Must Knows

What are UPI transaction limits?

[ecis2016.org] The RBI has set up limits on the funds that can be transferred via UPI to ensure all the customers’ safety and security.

UPI is a digital payments system developed by the National Payments Corporation of India. It facilitates instant fund transfer between two accounts unifying all banks. It helps ease the process for all customers. The Reserve Bank of India regulates its functioning. The RBI has set up limits on the funds that can be transferred via UPI to ensure all the customers’ safety and security.

Limits for UPI transactions

The limits agreed upon by the NCPI are Rs 1lakh. That is the amount that can be transferred in one transaction. This limit was raised to Rs 2 lakh for Verified ‘Merchants’, as per a circular released in March this year. The total number of UPI transactions that can be done in a day is 20. This limit varies across various banks. Most banks have removed the limit on the number of UPI transactions that can be made in a day.

Bank specific transaction limits

As per the NPCI, every bank can set up its own UPI transaction limits. Some banks, however, have lowered the same and offered more liberty to their customers in order to encourage the use of UPI as a means of transaction. 

An example of the BHIM app can be taken, wherein you can transfer only Rs 1 lakh in a day and a maximum of Rs 1 lakh per transaction as well. Similarly, other banks too have set their limits pertaining to both, the day and the amount that can be transferred. Once that limit is exhausted you won’t be able to make any transactions during the day. 

Here is a list of the transaction limit across banks:

Bank Single transaction limit Limit per day
Andhra Bank Rs 1 lakh Rs 1 lakh
Axis Bank Rs 1 lakh Rs 1 lakh
Bank of Baroda Rs 25,000 Rs 1 lakh
Bank of India Rs 10,000 Rs 1 lakh
Bank of Maharashtra Rs 1 lakh Rs 1 lakh
Canara Bank Rs 10,000 Rs 25,000
Central Bank of India Rs 25,000 Rs 50,000
Citibank Rs 1 lakh Rs 1 lakh
City Union Bank Rs 1 lakh Rs 1 lakh
Dena Bank Rs 1 lakh Rs 1 lakh
HDFC Bank Rs 1 lakh Rs 1 lakh
ICICI Bank Rs 10,000 Rs 10,000
State Bank of India Rs 1 lakh Rs 1 lakh

How to access UPI apps?

There are many applications available these days that cater to the needs of various individuals, such as Phonepe, Google Pay, BHIM UPI, Airtel Payments’ Bank & many more. Several banks also have their own UPI applications to cater to the needs of the people.

These apps are available on the Play Store and can be downloaded on your smartphone to access the UPI payment facility.

How to make payments with UPI?

  • Login to the UPI app.
  • Click on the UPI option.
  • Select Pay with Virtual Payment Address, VPA.
  • Enter the beneficiary VPA or beneficiary list.
  • Choose the VPA and select submit. 
  • Click confirm to make the transfer.

You will need to generate your UPI ID through your bank if you wish to utilise this facility. This facility is not available for making international fund transfers. 

Source: https://ecis2016.org/.
Copyright belongs to: ecis2016.org

Debora Berti

Università degli Studi di Firenze, IT

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