UPI Transactions above Rs.2,000 have to pay 1.1 percent fee

UPI transactions fee

The National Payments Corporation of India (NPCI) has recommended interchange fee on UPI for transactions above Rs.2000 made through digital payment. The fee will be charged from the April 1st on all digital payments like Google Pay, PayTM and other apps.

According to source, UPI payments made through Prepaid Payment Instruments (PPIs) — read digital wallets like PayTM wallet — will now attract 1.1 per cent fee if the value of the transaction is Rs.2000 or more. The wallet transactions that are worth less than Rs.2000 will not attract this charge.

UPI money transfer limit

According to NPCI guidelines, a person can make a maximum payment of up to Rs.1 Lakh per day through UPI. The limit varies from bank to bank as small banks such as Canara Bank only allow Rs.25,000. While big banks like SBI have set daily UPI transaction limit to Rs.1 lack.

Why is UPI limit 2,000 per day?

The UPI transfers, all combined have the above said GPay transfer limit per day. To avoid fraud, google pay allows you to request a maximum of ₹2,000 in a day through your VPA in UPI.
The fee will be charged from the April 1st on all digital payments. NCPI will conduct a review on the collection of these additional charges on September 30.