UPI payment: Maximum limit is Rs 1 lakh/transaction but your bank may not allow it; know why - UPI transaction limits: All you need to know (2024)

FAQs

How to increase UPI limit from 1 lakh? ›

Merchant verification: To use this enhanced limit, the merchant must be verified. Implementation: The new limit will be effective from September 16, 2024. However, users should confirm with their banks and UPI apps whether they support this increased limit, as individual banks may have specific transaction limits.

In case you exceed your daily transaction limit, you will not be able to transfer money using any UPI application. In such instances, consider opting for other payment modes like net banking, card or cash payment.

The standard UPI transaction limit for peer-to-peer transactions is Rs 1 lakh, but banks have the authority to set their own limits.

Soon, you can use UPI for tax payments of up to Rs 5 lakh

In a circular dated August 24, 2024, NPCI said, "With UPI emerging as a preferred payment method, there is a need to enhance the per transaction limit in UPI for specific categories...

Generic Understanding of UPI Transaction Limits

Third-party UPI apps permit a maximum of 10 transactions per day. The per transaction limit for any UPI transaction is ₹ 1 Lakh. UPI transactions related to capital markets, collections, insurance, and foreign inward remittances have a limit of ₹ 2 Lakh per transaction.

The UPI transaction limit per day is Rs.1 lakh as per NPCI. However, the limit is Rs.2 lakh for transactions related to capital markets, insurance, collections and foreign inward remittances. The UPI limit is Rs.5 lakh for the following transactions: Tax payments.

Customers can set the personalized transaction limit by clicking on 'Manage' option available on Home screen of BHIM UPI followed by clicking on 'Set Transfer Limit'. The maximum transaction limit that can be set per transaction is Rs.1,00,000/-(Rs.1 Lakh).

ICICI Bank's transaction limit for UPI is INR 1,00,000 per day. However, in the case of a new UPI/VPA ID registration, the limit is INR 5,000 for the first 24 hours. After 24 hours, the limit is reset to INR 1,00,000.

Currently, the cumulative transactions limit is INR 95,000 per day for an Airtel Payments Bank Savings account. The cumulative limit for the first transaction and all the transactions in first 24 hours of the first transaction is INR 5000 for an Airtel Payments Bank Savings account.

It may now become possible to make a single transaction up to ₹5 lakh using the Unified Payments Interface (UPI) for a few specific purposes, according to an Economic Times report which added that the limit per transaction is ₹1 lakh generally and for ones related to capital markets, collections, insurance, and foreign ...

Can I pay 1 lakh through Gpay? ›

Google Pay UPI Transactions Limit

The maximum UPI transaction limit for Google Pay stands at ₹1 lakh (Rs 100,000) across all banks, allowing users to send or receive up to this amount daily.

Instant payments haven't taken off in the US yet. That's in part because the US economy is card-based. Banks make a lot of money on interchange fees and late payments, which means it's difficult to sacrifice profitable credit and debit cards for free instant payments.

Customers can increase their Google Pay UPI transaction limit based on their risk profile, as determined by their bank. To do so, they should contact their bank and request a limit expansion. The bank will then evaluate the customer's risk profile to grant a higher Google Pay UPI transaction limit potentially.

UPI mandates can go up to 5 lakh INR, unlike regular UPI transactions with a 1 lakh INR limit. This higher limit allows IPO applications to be as high as 5 lakh INR.

As per NPCI, the UPI transaction limit for normal UPI transactions is ₹1 lakh per day. Moreover, NCPI allows a maximum of 20 UPI transactions per day. The maximum UPI daily transfer limit can vary from bank to bank, ranging between Rs.25,000 and Rs.1 lakh.