RBI Raises UPI Payment Limit to Rs 5 Lakh for Tax Payments and Essential Services

RBI Raises UPI Payment Limit to Rs 5 Lakh for Tax Payments and Essential Services

The Save Bank of India (RBI) has chosen to raise the UPI installment limit for charge installments from the ongoing Rs 1 lakh to Rs 5 lakh for every exchange. With this, citizens will actually want to pay a huge measure of expenses bother-free through the bound together installment interface (UPI) applications like PhonePe, GPay, Paytm MobiKwik, or Cred.

Rs 5 lakh for:

Charge Installments

Medical clinics

Instructive Administrations

Rs 2 lakh for:

Charge card bills

– Protection

Common Assets

– EMIs

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Broking Charges

Credit Reimbursements

Nonetheless, there are bank-explicit cutoff points, too. For example, significant moneylenders like HDFC Bank, ICICI Bank, Pivot Bank, and Kotak Mahindra Bank present a Rs 1 lakh installment limit for standard exchanges, while little banks like cooperative banks or other little banks like Jammu and Kashmir Bank permit up to Rs 20,000 installments as it were.