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UPI Transactions Limit: In India, the trend of online transactions through Unified Payment Interface (UPI) has increased a lot in the last few years. Nowadays, everyone uses UPI for payments ranging from paan shops to big bills. In such a situation, do you know how much money can be paid in a day through UPI Payment? If not, then in this news we are going to tell you about the limit of UPI transaction and many important information related to it.
You can transact up to Rs 1 lakh
The National Payments Corporation of India sets the limit of transactions through UPI. According to NPCI, any UPI user can pay up to Rs 1 lakh to any person in a day. The UPI limit on capital market, insurance and business transactions is Rs 2 lakh.
Rs 5 lakh limit for IPO
At the same time, the UPI transaction limit for booking IPO or making payment under RBI Retail Direct Scheme is Rs 5 lakh. Apart from this, in December last year, the Reserve Bank of India had increased the transaction limit for UPI payments to hospitals and educational institutions to Rs 5 lakh. NPCI had said in its circular that the UPI limit per transaction for hospitals and educational services has been increased to Rs 5 lakh. This limit will apply only to verified merchants.
The limits may vary for different banks
Let us tell you that the limit for person to person UPI transaction is one lakh rupees, but many banks do not allow this. Actually, every bank sets the UPI limit according to its own. According to the website of ICICI Bank, “The upper limit set by NPCI is Rs 1 lakh per transaction. In such a situation, only 10 transactions can be done in 24 hours through third party application, for more transactions than this you will have to wait for 24 hours from the first transaction.”