There is big news for all users using UPI. The National Payments Corporation of India has changed the rules related to UPI payment. Today i.e. from September 15, users will be able to make payment daily up to Rs 10 lakh. Earlier this limit was up to Rs 2 lakh. The limit to buy jewelery has also increased. Let us understand the new rules of UPI in details and will also know how much limit has been fixed for which category.
The direct effect of changes in UPI will be seen on the common man. Because, these reforms are associated with common traders, credit card payment and jewelery purchase. The category wise limit has been increased. But keep in mind that the limit of all types of payment has not increased.
Whose limit has increased?
The government has extended the limit to pay through UPI to transactions to some special person-to-chicken transactions and has not made any change in the limit with person-to-purses. It will remain 1 rupee as before.
Person-to-Person (P2P) and Person-to-Crachant (P2M)
Before knowing how much the category has increased in Limit P-to-M, it is important to understand what P2M and P2P are. Person-to-chicken simply means that a person pays a businessman who pays. Its limit was earlier in 2 lakh one day, now it has become 10 lakh rupees. Apart from this, when a person sends money directly to another person, then he is called P-P-P-P. Its limit was also 1 lakh rupees earlier and still it is only 1 lakh rupees.
UPI NEW Rules
Limit has increased for these categories
- Jewelery purchase- The limit of buying jewelery has been increased under UPI. Now you can pay up to Rs 2 lakh per transaction and up to 6 lakh rupees in 24 hours. Earlier the maximum limit of transactions per transaction was Rs 1 lakh.
- Travel booking- At the same time, for the booking related to the journey, now you can pay up to Rs 5 lakh at a time through UPI. In 24 hours, you will be able to transact up to a total of up to Rs 10 lakh. The simple meaning of this is that to go out, now you will be able to pay up to Rs 10 lakh of flight and train tickets with UPI.
- Loan Reperation- The limit of transaction per transaction for collections like repayment of loan has been increased to Rs 5 lakh and you will be able to pay 10 lakh rupees in 24 hours.
- Capital Market- For capital market investments like stock market or mutual funds, you can send up to Rs 5 lakh at a time and will be able to pay up to Rs 10 lakh for 24 hours.
- Credit Card Payment- The government has also increased the credit card bill to Rs 5 lakh per transaction and the limit for 24 hours to Rs 6 lakh. Earlier the limit of transaction per transaction was Rs 2 lakh.
- Insurance- There will be a limit of Rs 5 lakh per transaction to fill the insurance premium and a total of Rs 10 lakh in 24 hours.
- Digital Account Opening- A limit of Rs 5 lakh per transaction has been fixed for submission of initial funds in these accounts.