UPI Transaction Limit Raised To Rs 10 Lakh From Sept 15: Key Rule Changes

(MENAFN- AsiaNet News)

With digital payments on the rise, the National Payments Corporation of India (NPCI) has announced some key changes to UPI. These new rules took effect on September 15th. So, what's the deal?

 

Good news for digital payers! Starting September 15th, the National Payments Corporation of India (NPCI) has increased the UPI transaction limit for person-to-merchant (P2M) transactions to ₹10 lakh. This makes it easier to make large digital payments.The UPI limit for insurance premiums and investments has been raised from ₹2 lakh to ₹5 lakh. The daily limit remains at ₹10 lakh. This simplifies digital transfers for investors and policyholders.The transaction limit for travel expenses, credit card bills, and government e-marketplace (GeM) payments via UPI has also been increased from ₹2 lakh to ₹5 lakh, making digital payments more convenient.The limit for jewelry purchases via UPI has been raised from ₹1 lakh to ₹2 lakh per transaction, with a daily limit of ₹6 lakh. The limit for banking services like fixed deposits via digital onboarding has also been increased to ₹5 lakh per transaction.The P2P transaction limit remains at ₹1 lakh per day. These new changes eliminate the need for splitting large transactions into smaller ones, making digital payments easier for businesses, insurance, investments, and travel expenses.

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