In the last few years, the trend of payment from UPI has increased rapidly. At present, only one lakh rupees can be transacted from UPI every day. The rules of different banks and apps may be different, in some places there is also the facility to increase the limit. If you do more than one lakh rupees transactions every day, then you can increase the limit. Know when and how you can increase your UPI payment limit.
What is UPI Limit?
This is the maximum amount that you can send in a day through UPI. Most banks give a limit of ₹ 1 lakh, but it depends on the bank and the app.
How to increase UPI limit?
Google pay: You have to add a bank account that supports more payment limit. Your KYC should be completed for this.
PhonePe: Through the app, you can request to increase the limit with support or update your linked account.
Paytm: Verified users can apply to increase the limit by clicking on ‘Manage Bank Accounts’.
Bhim: It follows NPCI rules, but the bank’s policy is also necessary here.
Do some conditions have to be fulfilled?
To increase the limit of UPI, you have to follow certain conditions. Some banks see your transaction history, activity of the account, KYC status and time to open the account. If your account is good, then there are more opportunities to increase the limit.
Why should not everyone increase the limit?
Increasing the limit is an advantage, but it also increases the danger. If your phone is stolen or there is a fraud, then your savings may be in danger because UPI payment is done immediately and cannot be withdrawn. So increase the limit only when it is really needed, like you are small business or you do more transactions.
If the bank does not increase the limit?
You can open a new account in a bank that gives more limit. Some private and digital banks also offer ₹ 5 lakh or more limit, especially for traders.
Use carefully
Limit is definitely facilitated, but take full care of security. Apply screen lock, UPI PIN, and app lock on your phone so that fraud can be avoided.
Increase the limit as per the requirement
Before increasing the limit, decide carefully whether you really need to increase it or not. Create a balance between your safety and need.