Now Enjoy UPI Daily Payment Limits Upto Rs 10 Lakh
The new limits fundamentally change how high-value transactions are conducted, replacing the need for multiple, fragmented payments with a single, seamless one: Reports
Mumbai: Effective Monday, you can use UPI system to make daily high value person to merchant (P2M) transactions upto Rs 10 lakh per day for multiple categories, including capital markets, insurance, government e-MarketPlace (GeM), credit card bill payments, loan collections, and
more. However, the person-to-person (P2P) UPI payment limit remains unchanged at Rs one lakh per day.
So, if you are paying for capital market investments or insurance premiums, the new per transaction limit is Rs 5 lakh up from Rs 2 lakh with a daily aggregate limit of Rs 10 lakh. This applies to payments
made to Asset Management Companies (AMCs), broking houses, mutual funds, and insurance providers. However, IPO bids continue to have a Rs 5 lakh cap.
If you're booking travel tickets, paying credit card bills, the per transaction limit is now Rs 5 lakh (up from Rs 2 lakh) with a daily aggregate limit of Rs six lakh. In case of loan and EMI collections,
the per transaction limit is set at Rs five lakh and the daily cap at Rs 10 lakh, simplifying the repayment process for borrowers.
For jewellery purchases, UPI payments can now be made up to Rs 2 lakh per transaction, and Rs 6 lakh in total per day. Earlier, this was limited to just Rs one lakh. The term deposits opened via digital
accounts now have a Rs 5 lakh per transaction/day limit, and the initial funding of digital accounts is increased to Rs two lakh per transaction/day.
The new limits fundamentally change how high-value transactions are conducted, replacing the need for multiple, fragmented payments with a single, seamless one. It is pertinent to note that these higher limits apply only to Person-to-Merchant (P2M) transactions with verified merchants.
