only 10 transactions are allowed for third party UPI apps.