UPI's full form is Unified Payments Interface, which is a system that allows instant and seamless money transfers between different bank accounts using mobile devices. UPI is developed by the National Payments Corporation of India (NPCI), which is regulated by the Reserve Bank of India (RBI). UPI is one of the most popular and convenient modes of online payments in India. But did you know there is a UPI transaction limit per day?
There is a UPI transaction limit per day on the amount and frequency of transactions that can be done through it. The UPI transaction limit per day is set at ₹1 lakh by NPCI, but it may vary from bank to bank. Some banks may also have weekly or monthly limits on UPI transactions. The UPI daily limit is the maximum amount of money that can be transferred through UPI in a day. The UPI daily transaction limit is the maximum amount of money that can be transferred in a single UPI transaction. The UPI payment limit is also affected by the type of transaction, such as bill payments, merchant payments, or wallet payments. Some transactions may also incur an interchange fee, which is a charge paid by the merchant to the payment service provider for processing the transaction.
Sure, banks can set their own UPI transaction limits. So can the different UPI payment apps like Google Pay, PhonePe and PayTM. However, these UPI transaction limits must be within the overall upper limit set by the NPCI.
To figure out how much you can transfer through UPI apps, you need to account for the UPI transaction limits set by the app you are using as well as by the bank whose account you’ve linked to the app.
Concerned about daily UPI limits? What if your savings account rewarded you for UPI transactions? On Fi, there’s a buffet of payment modes for you to choose from: UPI, Direct-to-Bank, Debit Card, IMPS, and more. Make faster, instant payments at stores or to your contacts directly with UPI on the Fi app and enjoy cashback or Fi-Coins on every payment.
As per NPCI guidelines, the maximum amount for one UPI transaction is ₹1 Lakh for P2P transfers and most merchant payments. However, for some P2M transactions like credit card payments, loan repayments, and transactions related to capital markets, the limit is ₹2 Lakhs.
As per the NPCI regulations, you can make up to 20 UPI transactions within 24 hours. It is important to note that specific transaction limits may vary from bank to bank.
The government establishes the daily transaction limit for UPI, considering security measures. Consequently, these restrictions are beyond the control of individual users. Therefore, one cannot alter or request to alter their UPI transaction limits.
The government establishes the daily transaction limit for UPI, considering security measures. Consequently, these restrictions are beyond the control of individual users. Therefore, one cannot alter or request to alter their UPI transaction limits.
As of October 2023, UPI transactions do not carry any additional charges or fees. So, you can send and receive money via the UPI interface free of cost, without incurring any extra costs or hidden fees whatsoever.
The UPI daily transaction limit is up to ₹1 Lakh, according to NPCI.