UPI Transaction Limit 2023: An In-depth Look at SBI, ICICI, HDFC, and Other Banks

UPI Transaction in India

UPI Transaction Limit 2023: Unified Payments Interface (UPI) transactions have grown exponentially in India in the past few years. In 2022, UPI payments and card transactions hit a milestone of Rs 149.5 lakh crore. These numbers show the growing popularity and acceptance of digital payments in the country. While the UPI offers convenience, and has become one of the most-most-popular payment modes, there’s also the risk of cybercrime.

UPI Transaction Limit 2023

The rapid adoption of Unified Payments Interface (UPI) has revolutionized the way we conduct digital transactions in India. As users embrace this seamless and convenient payment method, questions regarding UPI transaction limit 2023 have become increasingly common. In this article, we will delve into the specifics of UPI transaction limit for 2023, focusing on major banks like SBI, ICICI, HDFC, and others.

Understanding UPI Payment Limit

The National Payments Corporation of India (NPCI), a regulatory entity overseen by the Reserve Bank of India (RBI), has set the UPI transaction limit per day at Rs 1 lakh. However, it’s crucial to note that this maximum limit is subject to variation among different banks. The UPI transaction limit is primarily categorized based on the transaction amount and frequency.

Apart from monetary limits, there is capping on number of transactions per day a user can perform. As per new regulations by NPCI, UPI daily transaction limit 2023 is set as 20 UPI transactions within 24 hours. This transaction limit also varies across different banks.

UPI Transaction Limit Per Day

Each bank within the UPI network has defined its own transaction limit per day. For instance, the State Bank of India (SBI) has set its UPI transaction limit per day at Rs 1,00,000 whereas Union Bank of India has set it to Rs 60,000. This limit encompasses both single transactions and multiple transactions, up to a maximum of 10 transfers in a day.

UPI Transaction Limit Per Week

In addition to daily limits, some banks have specified weekly limits. For instance, IDFC Bank has set its UPI limit per week at Rs 1,00,000 whereas most of the other banks has not set UPI payment limit for a week. This implies that users can transfer up to this amount within a week using UPI.

UPI Transaction Limit Per Month

Certain banks, both in the public sector and private sector, have imposed monthly transaction limits on UPI. For instance, IDFC Bank’s ‘UPI transaction limit 2023’ per month is Rs 30,00,000, while SBI has not set any specific limit for monthly transactions.

Phonepe UPI Transaction Limit

The UPI limit for PhonePe stands at Rs 1,00,000 per day, with a frequency cap of 20 transactions in 24 hours. Users seeking more detailed information on PhonePe’s transaction limits can refer to the official blog for comprehensive insights.

SBI UPI Transaction Limit

The SBI UPI transaction limit per day is set at Rs 100,000, applicable to both single and multiple transactions, with no specific limits for weekly or monthly transactions.

ICICI UPI Limit

ICICI Bank has a per transaction UPI limit of Rs 10,000, with a daily limit mirroring the same amount. Similar to SBI, ICICI Bank does not impose limits on the weekly or monthly value of UPI transfers.

Conclusion

As the landscape of digital transactions continues to evolve, understanding the UPI transaction limit for 2023 is crucial for users of different banks. Whether it’s SBI, ICICI, HDFC, or other major banks, each institution has its own set of limits, emphasizing the need for users to stay informed and updated on the latest guidelines for seamless and secure transactions.

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