UPI Auto Payment Limit Hike: RBI Announcement…! Now auto pay limit has been increased to Rs 1 lakh per transaction, you will get this benefit

 


UPI Auto Payment Limit: This decision of RBI will not only make people’s work easier but the use of UPI will also increase rapidly.

UPI Auto 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.

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 automatically deducted 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.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more