In this digital era, UPI payments hold great significance in our lives. The Reserve Bank of India regulates all Unified Payments Interface (UPI) established by the National Payments Corporation of India (NPCI) to ensure the security and safety of all transactions. The NPCI has established transaction restrictions for UPI.
If you are new to this digital payment system or want to know more about it, then this article will be helpful to you.
What is UPI?
UPI, which stands for Unified Payment Interface, is a digital payment system that offers a quick and secure fund transfer between two accounts. With UPI, we accept and transfer across any bank quickly without adding bank details like account holder name, bank name, IFSC code, account number, account type, and many more.
Dr. Raghuram Rajan, the Governor of the Reserve Bank of India, introduced the “UPI” as a pilot project with 21 banks on April 11, 2016.
Benefits of UPI
- Superfast fund transfer
- Easy to link all your accounts to one ID on the UPI app
- Single click 2 factors authentication for higher safety
- Only requires a virtual “UPI ID” for the transaction
- The cheapest way of money transfer
- Daily transaction limit is much higher
- Money transfer is available 24 hours a day.
- No need for pre-addition/approval of the beneficiary
What is UPI 2.0?
UPI 2.0 was released on August 16, 2018, allowing users to link their Overdraft accounts to a UPI handle. Users might also issue a mandate for a certain merchant to pre-authorize transactions. The 2.0 version included the ability to see and save transaction invoices. There’s also the option to set up AutoPay for regular payments.
UPI Transaction Limit in 2022
The new year brought many updates in the digital world. Many banks have raised their money transfer limits for UPI. Let’s check the new UPI transaction limit based on different banks and digital payment platforms.
UPI transaction limit per day
Every bank sets its own daily transaction limit, which differs from bank to bank. For example, the daily UPI transaction limit in SBI is Rs 1,00,000, whereas the UPI transaction limit in the Bank of Baroda is Rs 50,000.
Also, there is a limit on the number of UPI transactions per day. You can use UPI payments a maximum of 20 times per day.
|Sr. No.||Bank Name||Per Transaction Limit (Rs)||Per day limit (Rs)|
|1||A P Mahesh Bank||25,000||1,00,000|
|2||Abhyudaya Co-operative Bank||25,000||25,000|
|3||Adarsh Co-op Bank||50,000||50,000|
|4||Aditya Birla Idea Payments Bank||1,00,000||1,00,000|
|5||Airtel Payments Bank||1,00,000||1,00,000|
|7||Allahabad UP Gramin Bank||25,000||1,00,000|
|9||Andhra Pradesh Grameen Vikas Bank||25,000||25,000|
|10||Andhra Pragathi Grameena Bank||10,000||20,000|
|11||Apna Sahakari Bank||1,00,000||1,00,000|
|12||Assam Grameen Bank||5,000||25,000|
|15||Bank of Baroda||25,000||50,000|
|16||Bank of Maharashtra||10,000||20,000|
|17||Baroda Gujarat Gramin Bank||25,000||NA|
|18||Baroda Uttar Pradesh Gramin Bank||25,000||1,00,000|
|19||Bassein Catholic Co-op Bank||20,000||40,000|
|20||Bihar Gramin Bank||1,00,000||1,00,000|
|21||Bank of India – BOI||10,000||1,00,000|
|23||Catholic Syrian Bank||1,00,000||1,00,000|
|24||Central Bank of India||25,000||50,000|
|25||Chaitanya Godavari Gramin Bank||25,000||1,00,000|
|26||Chhattisgarh Rajya Gramin Bank||25,000||25000|
|29||Cosmos Co-operative Bank||10,000||50,000|
|30||City Union Bank||1,00,000||1,00,000|
|34||Deutsche Bank AG||1,00,000||NA|
|36||Dombivli Nagri Sahakari Bank||1,00,000||1,00,000|
|37||Equitas Small Finance Bank Payments Bank||1,00,000||1,00,000|
|38||FINO Payments Bank||1,00,000||NA|
|40||G P Parsik Bank||50,000||1,00,000|
|41||Gujarat State Bank||25,000||50,000|
|42||Hasti Co-operative Bank Ltd||1,00,000||1,00,000|
|49||India Post Payment Bank||25,000||50,000|
|51||Indian Overseas Bank – IOB||50,000||1,00,000|
|52||Janta Sahakari Bank||1,00,000||1,00,000|
|53||J&K Grameen Bank||20,000||20,000|
|54||Jalgaon Janata Sahakari Bank||1,00,000||1,00,000|
|55||Jammu & Kashmir Bank||20,000||20,000|
|56||Jana Small Finance Bank||10,000||40,000|
|57||Jio Payments Bank||1,00,000||1,00,000|
|61||Karur Vysya Bank||1,00,000||1,00,000|
|62||Kaveri Grameena Bank||25,000||25,000|
|63||Kerala Grameen Bank||**10-50,000||50,000|
|64||Kotak Mahindra Bank||25,000||50,000|
|65||Lakshmi Vilas Bank Limited||1,00,000||1,00,000|
|66||Langpi Dehangi Rural Bank||25,000||25,000|
|68||Maharashtra Grameen Bank||25,000||25,000|
|69||Malwa Gramin Bank||25,000||25,000|
|70||Meghalaya Rural Bank||25,000||25,000|
|71||Mehsana Urban co-operative Bank||1,00,000||1,00,000|
|72||Mizoram Rural Bank||25,000||1,00,000|
|73||NKGSB Co-op Bank Ltd||20,000||40,000|
|74||Oriental Bank of Commerce||1,00,000||1,00,000|
|75||Punjab National Bank – PNB||1,00,000||1,00,000|
|76||Punjab and Maharashtra Co-Op Bank||1,00,000||1,00,000|
|77||Paytm Payments Bank||1,00,000||NA|
|78||Pragathi Krishna Grameen Bank||*10-20,000||20,000|
|80||Punjab & Sind Bank – PSB||25,000||25,000|
|83||Rajkot nagrik Bank||1,00,000||1,00,000|
|84||Ratnakar Bank Limited – RBL||50,000||1,00,000|
|85||Samruddhi Co-op Bank||50,000||50,000|
|86||Saraswat Co-op Bank||1,00,000||50,000|
|87||Saurashtra Gramin Bank||25,000||25,000|
|88||State Bank of India – SBI||1,00,000||1,00,000|
|89||South Indian Bank||1,00,000||1,00,000|
|90||Standard Charter Bank||1,00,000||NA|
|91||Standard Chartered Bank||1,00,000||1,00,000|
|92||Suco Souharda Sahakari Bank||1,00,000||1,00,000|
|93||Surat People Cooperative Bank||1,00,000||1,00,000|
|94||SVC Co-operative Bank||10,000||20,000|
|96||Telangana Gramin Bank||25,000||25,000|
|97||Thane Bharat Sahakari Bank||50,000||1,00,000|
|98||Thane Janta sahakari Bank||1,00,000||1,00,000|
|99||Jammu and Kashmir Bank||25,000||25,000|
|100||Kalyan janta sahakari Bank||1,00,000||1,00,000|
|101||Sutex Co – Op Bank||2,00,000||2,00,000|
|102||Tamilnad Mercantile Bank||20,000||1,00,000|
|103||Tripura Gramin Bank||10,000||10,000|
|105||Ujjivan Small Finance Bank||50,000||1,00,000|
|106||Union Bank of India||1,00,000||1,00,000|
|107||United Bank of India||1,00,000||25,000|
|108||Uttarakhand Gramin Bank||25,000||25,000|
|109||Vananchal Gramin Bank||25,000||25,000|
|112||Vishveshwar Co opp Bank||1,00,000||1,00,000|
|113||Vasai Vikas Sahakari Bank||1,00,000||1,00,000|
Google Pay UPI limit
Another platform that supports the Unified Payments Interface is Google Pay, or GPay (UPI). In order to make transactions in the country, the app utilizes UPI. And some other UPI applications have a maximum money transfer limit from one UPI ID to another.
Here’s all you need to know about Google Pay’s daily transaction limit.
- The app allows daily transactions of a maximum of 1 lakh.
- With GPay, you can transfer money up to 10 times per day.
- You can request money up to Rs. 2000 daily from another GPay user.
PhonePe Transaction Limit Per Day
The daily limit for PhonePe transactions is Rs. 1 lakh. Furthermore, PhonePe allows you to conduct 20 transactions every day. The Phonepe app allows you to request money up to Rs. 2000.
The Unified Payments Interface (UPI) is a real-time payment method that allows you to send and receive money from one bank account to another. Any UPI client app can be utilized, and each app can be linked to several bank accounts.
Money can be transmitted or requested using a user-created Virtual Payment Address (VPA) or UPI ID, which enables users to send or request money from a bank account using a KYC-linked mobile phone.
In this pandemic, UPI has proven to be the best payment option by providing contactless payment with a unique QR code for each user account.