Good News for SBI-HDFC-ICICI Bank Customers- RBI have made these change in UPI Transaction Limit

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UPI Payment Changes

UPI Transaction Limit: Unified Payments Interface (UPI) has become one of the most popular modes of digital payments in India, offering a quick, convenient, and secure way to transfer money between bank accounts. However, different banks have set different transaction limits on UPI transfers, which can vary based on factors such as the type of bank account, the user’s transaction history, and the purpose of the transfer. In this article, we will discuss the transaction limits set by some of the major banks in India on UPI transfers.

Transaction Limit of Banks on UPI

UPI transactions also have certain limits that vary across banks. Depending on the bank, it could be anywhere from INR 10,000 to INR 1 lakh per transaction. For instance, the maximum amount you could transfer in a single transaction using the BHIM UPI app is INR 1 lakh, and you could only transfer to a maximum of INR 1 lakh in a day. Some banks also have limits on the number of transactions per day or per month.

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  1. State Bank of India (SBI): SBI, the largest bank in India, has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  2. HDFC Bank: HDFC Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  3. ICICI Bank: ICICI Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  4. Axis Bank: Axis Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 20 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  5. Punjab National Bank (PNB): PNB has set a daily transaction limit of Rs. 50,000 per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.
  6. Kotak Mahindra Bank: Kotak Mahindra Bank has set a daily transaction limit of Rs. 1 lakh per day on UPI transfers, with a maximum of 10 transactions per day. However, the bank may allow higher transaction limits based on the user’s transaction history and other factors.

Benefit of UPI Transaction Limit by Banks

The benefit of UPI transaction limit by banks is that it helps to prevent fraud and misuse of the system. By imposing a limit on the amount and frequency of transactions, banks can reduce the risk of unauthorized transactions or cyberattacks. It also helps to maintain the stability and efficiency of the UPI network by avoiding congestion or overload.

However, some users may find the UPI transaction limit by banks inconvenient or restrictive. For example, if they want to make a large purchase or pay a high bill using UPI, they may have to split their payment into multiple transactions or use another mode of payment. They may also face issues if they exceed their daily or monthly limit due to multiple transactions with different merchants or service providers.

Therefore, UPI transaction limit by banks has both advantages and disadvantages for users. It is important for users to be aware of their bank’s UPI transaction limit and plan their payments accordingly. They can also check with their bank if they can increase their limit based on their usage pattern and credit history.

These transaction limits are subject to change at the discretion of the banks, and may also depend on the type of bank account, the user’s transaction history, and the purpose of the transfer. It is advisable to check with the respective bank’s customer service or website for the latest transaction limits before making a UPI transfer.

Also read: EPF- Employee Provident Fund Explained

Key Changes Made by RBI for UPI Transaction

There are a few new rules of RBI on UPI transaction that have come into effect recently or will come into effect soon. Here are some of them:

  • The threshold for the contactless card transactions through cards and UPI will be increased from Rs 2,000 to Rs 5,000 from January 1, 2021. This is done to encourage digital payment which is truly safe and secure.
  • The transaction limit for payments through UPI for retail buying of government securities and IPO applications will be enhanced from Rs 2 lakh to Rs 5 lakh. This is proposed to facilitate greater retail participation in these instruments.
  • The customers will have to provide additional factor authentication (AFA) for recurring online transactions using cards, wallets or UPI above Rs 5,000 from October 1, 2021. This is done to improve customer convenience and safety while making recurring payments.
  • The Reserve Bank has launched UPI123Pay – Option to make Unified Payments Interface (UPI) payments for feature phone users on March 8, 2022. This is done to promote financial inclusion and digital literacy among the masses.

In conclusion, UPI has revolutionized the way digital payments are made in India, but the transaction limits set by different banks can sometimes pose a challenge for users. It is important to be aware of these limits and plan transactions accordingly to avoid any inconvenience or delays. With UPI usage continuing to grow, it is likely that these transaction limits will also evolve to keep up with the changing needs of customers.

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