Daily UPI limit set by HDFC, SBI, ICICI and other banks – Times of India

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-popular payment modes, there’s also the risk of cybercrime. UPI-related frauds have been on the rise. To check the number of transactions and reduce the risk of big financial frauds, leading banks including HDFC Bank, State Bank of India (SBI), Axis Bank and ICICI Bank have implemented some restrictions on UPI transactions. These come as the National Payments Corporation of India (NPCI) has set guidelines to regulate the expanding digital payment ecosystem.
What NPCI has to say about UPI transaction limits
NPCI has specified in its guidelines that individuals can initiate UPI payments up to Rs 1 lakh per day. However, this limit varies across different banks.

Apart from monetary limits, NPCI has also restricted the number of transactions users can make per day. As per the new regulations, users can conduct up to 20 UPI transactions within 24 hours. Users have to wait for 24 hours before initiating further transactions once this limit has been reached. It is also important to note that specific transaction limits may vary across different banks.
Transaction limits in popular UPI apps
Popular UPI apps, including Paytm, Google Pay and Amazon Pay UPI, have also established a daily transaction limit of Rs 1 lakh. Moreover, there is a cumulative limit of up to ten transactions across all UPI apps and bank accounts. Google Pay has also implemented a precautionary measure. Under this, the daily transaction limit is temporarily halted if someone sends money requests of Rs 2,000 and above. Similarly, Amazon Pay UPI also restricts new customers to transact only Rs 5,000 within the first 24 hours.
Growth of UPI digital transactions
UPI transactions witnessed significant growth in May as they reached an all-time high of Rs 14.3 lakh crore in terms of value and 9.41 billion in volume. This represents a 2% growth in value compared to April’s figure of Rs 14.07 lakh crore while the transaction volume increased by 6% as it went up from 8.89 billion to 9.41 billion.

As per NPCI’s data, transactions worth approximately Rs 3.96 lakh crore were conducted in the last 10 days of May. To compare the amount with May of the previous financial year (2022-23), the volume of transactions has grown by 58%, while the overall value has surged by 37%.
This surge in UPI transactions comes as the government is also actively promoting the adoption of digital payments to process tax collection across various sectors. In March 2023, the total recorded UPI transactions were 8.68 billion which amounted to Rs 14.1 lakh crore.