About revolutionary platform-UPI.
What is UPI?
Unified Payments Interface (UPI) is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts.
What is the limit of fund transfer using UPI?
The daily, weekly & monthly transaction limit for UPI transactions varied from bank to bank. It could range from Rs. 5000 to Rs. 5 lakh. Some banks might allow higher limits for specific customers, subject to certain conditions.
For normal UPI the transaction limit is up to Rs 1 Lakh per day. It could be per transaction 25000. Overall weekly transaction limit could be Rs 3.5 Lakh.
UPI transaction limit based on bank to bank but total transaction limit Rs 5 Lakh per month.
For few specific categories of transaction in UPI like Capital Markets, Collections, Insurance, Foreign Inward Remittances the transaction limit is up to 2 lakh and for Initial Public Offering and Retail Direct Scheme the limit is up to Rs 5 lakh per transaction.
Please remember, whenever we transfer money through UPI first time to anyone, the transaction limit is only Rs 5000 then you have to wait 24 hours for higher transaction.
Do money transfers happen on UPI only during banking hours?
All payments are instant and 24/7, regardless of your bank's working hours.
Can I use more than one UPI application on the same mobile if they are linked to different bank accounts?
Yes, one can use more than one UPI application on the same mobile and link both same as well as different accounts.
My UPI transaction has failed but my bank account has been debited.
In case of failures money will be refunded back to your account. Sometimes this takes longer than intended. If you do not receive the refund within 1 hour, please contact customer support at your bank like HDFC, AXIS, ICICI & IDFC First Bank.
My transaction is showing “Pending”. The amount has been debited and not credited. Is there a problem?
Your transaction is successful, but due to some issue at the beneficiary bank end, there is a delay. The amount will reach him/her in 48 hours, once the bank is done with its daily settlements. Safer side, you can raise a complaint with your bank as well.
I have paid for my transaction but not received anything. Why is that?
Once you complete a transaction, you should see a success status on the UPI app like BHIM, PayTM & Google Pay screen and receive an SMS from your bank. In some cases due to operator issues it can take longer time. In case you have not received your confirmation within an hour please contact the customer support at your bank.
Where do I register a complaint with reference to the UPI transaction?
You can also raise your grievance or check status of UPI transaction through the UPI App of the participating banks & customer care at your bank.
Can I put a stop payment request for funds transferred by UPI?
No, once the payment is initiated, it cannot be stopped.
It's important to note that these limits can change over time as per the regulations set by the National Payments Corporation of India (NPCI) and individual banks.
Information Source - My personal experience & NPCI website.