Understanding UPI Daily Transaction Limits and Guidelines
Unified Payment Interface (UPI) is a digital payment system that allows seamless and secure money transfers between different banks in India. It offers a more convenient and faster way to make payments than traditional internet banking. A common query regarding UPI is often its daily transaction limit. Let's explore the details.
NPCI Guidelines and Daily Limits for UPI Transactions
According to the National Payments Corporation of India (NPCI), the regulatory body that governs digital payments in India, the maximum payment a person can make through UPI in a single day is Rs 1 Lakh (100,000). This is a regulatory guideline that is adhered to by all UPI entities, regardless of the bank or the platform being used.
Pconds Based on Bank Variations
While the NPCI sets the overall limit, individual banks can further restrict the daily transaction limits. This means that a person may have a higher or lower limit based on the bank they are using. For instance, smaller banks like Canara Bank only allow a daily limit of Rs 25,000, whereas larger banks like the State Bank of India (SBI) have a higher daily UPI transaction limit of Rs 1,00,000.
Transaction Caps per UPI Platform
It's also important to understand the specific transaction limits for different UPI platforms. BHIM (Budget-friendly Hindu Murdoch Interface) is one such platform that is widely used for UPI transactions. Here are the detailed transaction limits for BHIM UPI:
Per Transaction Limit: The maximum amount a user can send or receive in a single transaction is Rs 10,000. 24-Hour Limit: The total amount a user can send or receive in a 24-hour window is Rs 20,000.Key Points to Note
No Separate Limit for UPI Transactions
It's crucial to note that UPI does not have a separate limit. The entity or bank you are using for UPI transactions will determine the daily transaction limit. For example, the limit for a normal UPI transaction is up to Rs 2,00,000 per day, as long as it is using the platform allowed by your bank. Any inquiries or questions regarding this limit should be directed to your bank, as the specific details of the limit may vary.
Transactions Above the Allowed Limit
Users often wonder what happens if they try to make a transaction that exceeds the daily limit. According to NPCI guidelines, no questions will be answered regarding such transactions from you. It is advisable to consult your bank for any such scenarios to avoid issues or unauthorized transactions.
Conclusion
The daily transaction limit for UPI transactions is set by NPCI and varies based on the bank you are using. While the overall limit is Rs 1 Lac per day, smaller banks may have lower limits, while larger banks can have higher limits. Understanding these guidelines will help you manage your daily transactions more effectively and avoid any issues related to payment limits.