Search
UPI transactions limit set by Indian banks
June 06, 2023
Unified Payments Interface (UPI) transactions have been on the rise since its introduction by the National Payments Corporation of India (NPCI) in 2016. UPI payments saw a record high of ₹149.5 trillion UPI, card transactions in 2022, as per Worldline report. But, now, banks like HDFC, State Bank of India (SBI) and ICICI have set a limit on UPI transactions.
NPCI has set out guidelines for UPI transactions stating that a person can initiate a maximum payment of ₹1 lakh per day through UPI. The UPI limit varies from small banks like Canara Bank which allows ₹25,000 transactions, to big banks like SBI that have set a limit of ₹1 lakh.
HDFC Bank has set a limit of ₹1 lakh on UPI transactions. For new users, the UPI limit is ₹5,000. ICICI customers can make UPI payments up to ₹10,000. Axis Bank capped the UPI payments limit at ₹1 lakh, while Bank of Baroda has set it to ₹25,000.
In addition to the money limit levied on UPI transactions, NPCI has also set a limit on the number of transactions per day. The new regulations state that per day a person is allowed up to 20 transactions post which they are required to wait for 24 hours to renew transactions. However, the limit can vary depending on the banks.
Google Pay, Paytm, and Amazon Pay UPI have set a limit of ₹1 lakh per day and a total of up to ten transaction limits across all UPI apps and bank accounts.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
