UPI Limit Per Day: 2023 Secrets to Sending and Receiving More Money

In this article, we’ll break down the UPI limit per day, answering most asked questions regarding the UPI limit Per Day

1. Understanding UPI Limit per Day

What exactly is the UPI limit per day? It’s the maximum amount of money you can transfer through UPI in a single day. Currently, the National Payments Corporation of India (NPCI) has set this limit at ₹1 lakh per day. This applies to both P2P (peer-to-peer) and P2M (peer-to-merchant) transactions.

2. Factors Influencing Your UPI Limit

The issuing bank is a primary factor. New customers and those with lower account balances generally have lower UPI limits. A good transaction history without fraudulent or suspicious activity will earn you a higher limit.

What determines your UPI limit? A few key factors play a role, including the bank that issued your UPI-enabled debit card, your account balance, transaction history, credit score, and risk profile.

3. Consequences of Exceeding the UPI Limit

What if you surpass the UPI limit? Your transaction will be declined. You’ll need to wait until the next day to initiate another transaction.

4. Checking Your UPI Limit

How can you check your UPI limit? Simply log into your bank’s website or mobile app. Alternatively, reach out to your bank’s customer care for assistance.

5. Can You Modify Your UPI Limit?

Can you change your UPI limit? No, the NPCI sets the UPI limit and it’s not adjustable by individual users. However, you can request a higher limit from your bank by meeting specific criteria.

6. The UPI Limit for the First 24 Hours

Is the UPI limit for the first 24 hours different? Not really. It’s the same as the daily limit, ₹1 lakh. Some banks might impose lower limits for new users, though. For instance, HDFC Bank sets a ₹5,000 UPI limit for newcomers in the initial 24 hours.

7. Steps to Increase Your UPI Limit

Can you increase your UPI limit? Absolutely, if you meet certain criteria then it can be increased to ₹1 lakh

• Good transaction history without suspicious activities
• A healthy credit score
• Being categorized as a low-risk customer

To request a higher UPI limit, simply contact your bank’s customer care. They’ll review your request and might approve it if you fulfill the criteria.

Conclusion

Understanding your UPI limit per day is crucial for hassle-free transactions. Remember that your bank, transaction history, and other factors influence this limit. Stay within the boundaries to enjoy seamless UPI transactions.

FAQs

1. What’s the maximum UPI limit per day?
   The UPI limit per day is currently ₹1 lakh, covering both P2P and P2M transactions.
2. Can I exceed the UPI limit?
   No, surpassing the UPI limit results in a declined transaction. Wait until the next day to try again.
3. How can I increase my UPI limit?
   Contact your bank’s customer care to request a higher limit. Having a clean transaction history, a good credit score, and being a low-risk customer can help.
4. Is the UPI limit the same for the first 24 hours?
   Generally, yes. It’s usually ₹1 lakh, but some banks might set lower limits for new users.
5. Can I change my UPI limit on my own?
   No, the UPI limit is determined by the NPCI and can’t be changed individually. However, you can request a higher limit from your bank.

UPI New Guidelines 2023

1. Clear Rules for Merchant Payments: For transactions over Rs. 2,000 using prepaid cards or wallets (PPIs), there’s a fee of up to 1.1%. But here’s the good part: merchants will pay this fee, not you!
2. Bigger Payments, No Problem: Now you can make larger UPI payments, up to Rs. 5 lakh a day, instead of the earlier limit of Rs. 1 lakh. That means you can handle big transactions with ease.
3. Sending Money Abroad is Easy: UPI is now connected to other countries, so you can quickly send money to your family and friends living overseas.
4. Stronger Protection for You: UPI has added extra security features like UPI PIN, biometric checks, and special QR codes. These safeguards stop fraud and make sure your transactions are safe.
5. Better Ways for Merchants: Merchants can now accept payments through their own QR codes. They can also create QR codes that work only for a short time to prevent scams.

NPCI’s Helpful Ideas

1. Simple Payments for All: If you’re not comfortable with smartphones or the internet, don’t worry. UPI 123Pay lets you make payments using just a simple number code.
2. Easy Link to Pay: Connect your UPI ID with your PayNow ID. This makes payments at stores super easy.

NPCI is always working to make UPI better for everyone. With these new guidelines and ideas, UPI is on its way to becoming the top choice for payments in India. Get ready for a new era of secure and easy digital transactions!