As per the data released by the National Payments Corporation of India (NPCI), in the month of August 657 crore transactions were done through the Unified Payments Interface (UPI).
Speaking in terms of value, the UPI transactions grew by 4.6 per cent. When it comes to these UPI transactions, following are the daily limits of top banks:
- State Bank of India (SBI) – The country’s largest bank has a UPI transaction limit and the daily transaction limit is also Rs 1 lakh.
More about SBI : Headquartered in Mumbai, SBI is the 43rd largest bank in the world and ranked 221st in the Fortune Global 500 list of the world’s biggest corporations of 2020, being the only Indian bank on the list.
With a 23% market share by assets and a 25% share of the total loan and deposits market, it is the largest bank in India.
After HDFC Bank and ICICI Bank, SBI became the third lender and also the seventh Indian company to cross the ? 5-trillion market capitalisation on the Indian stock exchanges for the first time.
- HDFC Bank – There is a daily limit of Rs 1-1 lakh when it comes to the UPI transaction. For a new customer, however, only Rs 5,000 in the first 24 hours.
Headquartered in Mumbai, HDFC Bank Limited is an Indian banking and financial services company.
The largest private sector bank by assets, the world’s 10th largest bank by market capitalisation as of April 2021.
When it comes to the market cap, it is the third largest company with $122.50 billion. With nearly 150,000 employees, it is also the fifteenth largest employer in India.
- ICICI Bank – The UPI transaction limit and daily limit is also Rs 10,000-10,000. Both the transaction limit and daily limit for Google Pay are Rs 25,000.
Headquartered in Vadodara, ICICI Bank Limited is an Indian MNC and financial services company which offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
- Axis Bank – When it comes to the transaction limit and daily limit for UPI, for Axis Bank it is Rs.1 lakh each.
Headquartered in Mumbai, formerly known as UTI Bank, Axis Bank Ltd. It sells to the financial services to large and mid-size companies, SMEs and retail businesses. As of 30 June 2016, 30.81% shares are owned by the promoters and the promoter group (United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, LIC and UTI).[8] The remaining 69.19% shares are owned by mutual funds, FIIs, banks, insurance companies, corporate bodies and individual investors.
- Bank of Baroda – The single transaction limit of 25 thousand and a day limit of one lakh rupees has been set by BoB.
Headquartered in Vadodara, Bank of Baroda (BOB or BoB) is an Indian nationalized banking and financial services company. After SBI, it is the 2nd largest PSB in India in terms of market cap with 132 million customers, a total business of US$218 billion, and a global presence of 100 overseas offices. Based on 2019 data, it is ranked 1145 on Forbes Global 2000 list.
The bank was started by Maharaja of Baroda, Sayajirao Gaekwad III in 20 July 1908 in the Princely State of Baroda, in Gujarat.
The government of India nationalized the bank, along with 13 other major commercial banks of India on 19 July 1969 and designated as a profit-making public sector undertaking (PSU).