How to Manage Your Daily UPI Transaction Limit

Unified Payment Interface (UPI) has revolutionized the way we transact money in India. It has simplified the process of money transfer, making it easier, faster, and more convenient than ever before. One of the significant aspects we need to be aware of while using this service is the UPI transaction limit per day. Managing your UPI daily transaction limit is crucial to ensure a seamless transaction experience.

Understanding the UPI Transaction Limit Per Day

The UPI transaction limit per day differs across various banks. For instance, some banks allow transactions up to ₹1 lakh per day, while others allow transactions up to ₹40,000 per day. The actual limit varies from bank to bank and is set as per the RBI guidelines. Hence, it is crucial to know your bank’s UPI transaction limit per day to manage your transactions effectively.

How to Manage Your Daily UPI Transaction Limit

When using UPI, keep track of your transactions during the day. Divide your daily limit into the various transactions you need to perform, and make sure not to exceed the stipulated limit.

Also, consider the timing of your transactions. UPI services are available 24×7. Therefore, if you reach your limit in a given day, you can schedule your next transactions for after midnight when the limit resets.

It’s also worth noting that if you reach the transaction limit on a particular payment app, you can switch to another payment app as the limit is usually per app and per bank account.

Understanding IMPS Charges

Instant Money Transfer Service (IMPS) charges are the fees charged for transferring money from one bank to another instantly, 24×7. While UPI transactions are mostly free, some banks and payment apps do charge a nominal fee for IMPS transactions. These charges are usually very minimal, and they depend on the amount being transacted. Therefore, knowing your IMPS charges can help you plan your transactions to minimize costs.

Introduction to Bajaj Pay UPI

Bajaj Pay UPI is a versatile payment service, allowing users to perform seamless transactions. With its high-security features, Bajaj Pay UPI allows transactions across various banks through a single platform.

How to Use Bajaj Pay UPI

Making use of Bajaj Pay UPI is easy and straightforward; follow the steps given below:

1. Download the Bajaj Finserv App from your device’s app store.
2. After installation, open the application and initiate the registration process.
3. Enter your mobile number linked with your bank account. A one-time password (OTP) will be sent to this number for verification.
4. Post verification, you can link your bank account with the application. You’ll then be asked to set your UPI PIN.
5. Upon setting your UPI PIN, your Bajaj Pay UPI account is ready for use.
6. To transact, select the pay or collect option, input the recipient’s UPI ID or account number, enter the amount you want to transact, confirm the details, and proceed.
7. Enter your UPI pin to authenticate the transaction, and the transaction will be processed instantly.

Conclusion

In conclusion, understanding your UPI transaction limit per day, the associated IMPS charges, and leveraging platforms like Bajaj Pay UPI can significantly enhance your digital transaction experience. Proper management of UPI transactions can ensure efficient utilization of the available limit, ensuring smooth and uninterrupted digital financial transactions.