The Unified Payments Interface (UPI) system has changed the digital transaction landscape in India since its launch in 2016.
With the ever-increasing volume of daily transaction on the UPI platform, the National Payments Corporation of India (NPCI), which had launched it, has now set a maximum daily transaction limit of Rs 1 lakh on the platform. However, different banks have set their own specific daily transaction limit on UPI.
Now, a newer version of the platform, UPI Lite, has been launched with a transaction limit of Rs 500.
In light of these developments, let’s explore the transaction limit on the UPI platform across different banks.
UPI Transaction Limit
For Google Pay users, the daily transfer limit in India is Rs. 1 lakh with a maximum transaction count of 10 per day.
Google Pay says that in order to ascertain the user’s personal transaction limit, it’s recommended to consult the bank or refer to the Google Pay app. According to data by Google Pay, several major banks’ limits for UPI transactions are as follows.
HDFC Bank has a transaction limit of Rs. 1 lakh per transaction. For users initiating their first UPI transaction, the limit is capped at Rs. 5,000 within a 24-hour period.
India’s largest bank, the State Bank Of India has set a transaction limit of Rs. 1 lakh for both daily and cumulative transactions.
Punjab National Bank, also a public sector bank, has a transaction limit of Rs. 25,000 and a cumulative limit of Rs. 50,000. Another public sector bank, Bank of Baroda, has a transaction limit of Rs. 25,000, while Bank of India has a transaction limit of Rs. 10,000 and a cumulative limit of Rs. 1 lakh per day.
Private banks, such as ICICI Bank, Axis Bank and Bandhan Bank, on the other hand, have a uniform limit of Rs. 1 lakh per day.
Any attempt to exceed these limits will require a waiting period of 24 hours. Situations, where these daily limits might be reached, include sending over Rs. 1 lakh in total across all UPI apps, attempting to initiate more than 10 transactions in a single day, or requesting more than Rs. 2,000 from someone.
UPI Lite
An alternative to traditional UPI transactions is the UPI Lite system, which can handle transactions up to Rs. 500. Transactions under UPI Lite can be conducted offline, and enables individuals to load up to Rs. 4,000 daily, performing instant transactions capped at Rs. 500 without the need for a PIN entry.
This innovative system has been embraced by numerous UPI platforms, including BHIM, Paytm, PhonePe, and Google Pay. If your bank supports this feature, the UPI application you have will offer an option to activate UPI Lite, thus simplifying transactions via QR codes or PIN-free money transfers to recipients.