It is widely recognized how significant the UPI (Unified Payments Interface) has become in digital payments. Whether you are enjoying a cup of tea or having a meal outside, you now have the convenience of making payments using UPI wherever you need to.
Are you aware of the maximum amount of money that can be sent in a day using UPI, as well as the maximum amount that can be sent in a single transaction? Let’s explore these limits across different banks.
The demand for UPI, which was introduced by the National Payments Corporation of India (NPCI), has grown tremendously in recent years. It operates under the control of the Reserve Bank of India (RBI).
It is an instant payment system. One can make payments to another person by adding a bank account. Merchant transactions and bill payments can also be done.
However, there are limits on the amount of cash that can be sent via UPI, which are set by NPCI and vary depending on the bank. The transaction limits can vary depending on the type of transaction and the specific bank.
For regular UPI transactions, the limit is Rs. 1 lakh. For transactions related to capital markets, collections, insurance, foreign inward remittances, IPOs, Retail Direct Scheme, etc., the limit is Rs. 2 lakhs. Some banks may have different limits for UPI payments, so it is important to check with your bank.
For example:
- HDFC Bank: Maximum P2P UPI transaction limit is Rs. 1 lakh or 20 transactions in 24 hours.
- ICICI Bank: The maximum UPI transaction limit is Rs. 1 lakh, with a maximum of 10 transactions in 24 hours.
- State Bank of India (SBI): UPI daily transaction limit is Rs. 1 lakh.
- Bank of Baroda: Maximum UPI transaction limit is Rs. 1 lakh with a maximum of 20 transactions per day.
- Union Bank of India: UPI transaction maximum limit is Rs. 1 lakh.
- Canara Bank: UPI payment limit is up to Rs. 1 lakh, with a maximum of 20 transactions.
- Punjab National Bank: Maximum UPI transaction limit is Rs. 1 lakh.
- Yes Bank: Maximum per day UPI transaction limit is Rs. 1 lakh.
- Kotak Mahindra Bank: Maximum UPI transaction limit is Rs. 1 lakh with a maximum of 10 transactions per day.
- DCB Bank, Axis Bank, IndusInd Bank: Maximum UPI transaction limit is Rs. 1 lakh.