UPI is becoming the most popular way of transactions and payment among users. With rapidly increasing payment and transaction rates, BHIM had to put a limit on the daily transactions. This article will throw a light on its benefits, its per-day limit, and alternatives of UPI in case of transfer limit exhaustion.
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What is UPI?
Unified Payment System is a payment system based on Bharat Interface for Money (BHIM). It allows the user to send and receive money without using the bank account details. The transactions happen through VPA (Virtual Private Address).
UPI is linked with the mobile number registered with the bank account and a six-digit or four-digit UPI PIN. Its PIN can be changed if the PIN is forgotten by the user. Its transactions are completely free. It has made the transfer of money secure and reliable.
UPI Per Day Transaction Limit
Transactions limit per day on UPI are as follows –
Number of transaction allowed per day – 10
Per day transaction limit – Rupees 1 Lakh
Transaction Limit Varies with Banks
Different banks provide different transaction limits per day. They are as follows-
- Bank of India – INR 10,000
- Axis Bank – INR 50,000
- ICICI Bank – INR 1 lakh
- IDFC Bank – INR 25,000
- Central Bank – INR 25,000
- Kodak Mahindra – INR 25,000 ( 2 Transactions a day)
- HDFC Bank – INR 1 lakh
- SBI – INR 1 lakh
Alternatives to UPI if the User has Exceeded the Transaction Limit
In case the user has exceeded the daily transaction limit there are other alternatives available to transact money. In case of urgency here are some services which can be availed to transact money.
IMPS – The service is similar to UPI but the only difference is that it requires bank account details. The user can transfer up to INR 2 lakh for every transaction and there is no limit on the amount per day.
NEFT – This is an old and well-known method to transfer funds. The limit on NEFT varies from bank to bank.