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New Delhi: In today’s time, UPI has made money transactions very easy. With just a few taps on the mobile, you can send money or make payment to anyone instantly. But do you know how many times and how much amount can be sent daily through UPI?
If you do many transactions daily, then this news is very important for you, because banks also have their own rules.
How much amount and how many times can I transact daily through UPI?
In UPI, a maximum of Rs 1 lakh can be transacted in a day. This limit applies to both Person to Person (P2P) and Person to Merchant (P2M). However, some banks have also imposed a limit on the number of transactions. For example, in SBI, a maximum of 20 P2P transactions can be done from one account in 24 hours. However, there is no limit on the number of P2M transactions.
In these cases the daily payment limit is more than Rs 1 lakh
If you are paying tax through UPI, applying for IPO, making payment under RBI’s Retail Direct Scheme or making payment to any verified hospital or educational institution, then you can transact up to Rs 5 lakh in a day. Apart from this, the daily limit for capital market, credit card payment, loan repayment, foreign transactions and insurance is Rs 2 lakh.
UPI Limit in SBI and HDFC Bank
Like SBI, HDFC Bank also has a limit of Rs 1 lakh or 20 transactions, whichever is completed first. This rule applies to both P2P and P2M. There is a ‘cooling off period’ for new users. Android users can send only up to Rs 5,000 in the first 24 hours, while for iPhone users this limit is up to 72 hours.
UPI Lite Limit
A maximum of Rs 1,000 can be transacted at a time through UPI Lite. A maximum of Rs 4,000 can be added to the wallet in a day and a maximum of Rs 5,000 can be kept in the wallet at any time. This facility is for small and everyday payments.
UPI123Pay Limit
For those who use feature phones or do not have internet, there is a facility of UPI123Pay. Through this, transactions can be done through IVR call, feature phone app, missed call or sound-based payment. In this, a maximum transaction of Rs 10,000 can be done at a time.
If you use UPI daily, then it is important to know these limits so that the problem of transaction failure can be avoided and big payments can be made on time.
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