Understanding UPI Limits for Current Accounts in India (2024)

FAQs

Understanding UPI Limits for Current Accounts in India? ›

It refers to the maximum amount you can send or receive in a single UPI transaction. For the first 24 hours post-UPI activation, the Current Account UPI limit for each transaction is ₹ 5000. However, this limit swells to ₹ 1 lakh per transaction after 24 hours.

The UPI transaction limit per day is Rs.1 lakh as per NPCI.

The benefits of Indian Bank UPI are multiple and some of them are enlisted below. The transaction limit for Indian Bank UPI up to a maximum of Rs. 25,000 per transaction and Rs. 1,00,000 per day with no minimum transaction limit.

Along with the above features, customers also get numerous benefits due to the Bank of India UPI application. Some of these benefits are mentioned below. Bank of India UPI can be used to transfer funds up to a maximum of Rs. 1,00,000 per day and does not have any minimum transaction limit.

To register for UPI, any bank account can be used to register. This means Current Account users can use their Current Accounts and register for UPI. UPI for Current Account works just as well as it does for a Savings Account user.

A bank will set the maximum amount you can withdraw from your current account daily. The withdrawal limit is based on the type of current account and will differ from bank to bank. You must know your current account's daily withdrawal limit to access your funds smoothly.

Third-party UPI apps permit a maximum of 10 transactions per day. The per transaction limit for any UPI transaction is ₹ 1 Lakh. UPI transactions related to capital markets, collections, insurance, and foreign inward remittances have a limit of ₹ 2 Lakh per transaction.

Here are the new limits for various UPI payments. Starting September 16, 2024, the National Payments Corporation of India will increase the UPI transaction limit for tax payments to Rs 5 lakh per transaction. This move is intended to streamline tax payments and encourage higher-value transactions.

As per the 2024 NCPI guidelines, a merchant has to pay an interchange fee of up to 1.1% of the transaction amount on UPI transactions above Rs.2000. These charges are applicable for transactions made through prepaid payment instruments (PPI) like wallets, Amazon Pay, Google Pay, Phonepe, etc.

For all banks, the daily UPI transaction limit is ₹1 lakh (Rs 100,000), while new users begin with a limit of ₹5,000 for the first 24 hours. Banks can raise the UPI transaction limit based on the customer's risk profile. To initiate an increase, the customer can reach out to their bank and submit a request.

What is the bank limit exceeded for UPI? ›

If you receive the message SBI UPI Transaction Limit Exceeded Error, it means you have reached your daily UPI transaction limit and can no longer access it for the day. What is the SBI UPI transaction limit per day through Google Pay? The SBI UPI limit for Google Pay per day is Rs. 1,00,000.

“As direct and indirect tax payments are common, regular and high value, it has been decided to enhance the limit for tax payments through UPI from ₹1 lakh to ₹5 lakh per transaction. Necessary instructions will be issued,” Mr. Das reasoned. The RBI is also provisioning to introduce 'Delegated Payments' through UPI.

SBI UPI Transaction Limit Per Day

1,00,000. Additionally, SBI permits up to 10 UPI transactions per day. While you can customize the number of transactions within this daily limit using the SBI Yono app, the maximum allowable transaction amount of Rs. 1,00,000 remains fixed and cannot be adjusted.

Current Account UPI limit for daily transactions

As per the National Payments Corporation of India (NPCI), the daily Current Account UPI transaction limit can range between ₹ 25,000 to ₹ 1 lakh. It means that you cannot transfer or receive more than ₹ 1 lakh through a UPI app within 24 hours.

RBI has come up with specific alterations to ease the present account rules for borrowers with bank exposures of less than Rs 5 crore. Any lending bank can now open a current account or cash credit or overdraft facilities without any restrictions. Non-lending banks are not permitted to open current accounts.

The answer to the question “Can a current account be linked to GPay?” is yes. You can link GPay with a current account (or any type of bank account, for that matter). For that, please ask your bank if it supports UPI transactions.

Step 1: Go to the mobile banking app. Step 2: Click on the 'Fund Transfer' section. Step 3: Choose 'IMPS' as the preferred method for fund transfer. Step 4: Give the recipient's mobile number and then choose the beneficiary bank name; Notably, there is no requirement to enter an account number or IFSC.

Using IMPS, you can transfer comparatively lower amounts, up to Rs. 2 lakhs, instantly. So, you can think of IMPS as the fund transfer mode that has the best features of both RTGS and NEFT. You can transfer amounts as low as you want, any time you want, with instant results.

1. Google Pay UPI Transactions Limit. The maximum UPI transaction limit for Google Pay stands at ₹1 lakh (Rs 100,000) across all banks, allowing users to send or receive up to this amount daily. For new users, an initial UPI transaction limit of ₹5,000 is applicable for the first 24 hours.

SBI UPI Transaction Limit Per Day

1,00,000. Additionally, SBI permits up to 10 UPI transactions per day. While you can customize the number of transactions within this daily limit using the SBI Yono app, the maximum allowable transaction amount of Rs. 1,00,000 remains fixed and cannot be adjusted.