UPI Daily Transaction Limits: Check How Much You Can Withdraw Per Day
In today's digital age, UPI (Unified Payment Interface) has become a ubiquitous method for making payments , whether for small everyday items or significant purchases. You might have wondered about the maximum amount you can transfer in a day through UPI. According to the National Payments Corporation of India ( NPCI ), there are specific transaction limits in place.
Understanding UPI Transaction Limits
The NPCI sets a transaction limit for UPI payments to ensure security and manageability. For most standard transactions, the limit is Rs 1 lakh per day. This limit is applicable to typical daily transactions.
Category-Specific UPI Limits
The transaction limit varies for different categories. For instance, UPI transactions related to capital markets, collections, and insurance can go up to Rs 2 lakh per day.
For IPO (Initial Public Offering) and retail direct schemes, the UPI transaction limit is significantly higher, set at Rs 5 lakh per transaction.
Increased Limits for Educational and Medical Payments
Starting from December 8, 2023, the Reserve Bank of India ( RBI ) has increased the UPI transaction limits for certain fields. For educational institutions and hospitals, the limit has been raised to Rs 5 lakh. Previously, the cap for these categories was Rs 1 lakh.
Person-to-Person (P2P) UPI Transactions
Individual banks may impose their own terms and conditions for Person-to-Person (P2P) transactions. For example, HDFC Bank sets a limit of Rs 1 lakh or 20 transactions per day for both P2P and Person-to-Merchant (P2M) transactions.
Generally, users can make up to 20 UPI transactions daily. After reaching this limit, they must wait for 24 hours to resume transactions. Additionally, for third-party UPI apps, the number of allowed transactions is capped at 10 per day.
UPI has revolutionized the way we handle transactions, offering a quick and convenient payment method. Understanding the transaction limits set by NPCI and individual banks can help users manage their finances effectively. Whether you're paying for everyday items or making large payments to educational institutions or hospitals, it's essential to be aware of these limits to ensure smooth transactions.