The Reserve Bank of India (RBI) has decided to raise the UPI payment limit for tax payments from the current Rs 1 lakh to Rs 5 lakh per transaction. With this, taxpayers will be able to pay large amount of taxes hassle-free via the unified payment interface (UPI) apps like PhonePe, GPay, Paytm MobiKwik, or Cred.
Here are the latest daily UPI payment limits for various purposes:
Rs 5 lakh for:
– Tax Payments
– Hospitals
– Educational Services
Rs 2 Lakh for:
– Credit Card Bills
– Insurance
– Mutual Funds
– EMIs
– Broking Charges
– Loan Repayments
Rs 1 Lakh for:
– Standard limit for all.
However, there are bank-specific limits also. For instance, major lenders like HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank offers up to Rs 1 lakh payment limit for standard transactions; whereas small banks like cooprarative banks or other small banks like Jammu & Kashmir Bank allow up to Rs 20,000 payments only.
