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News India Live, Digital Desk: Bank Rules: Nowadays UPI-based payment apps like Google Pay (GPAY) and PhonePe have become an important part of our everyday life. From small grocery store to online shopping, we use them everywhere. But do you know that some new rules related to Unified Payments Interface (UPI) have come into force, which are very important for you to know? If you are not aware of these rules, you may suffer financial loss or stop your transactions.
What are these new rules of UPI, which are very important to know?
According to Timesbull’s report, the rules related to UPI are updated by the National Payment Corporation of India (NPCI) from time to time. However, the news mentioned by you does not mention a particular new date or accurate rule (generally some changes in the UPI continue to go on with old news), so in general we are talking about some important rules that should be taken into account on apps like GPAY and PhonePe:
- Transaction limits:
- daily limit: For most banks, transactions of up to Rs 1 lakh can be done through UPI a day. For some banks or special categories (eg education, health), this limit can be from 2 lakh to 5 lakhs.
- Per-Len-Dan Border: There is also a maximum limit of transactions at once (usually Rs 1 lakh).
- Rebate (in certain services): The limit can be up to 2 lakh or 5 lakhs for booking train tickets from IRCTC or some special payment like health or education related payment.
- Charged on small transactions (does not seem):
- Typically, there is no direct fee on any transactions (including GPAY, PhonePe) done to UPI, neither on the sender nor on the receiver, especially if it is a peer-to-peer (person to person) or peer-to-chickent (shopkeeper from person).
- Although recently, there was talk of imposing interchange fee on merchant transactions made from some PPI (prepaid payment instruments such as wallets), but it applies not to customers, but to traders and service providers. UPI transactions are free for customers.
- Long -term passive UPI ID (Inoperative UPI IDS):
- In UPI Ecosystem, if any of your UPI ID is inactive for 1 year or more (no transaction has taken place), it can be inactive. However, it does not directly happen that it can be canceled.
- If a user does not make any transaction continuously for 1 year, then the process of re -activating their passive UPI ID or renewed to banks and UPI apps can be considered so that any type of fraud can be avoided. This will help prevent fraud.
What should you do?
- Go to your UPI app and bank app and check the boundaries of daily transactions.
- From time to time, keep reading your UPI app and bank app notifications and rules.
- Make sure that you always keep your app updated on the latest version.
UPI is an important part of the Indian digital payment system. The correct information of its rules will help you in doing safe and smooth transactions.
