{"id":1285348,"date":"2024-09-16T13:10:26","date_gmt":"2024-09-16T07:40:26","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1285348"},"modified":"2024-09-16T13:10:47","modified_gmt":"2024-09-16T07:40:47","slug":"upi-transaction-limit-increased-to-rs-5-lakh-but-for-this-reason","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/upi-transaction-limit-increased-to-rs-5-lakh-but-for-this-reason\/","title":{"rendered":"UPI Transaction Limit Increased To Rs 5 Lakh, But For This Reason.."},"content":{"rendered":"\n

The National Payments Corporation of India (NPCI) has announced an increase in the UPI transaction limit for certain payments, allowing transactions up to Rs 5 lakh. This increase, which is effective from September 16, 2024, is aimed<\/a> at facilitating high-value transactions, particularly for tax payments, aligning with India’s vision of a digitally inclusive economy.<\/p>\n\n\n\n

\"UPI<\/figure>\n\n\n\n

In a circular issued on August 24, 2024, NPCI highlighted the need to enhance the UPI transaction limit for specific categories, such as tax payments, to improve convenience for taxpayers across the country. According to NPCI, banks, payment service providers, and UPI apps must ensure compliance with the new limit for the MCC 9311 category of verified merchants, which is exclusively for tax payments.<\/p>\n\n\n\n

Expanded Limits for Tax, Hospitals, Educational Institutions, and More<\/strong><\/h3>\n\n\n\n

From September 16, 2024, individuals will be able to use UPI to make tax payments of up to Rs 5 lakh in a single transaction. The increase in the UPI transaction limit will apply to the following categories:<\/p>\n\n\n\n

    \n
  1. Tax payments<\/li>\n\n\n\n
  2. Hospital and educational institutions<\/li>\n\n\n\n
  3. Initial public offerings (IPOs) and RBI retail direct schemes<\/li>\n<\/ol>\n\n\n\n

    To make transactions up to Rs 5 lakh, the merchant must be verified within the specified categories. However, users should confirm with their bank and UPI app whether they are enabling this new limit.<\/p>\n\n\n\n

    Mandar Agashe, Founder and MD of Sarvatra Technologies, explained that the increased limit will remove the transaction cap that previously hindered high-value payments through UPI, particularly for urgent payments.<\/p>\n\n\n\n

    Impact of the UPI Limit Increase on India’s Digital Economy<\/strong><\/h3>\n\n\n\n

    Rahul Jain, CFO of NTT DATA Payment Services India, praised NPCI’s move, noting that raising the UPI limit for tax payments from Rs 1 lakh to Rs 5 lakh will strengthen India\u2019s tax collection system, reduce the cost of collection, and enhance convenience for taxpayers. The initiative also promotes seamless, transparent, and secure transactions for high-value payments, propelling India’s digital economy forward.<\/p>\n\n\n\n

    Standard UPI Transaction Limits<\/strong><\/h3>\n\n\n\n

    While the standard UPI transaction limit for peer-to-peer payments remains Rs 1 lakh, the limit varies depending on the bank and UPI app. For example:<\/p>\n\n\n\n

      \n
    • Allahabad Bank: Rs 25,000 limit<\/li>\n\n\n\n
    • HDFC and ICICI Bank: Rs 1 lakh limit for peer-to-peer payments<\/li>\n<\/ul>\n\n\n\n

      For capital markets, collections, insurance, and foreign inward remittances, the UPI transaction limit is Rs 2 lakh per day. Users should always check their bank and UPI app for specific transaction limits.<\/p>\n\n\n\n

      This enhanced limit for UPI payments will enable users to continue using the platform for large transactions, providing greater flexibility and convenience in managing high-value payments across various sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"

      The National Payments Corporation of India (NPCI) has announced an increase in the UPI transaction limit for certain payments, allowing transactions up to Rs 5 lakh. This increase, which is effective from September 16, 2024, is aimed at facilitating high-value transactions, particularly for tax payments, aligning with India’s vision of a digitally inclusive economy. In […]<\/p>\n","protected":false},"author":30,"featured_media":1285361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[41],"class_list":["post-1285348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-upi"],"acf":[],"yoast_head":"\nUPI Transaction Limit Increased To Rs 5 Lakh, But For This Reason.. - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/upi-transaction-limit-increased-to-rs-5-lakh-but-for-this-reason\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UPI Transaction Limit Increased To Rs 5 Lakh, But For This Reason.. - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"The National Payments Corporation of India (NPCI) has announced an increase in the UPI transaction limit for certain payments, allowing transactions up to Rs 5 lakh. 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