NPCI increased the UPI transaction limit to ₹5 lakh..!?
The National Payments Corporation of india (NPCI) has increased the upper limit for transactions using UPI, benefiting lakhs of people in the country. In today's wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital age, online transactions through cell phones are increasing day by day. It is used by many people because it is simple and easy. In this case, the National Payments Corporation of india (NPCI) has increased the upper limit for transactions using UPI, benefiting lakhs of people. A new facility has been introduced in the UPI app to send money up to 5 lakhs for certain transactions. This new UPI transaction limit will apply to other transactions including tax payments, hospital bill entry transactions, transactions including payments to educational institutions, IPOs, and other transactions including RBI's retail direct schemes. This new rule applies to individuals with effect from september 16
As per the Reserve bank of India's (RBI) monetary policy statement dated august 8, 2024, the UPI transaction limit for tax payments has been increased. It aims to help taxpayers make large-scale transactions more conveniently. The decision aims to simplify the tax payment process and encourage more people to use UPI for high-value transactions. It should be noted that the increased limit applies only to certain transactions. The new UPI limit will also apply to other transactions including hospitals, educational institutions, IPOs, and RBI's retail direct schemes. Hence, users need to check with the account holding banks and UPI apps to see if they comply with the new limits to avail of this feature.
NPCI revised the UPI transaction limits both in december 2021 and december 2023. A series of initiatives have been taken to promote UPI app usage in various sectors including tax payments. The new feature, "UPI Circle", enables primary UPI account holders to delegate transactions to trusted individuals, improving both security and convenience.
The standard UPI transaction limit for peer-to-peer payments is Rs 1 lakh. However, banks may set their UPI limits individually. For example, allahabad Bank's UPI transaction limit is Rs.25,000. Meanwhile, banks like hdfc and ICICI allow UPI transactions up to Rs 1 lakh. Also, there may be an individual transaction limit for UPI apps. They vary depending on the operating system. Different types of other UPI transactions have transaction limits. UPI transactions related to capital markets, insurance, and foreign domestic remittances per day up to Rs. 2 lakhs are limited.