UPI is a digital payments system developed by the National Payments Corporation of India. It facilitates instant fund transfer between two accounts unifying all banks. It helps ease the process for all customers. The Reserve Bank of India regulates its functioning. The RBI has set up limits on the funds that can be transferred via UPI to ensure all the customers’ safety and security.
Limits for UPI transactions
The limits agreed upon by the NCPI are Rs 1lakh. That is the amount that can be transferred in one transaction. This limit was raised to Rs 2 lakh for Verified ‘Merchants’, as per a circular released in March this year. The total number of UPI transactions that can be done in a day is 20. This limit varies across various banks. Most banks have removed the limit on the number of UPI transactions that can be made in a day.
Bank specific transaction limits
As per the NPCI, every bank can set up its own UPI transaction limits. Some banks, however, have lowered the same and offered more liberty to their customers in order to encourage the use of UPI as a means of transaction.
An example of the BHIM app can be taken, wherein you can transfer only Rs 1 lakh in a day and a maximum of Rs 1 lakh per transaction as well. Similarly, other banks too have set their limits pertaining to both, the day and the amount that can be transferred. Once that limit is exhausted you won’t be able to make any transactions during the day.
Here is a list of the transaction limit across banks:
| Bank | Single transaction limit | Limit per day |
| Andhra Bank | Rs 1 lakh | Rs 1 lakh |
| Axis Bank | Rs 1 lakh | Rs 1 lakh |
| Bank of Baroda | Rs 25,000 | Rs 1 lakh |
| Bank of India | Rs 10,000 | Rs 1 lakh |
| Bank of Maharashtra | Rs 1 lakh | Rs 1 lakh |
| Canara Bank | Rs 10,000 | Rs 25,000 |
| Central Bank of India | Rs 25,000 | Rs 50,000 |
| Citibank | Rs 1 lakh | Rs 1 lakh |
| City Union Bank | Rs 1 lakh | Rs 1 lakh |
| Dena Bank | Rs 1 lakh | Rs 1 lakh |
| HDFC Bank | Rs 1 lakh | Rs 1 lakh |
| ICICI Bank | Rs 10,000 | Rs 10,000 |
| State Bank of India | Rs 1 lakh | Rs 1 lakh |
How to access UPI apps?
There are many applications available these days that cater to the needs of various individuals, such as Phonepe, Google Pay, BHIM UPI, Airtel Payments’ Bank & many more. Several banks also have their own UPI applications to cater to the needs of the people.
These apps are available on the Play Store and can be downloaded on your smartphone to access the UPI payment facility.
How to make payments with UPI?
- Login to the UPI app.
- Click on the UPI option.
- Select Pay with Virtual Payment Address, VPA.
- Enter the beneficiary VPA or beneficiary list.
- Choose the VPA and select submit.
- Click confirm to make the transfer.
You will need to generate your UPI ID through your bank if you wish to utilise this facility. This facility is not available for making international fund transfers.