Use of UPI? Know how much money you can send in a day

UPI Transactions: UPI or Unified Payments Interface has become one of the most popular transaction methods in India since its launch. UPI transactions are easy to perform and can be done in seconds unlike NEFT or IMPS transactions where a customer has to enter more details and go through a more detailed process. The ease of access and the speed with which money can be transferred to an account is what has made it so popular among the masses. Anyone with a smartphone and an active internet connection can use the UPI method.

What is UPI?

“Unified Payments Interface (UPI) is an instant payment system developed by National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built on IMPS infrastructure and allows you to instantly transfer money between the bank accounts of two parties,” explains the website of the NPCI, which developed the system.

It is a system that powers multiple bank accounts into a single mobile app (from any participating bank), merging multiple banking features, seamless fund routing, and merchant payments into a single hood. It also caters to “Peer to Peer” collection demand which can be scheduled and paid for as needed and convenient, according to the NPCI. Users can use different payment apps such as PhonePe, Paytm and Google Pay, apart from BHIM UPI app and their banks’ mobile apps to transfer money through this method.

UPI transaction limits for different banks

Although UPI is one of the fastest and most easily accessible payment methods, that doesn’t mean you can use it for endless amounts of daily transactions. The RBI and NPCI have capped the daily transaction limit at Rs 2 lakh per user. There is no minimum value. However, different banks including State Bank of India, Punjab National Bank HDFC Bank and ICICI Bank also have different transaction limits. See them here:

National Bank of India: India’s largest lender, State Bank of India or SBI UPI transaction limit is set at Rs 1 lakh per user, while UPI daily limit is also set at Rs 1 lakh.

HDFC Bank: India’s largest public sector lender, HDFC Bank, has an UPI transaction limit of Rs 1 lakh per user, while the daily UPI limit is also set at Rs 1 lakh. For a new user, the transaction limit for the first 24 hours is Rs 5,000.

Bank of India: The BOI UPI transaction limit has also been set at Rs 1 lakh per user. On the other hand, the daily UPI limit is also set at Rs 1 lakh.

National Bank of Punjab: Another public sector lender, the Punjab National Bank, also has UPI facilities. The PNB UPI transaction limit is Rs 25,000, while the daily UPI limit is Rs 50,000 per user.

Axis Bank: Axis Bank, the leading private sector bank, has an UPI transaction limit of Rs 1 lakh per user, while the daily UPI limit is also set at Rs 1 lakh for each user.

ICICI Bank: The ICICI UPI transaction limit is 10,000 rupees, while UPI’s daily limit is 10,000 rupees per user. However, for Google Pay users, ICICI Bank has set these two limits at Rs 25,000 for each user.

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