Attention Google Pay, PhonePe, Paytm, BHIM, YONO users: Here's how to increase UPI transaction limit from Rs 1 lakh, condition is..., banks must...
UPI transaction limit: In a world which is witnessing a massive growth in digital payments and especially the Unified Payments Interface (UPI), which has become the fastest and most popular way to transfer money, a transaction limit of Rs 1 lakh is sometimes a point of concern for many users. It is widely felt that the transaction limit often leads to issues while transacting for bigger financial transactions. If you are one of those UPI users who is interested in increasing your daily transaction limit, here is the process you need to know. How to increase UPI Limit?
1. Check your current limit: Before applying for increasing your UPI limit, you have to check your current limit by opening your UPI app or bank app.
2. Ensure KYC is complete: You have to ensure that your bank account must be fully KYC verified.
3. Request limit increase: After the above steps are confirmed, you need to visit your bank branch or apply via net/mobile banking.
4. Wait for approval: Bank reviews your transaction history; approval takes 1–2 days.
5. Use another UPI ID if needed: Link a different bank account to continue large transfers. What are the major UPI rule changes?
In a major update for UPI users, using UPI will come with a set of new rules aimed at improving transaction speed, reducing system load, and making payments safer from August 1. In the recent update, the National Payments Corporation of India (NPCI) has issued fresh guidelines for all members of the UPI ecosystem, including banks and payment apps, which must be implemented by July 31. What are the new limits on UPI transactions?
One of the major changes is a cap on how many times users can check their account balance through a UPI app. From next month, each app will allow a maximum of 50 balance enquiries per customer per day, within a rolling 24-hour period. This limit is per app, meaning a user can still check their balance separately on different UPI apps.
The new rules also mandate banks to display the available account balance after every successful UPI payment. For auto-pay transactions, NPCI has fixed specific time slots to avoid network congestion.
(With inputs from agencies)
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