How To Set Transaction Limit In Bhim App
BHIM app provides the easiest way of money transfer. Simply the fund transfer through this app is subject area to the limits. Yous can't pay equally much money as you want. In Fact, BHIM has fix a lower limit in comparison to other UPI Apps.The BHIM app has 3 types of transaction limits.
one. Per Transaction Limit
There is a upper limit of fund transfer through the BHIM app. Y'all should take in mind this limit. Otherwise your transaction would fail.
Through the BHIM, yous can,t pay more than ₹twoscore one thousand in a transaction. Such transaction would non get through however, there would not be whatsoever deduction from your account either.
If Y'all want to pay a college amount, you tin can use other UPI apps, Most of the other UPI apps take a higher per transaction limit. Some of the apps permit upto ₹one lakh per transaction.
two. Daily Transaction Limit
Besides the per transaction limit UPI apps have a daily fund transfer limit. In a day, you lot can't transfer coin more than the limit.
The daily limit for BHIM app transaction is ₹xl,000. If you want to transfer more than ₹twoscore g, look for the date modify.
This limit is applicable to your bank account. So, if you have linked more than than one account with your BHIM app, yous can employ another account for sending the excess amount.
You tin can also use other UPI Apps for fund transfer. All other UPI apps permit upto ₹ane lakh in a twenty-four hour period.
3. Number of Transactions in Twenty-four hours
In that location is also a limit to the number of transactions through the BHIM app. The UPI prohibits more 10 transactions by an business relationship in 24 hours. Therefore, you can't pay more than than 10 times using the BHIM.
This limit of 10 transactions is applicable beyond the UPI apps. So, the total UPI transaction from a banking concern account should not cantankerous 10, irrespective of the UPI app. This limit is enforced past the NPCI which manages the UPI Fund Transfer System.
Security is the Reason For Limit
Why is there a limit on a transaction? Why tin't NPCI make it unlimited just like the internet cyberbanking transaction?
The reason for this limit is the security. BHIM or whatever other UPI apps are very easy to utilize. You would also hold that banking through these apps is simpler than the net banking. In that location is less security check and hurdles. That is why you lot love UPI apps.
Simply, y'all would detect that it is not equally much secure as cyberspace banking account. In an net banking, yous accept to give alphanumeric login and transaction password. These passwords are difficult to steal while PIN can be stolen easily. Besides this, banks farther cosign by asking questions or filigree numbers.
On the other mitt, one tin fraudulently steal money by using your mobile number. The fraudster only needs to know your login PIN, UPI PIN and handset. In such case, the transaction limit would restrict your loss. No one would exist able to steal a big amount from your business relationship. Meanwhile, you can block your mobile number and online transaction.
Fund Transfer Limit of Other Means
Other UPI Apps
However, other UPI apps have a higher limit of a transaction. Tez, Paytm, Phonepe, SBI Pay permits the transaction of up to ₹1 lakh per day. It is applicable to unmarried transaction as well. In fact, the NPCI has set the maximum limit for UPI transaction. This limit is ₹i lakh. Most of the apps have permitted the transaction up to this limit. But, BHIM has a shorter bar.
IMPS
The maximum limit for IMPS is much higher, you can transfer up to ₹ii lakh through the IMPS.
NEFT
There is no maximum or minimum limits for NEFT fund transfer. But you have to wait for the actual transfer.
RTGS
The RTGS has a lower limit. You can apply information technology only for the 2 lakh or above. There is no upper limit. It transfers money instantly during the bank working hours.
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Source: https://upipayments.co.in/bhim-app-transaction-limit/#:~:text=The%20daily%20limit%20for%20BHIM,for%20sending%20the%20excess%20amount.
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