UPI transactions are subject to certain limits, which are set by the National Payments Corporation of India (NPCI) and individual banks. These limits are put in place to ensure security and prevent misuse of the system. Here are the different types of transaction limits you should be aware of:
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Per Transaction Limit:
The per transaction limit refers to the maximum amount of money that can be transferred in a single UPI transaction. Generally, banks set the per transaction limit between ₹1 lakh to ₹2 lakhs (1 lakh = 100,000) for individual users.
Daily Transaction Limit:
In addition to the per transaction limit, there is a daily transaction limit for UPI transactions. This limit defines the maximum cumulative amount you can transact in a single day using UPI. Again, the daily transaction limit varies from bank to bank and can range from ₹1 lakh to ₹5 lakhs or more.
Maximum Number of Transactions:
Apart from monetary limits, there may also be a maximum number of transactions allowed per day through UPI. This limit is in place to prevent potential misuse or fraud. The maximum number of transactions can vary across different banks and UPI apps, typically ranging from 10 to 20 transactions per day.
Customized Limits:
Some banks and UPI apps allow users to set customized transaction limits within the overall prescribed limits. This feature allows you to define your own transaction limits based on your needs and preferences. It provides an additional layer of control over your UPI transactions.
Conclusion:
While using UPI for digital transactions offers convenience, it's crucial to be aware of the UPI transaction limits in place. To know the specific transaction limits applicable to your UPI transactions, it's recommended to consult your bank or UPI app provider, as they may have specific policies in place.
