UPI New Rules From Tomorrow, Payment Limits Increased For Key Sectors
From September 15, NPCI has raised UPI transaction limits for insurance, investments, travel, loans, and jewellery. The move allows larger payments, though daily caps apply for different sectors.
NPCI revises transaction caps to make large payments smoother | File Image |
Mumbai: From September 15, the National Payments Corporation of India (NPCI) has increased the daily limit for Person-to-Merchant (P2M) transactions to Rs 10 lakh.
This decision was taken to help sectors where lower limits earlier created difficulties.
Insurance and Investments
- Limit for capital market investments and insurance premium payments raised from Rs 2 lakh to Rs 5 lakh.
- However, total daily transactions cannot exceed Rs 10 lakh.
Government Payments and GEM Portal
- On the Government e-Marketplace (GEM) portal, the limit has increased from Rs 1 lakh to Rs 5 lakh per transaction.
- This includes tax payments and earnest money deposits.
Travel Sector
- Travel-related transactions now have a higher limit of Rs 5 lakh (earlier Rs 1 lakh).
- The overall daily cap remains Rs 10 lakh.
Credit Card Bills and Loan EMIs
- Credit card bill payments through UPI allowed up to Rs 5 lakh per transaction, but capped at Rs 6 lakh per day.
- Loan EMI collections raised to Rs 5 lakh per transaction and ₹10 lakh per day.
Jewellery and Banking Services
- Jewellery purchase limit via UPI raised to Rs 2 lakh per transaction (earlier Rs 1 lakh), with a Rs 6 lakh daily cap.
- For banking services like fixed deposits through digital onboarding, the limit is Rs 5 lakh per transaction per day.
No Change in Person-to-Person (P2P) Payments
The daily limit for P2P payments remains the same at Rs 1 lakh per day.
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