The use of UPI i.e. Unified Payment Interface has increased year after year in the country. According to the August report of NPCI (National Payment Corporation of India), which looks after the operation and maintenance of UPI, the backbone of digital payment solutions, for the first time in the country, the number of UPI transactions crossed 650 crores.
There has been a straight 85% increase in the number of transactions in one year. There has also been a significant increase in the value of transactions. With the increase in the acceptance of digital payments, you must also be making UPI payments. Do you know that your bank puts a limit on the transaction on you? You can pay with UPI only up to a limit. Let’s understand it.
Every bank keeps a daily limit for UPI transactions. That is, you can send or receive money only up to a certain amount in a day. Not only this, different banks keep their different charges on how much money can be UPI at a time.
Limit on UPI Transactions of SBI, ICICI, HDFC Bank
SBI UPI Transaction Limit
In SBI’s UPI transaction limit, a limit of Rs 5,000 has been kept for new users for 24 hours. In this, the UPI transaction limit is Rs 1 lakh. At the same time, the daily limit is also up to Rs 1 lakh.
ICICI Bank UPI Transaction Limit
ICICI Bank has kept the transaction limit of UPI for its users at Rs 10,000. Daily limit is also Rs 10,000 per user. However, if you are paying through the Google Pay app, then this limit will increase to Rs 25,000 for you.
HDFC Bank UPI Transaction Limit
HDFC customers can authorize transactions up to Rs 1 lakh or up to 10 transactions in a day. Note here that the limit of 10 transactions is only on fund transfer. If you make any bill payments or do merchant transactions, these will not be counted in it.
There is a limit of Rs 5 lakh per transaction on IPO application through UPI.
New customers or new UPI users who have changed their device/SIM card/mobile number can only transact up to Rs.5,000 in the first 24 hours. For iPhone users, this limit is 72 hours.