Nowadays, everyone uses UPI payment, whether it is for a grocery store or online shopping. It has become an important part of our lives. But do you know that the National Payments Corporation of India (NPCI) has made some big changes in the rules of UPI? These changes are coming into effect from September 15, and they will have a direct impact on your money and big transactions. So let’s know which 5 new rules are going to be implemented and why they are important for you.
Capital market and insurance payment limits increased
If you invest in the stock market or pay a large insurance premium, then this change is for you. Earlier, the limit of a transaction for capital market and insurance-related payments was ₹ 2 lakh. Now it has been increased directly to ₹ 5 lakh. This will make it easier to make big payments in one go.
Relief in government payments and tax payments
If you have to make a tax or any other payment to the government, then there is good news for you, too. Till now, the limit of a transaction for the government e-marketplace and tax payments was only ₹ 1 lakh. This limit has also been increased to ₹ 5 lakh. This will make it very easy for traders and the general public to make large government payments.
Travel booking has become even easier
The demand for traveling increases during the festive season. Keeping this in mind, the limit per transaction for railway, airline, and other travel ticket bookings has been increased to ₹ 5 lakh. Apart from this, the total transaction limit for 24 hours for such payments has been increased to ₹ 10 lakh. Now you will be able to book tickets for many people simultaneously without any hassle.
Increase in credit card bill and EMI limit
If you pay your credit card bill or EMI through UPI, then you will now get more convenience. Now you can pay up to ₹ 5 lakh at a time. The total 24-hour limit for credit cards has been fixed at ₹6 lakh, and for EMIs at ₹10 lakh. This is a big relief for those who have to pay large bills and installments every month.
Change in total daily transaction limit
Along with all these major changes, NPCI has also increased the daily transaction limit. Now, payments of up to ₹10 lakh can be made within 24 hours in certain categories, making UPI a better option for those doing large transactions. However, the daily transaction limit will remain the same for common users doing small transactions.