UPI Limit Increased: Now the method of making payment has changed a lot in India. There are very few people who make cash payments in India. Now most people do online digital transactions. UPI was introduced in India in 2016. Since then, crores of people use it. If you also use UPI. Then there is an important news for you.
NPCI has increased the limit for transactions through UPI. This means that now you will be able to transact more money through UPI. How will you be able to take advantage of the increased limit of UPI? Let us tell you.
Take advantage like this
In August this year, the National Payment Corporation of India (NPCI) had informed that it is going to increase the limit of UPI transactions. In which the limit for tax payment will be up to ₹ 5 lakh and along with this the limit for other things will also be increased to 5 lakhs. This limit has been increased from today i.e. 16 September.
If you also want to take advantage of this increased limit, then you will not have to do anything separately for this. You will make payment in the same way as you do. But now you will be able to make more payments than before. However, the limit for transferring money to another UPI number has not been increased. Rather, the UPI transaction limit has been increased for some tasks.
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You can make a payment of 5 lakh rupees here
Now, according to the new rules in UPI, you will be able to transfer up to 5 lakhs through UPI to pay tax. So, along with this, you will be able to make transactions up to Rs 5 lakh in hospital bills, fees of educational institutions, IPO and retail direct schemes of Reserve Bank of India.
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Transaction limit will remain the same as before
NPCI has set limits for some tasks through UPI. You will not get the benefit of this increased limit for every type of transaction. UPI transaction limit depends on both the bank and the app. For example, HDFC and ICICI bank customers can transact up to ₹ 100000 in UPI in a day, but Allahabad Bank customers can only transact up to ₹ 25000. You will be able to do only those transactions which are the UPI transaction limit of your bank.
