UPI Automatic Payment Limit: This decision of RBI will not only make people’s work easier but the use of UPI will also increase rapidly.
UPI Automatic Payment Limit: Reserve Bank of India (RBI) has once again given good news to the people. Now auto payment up to Rs 1 lakh can be done through UPI. Till now this limit was only Rs 15 thousand. This facility can be used in many services including payment of mutual funds, insurance premium and credit card bills.
In which services will you get benefit?
RBI on Tuesday increased the UPI Auto Pay limit to Rs 1 lakh per transaction in some categories. Now customers will be able to easily make recurring payments like mobile bill, electricity bill, EMI payment, entertainment/OTT subscription, insurance and mutual funds. For this, recurring e-mandate will have to be started using any UPI application. RBI announced this by issuing a circular. According to this, till now OTP was required for auto payment transactions above Rs 15,000. Now you can easily approve auto pay up to Rs 1 lakh without any OTP.
Governor Shaktikanta Das had announced
Last week itself, during the review of monetary policy, RBI Governor Shaktikanta Das had increased the limit of payment through UPI in hospitals and educational institutions from Rs 1 lakh to Rs 5 lakh. In just a few years, UPI has become the preferred and secure method of digital payment. The figure of UPI transactions in November has reached 11.23 billion. With its help, you can operate multiple bank accounts from a single app. You can make any payment or send money to anyone’s number instantly by just scanning the QR code.
See RBI Notification Details Here
Benefits of UPI Auto Payment
While taking subscription of any app, we allow auto payment so that after the completion of the time, the money is deducted automatically and there is no problem. After starting it, there is no need to remember the date. This is a good option for payments to be made after a certain time interval. You can avoid late fees or penalties by paying on time. With its help, payment of installments becomes very easy. Auto payment can also be easily changed at any time. With this, you do not need check or cash to make payment nor do you have to waste time standing in line. No paperwork is required to start or stop it.
