You can now transact up to Rs 10 lakh in 24 hours through UPI. However, this is only for those institutions that fall under the categories related to tax payment. The National Payment Corporation of India (NPCI) has taken this decision in view of the last date for filing income tax returns on September 15.
The per-transaction and total transaction limit in 24 hours has also been increased in 12 other categories. Banks will have to ensure that the 24-hour limit remains with them. The corporation has also given banks the freedom to set internal limits according to their policies.
This change will only apply to person-to-person transactions with verified merchants. Person-to-person transactions will remain capped at Rs 1 lakh per day. All banks, apps, and payment service providers will have to implement this by September 15.
For capital markets and insurance, the limit for both per transaction and total transactions has been increased for 24 hours. Currently, the limit is Rs 2 lakh per transaction. From September 15, you can pay up to Rs 5 lakh per transaction to verified merchants. You can also pay up to Rs 10 lakh in 24 hours.