UPI Transaction Limit: UPI (Unified Payments Interface) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It allows for instant fund transfer between two bank accounts on a mobile platform. It is built on top of the Immediate Payment Service (IMPS) and uses a virtual payment address (VPA) as the unique identifier for a transaction, instead of using bank account numbers and IFSC codes. UPI enables a customer to pay directly from a bank account to different merchants for various services and goods, without the hassle of entering bank account information every time a transaction is made.
What is the limit of fund transfer using UPI?
As per the National Payments Corporation of India (NPCI), At present, the upper limit per UPI transaction is Rs.2 Lakhs.
What is a UPI-PIN?
PI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code you create/set during first-time registration with this App. You have to enter this UPI-PIN to authorize all bank transactions. If you have already set up a UPI-PIN with other UPI Apps you can use the same on BHIM. (Note: Banks-issued MPIN is different from the UPI UPI-PIN, please generate a new UPI-PIN in the BHIM app) Note: Please do not share your UPI-PIN with anyone. BHIM does not store or read your UPI-PIN details and your bank’s customer support will never ask for it.
What happens if I enter the wrong UPI-PIN during a transaction?
In case you enter the wrong UPI PIN, the transaction will fail. In case you input the wrong UPI PIN multiple times, the bank may temporarily block sending money using UPI from my account (this varies from bank to bank)
Do money transfers happen on UPI only during banking hours?
All payments are instant and 24/7, regardless of your bank’s working hours.
How is UPI different from IMPS?
UPI is providing additional benefits to IMPS in the following ways:
1. Provides for a P2P Pull functionality
2. Simplifies Merchant Payments
3. Single APP for money transfer
4. Single click two factor authentication
What happens if my mobile phone is lost?
In case of mobile loss, one needs to simply block his mobile number thus no transaction can be initiated from the same mobile number which is a part of device tracking and at the same time UPI pin would be required for any transaction which is not to be shared with anyone.