UPI payments are growing rapidly, and the user base of this service is growing rapidly. With so many transactions, BHIM should set a daily limit for daily UPI transactions. In this guide, we will see what the UPI is, the benefits of the UPI, the transaction limit of the UPI per day, and other UPI options when the transfer limit has expired.[Recommended: How to Change Mobile Number in IDFC bank online
What is UPI? Complete UPI form
Unified Payment System is a recently launched payment system based on Bharat Interface for Money (BHIM). You do not need to account for information to transfer money to your relatives/friends. Only a unique VPA (real private address) is required to send/receive money.
Also, the UPI is linked to a mobile bank registered number and six numbers OR four UPI numbers. This makes UPI payments much safer and more reliable to use. So here are the Transaction limit of UPI per day and other banks.
What is the UPI transaction limit per day?
The UPI is therefore limited per day to reduce the load on the servers. You can only transfer a fixed amount at a time and day.
The UPI transaction limit also varies with banks
Yes, the UPI transaction limit is different for different bank accounts.
Here are some bank names and their approved UPI transactions for each transaction and daily limit –
SBI – ₹ 1 Lakh per transaction.
HDFC Bank – ₹ 1 Lakh per transaction
Kotak Mahindra Bank – ₹ 25,000 per transaction, 2 transactions per day
Central Bank – ₹ 25,000 per transaction
IDFC First Bank – – 25,000 per transaction
ICICI Bank – ₹ 1 Lakh by transaction
Axis Bank – ₹ 50,000 per transaction
Also, the limit is set for your account type Some people with high account variations get higher transactions while others with first/entry-level variations get a lower transaction limit (or ₹ 10,000)
In this post, we have seen what the UPI transaction limit is per day. Also, we have seen the amount that can be transferred per day via UPI and the number of transactions allowed per day.
If you have any questions related to UPI payments, read our special posts about UPI. Also, feel free to comment on your questions, ask about the UPI limit per day in the comment section below.
To Benefits of UPI
- UPI is the cheapest way to transfer funds compared to NEFT and RTGS. Where RTGS charges are charged at ₹ 2.5 and IMPS charges at ₹ 2.5, UPI transactions cost less than 50 per transaction.
- UPI makes small transactions possible. In fact, it has reduced financial credibility or even net banking.
UPI operations do not require too many transaction details. Unlike card payments where you need to provide card details, UPI transfers only require a valid payment address.
- As mentioned, UPI transfers do not require any information and are therefore very secure and secure. The physical payment address does not provide an indication of your bank account. Additionally, authentication takes place on your smartphone and requires two separate PINs.
- After the UPI app, you don’t need many apps for your banks. Based on the concept of One App, All Accounts. One UPI will help multiple bank accounts.
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