ICICI Bank seems to have restricted UPI/IMPS limit to Rs. 10,000 per transaction

[Sushubh]

Noticed today. Any transaction over Rs. 10,000 was rejected with a message shown stating the same.
With UPI and IMPS from PhonePe.

 

[LordSpymaster]

Isn't the UPI limit always been 10K? BHIM doesn't allow over 10K, with ICICI and IndusInd. Plus, BHIM restricts me to 4 transactions per day.

 

[Sushubh]

That's BHIM's own limits. UPI limits are 1L per transaction and 1L per day. it works fine on Yes Bank and IndusInd for me/dad.
SBI originally had 10K per transaction and 20K per day limit. But they seem to have increased it to 50K per day/per transaction as per my dad.
Dad tried ICICI today and it failed. I no longer have an ICICI account to test it myself.

 

[Sushubh]

At present, the upper limit per UPI transaction is Rs.1 Lakh.

UPI FAQs | NPCI

UPI also has a limit on number of transactions per day. I think it's five. The link above does not seem to mention it.

some random blog on the web talks about 20 but that seems wrong to me.

 

[Nishant]

It's a mess right now. In my case, BHIM/Tez has a 10k limit so I can't pay my ICICI Credit Card Bill via it but it works fine on PhonePe which has a 15k limit. Either standardize it or get rid of it.

 

[Sushubh]

so a lady from icici called me up. she started talking about limits of 1-2 lakhs.
it was clear that she was talking about imps/rtgs on their own backend.
i told her that i faced issues on UPI and the app shows that limit is 10K per transaction.
she then repeated the same thing. yes on upi there is a limit of 10K per transaction but i can conduct 10 transactions of 10K for 1L limit.
so basically, no idea if it is for sure as nishant indicates that he can transfer 15K on his icici account on PhonePe.

btw. icici mobile app itself allows 2L per transaction on IMPS! 10L per day. i was able to use it to transfer funds as required. not an optimal situation as i hate using their app. but they certainly has made upi useless for larger transactions.

 

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[igloo]

same with PNB internal upi limit set to 10k

 

[webie]

I just wanted to verify what you are saying, so I tried doing transaction of 15k from my digibank to ICICI and ICICI to digibank and it seems you are wrong. i did it from phone pe.

I think it might be the limitation of the bank you are sending to or receiving from. afaik Airtel PB used to have 10k limitation and that too has been stopped as I did 45k UPI from airtel too not long ago.

 

[Sushubh]

this was the error message from PhonePe.

receiving bank should not have any limit.
the transaction was icici to indusind. indusind lets dad transfer 1L through UPI in one go. and he does transfer ~50K to it through his SBI monthly using phonepe!

 

[LordSpymaster]

The Indus UPI app lets a bigger transfer through, like 1 lac. BHIM does not, for me at least.

 

[Sushubh]

Bhim is locked at 10k for all banks. Internal limits.

 

[webie]

Then what I don't understand is how come PhonePe is letting me do transactions above 10k.

Btw, I have a society based privileged account with them which is a 0 balance account and I never get charged for IMPS UPI , NEFT OR RTGS or any charges really. Not even for a debit card fee.

It might be because of that ?

 

[Sushubh]

upi limits should not be depending upon the type of bank account 😀
i am going to guess that it was a temporary issue at npci end. i would try doing another above 10K transaction from icici on dad's account (if he allows lol) and report back.

 

[webie]

I don't know about acc type being connected to limits. My brother has a chase account in US and he is a private client of chase. Generally if you send money via zelle thu chase, the transaction limit is 2k per day but for private client it is 5k per day. It might be a long shot connecting US Chase bank rules to Indian bank bt whatever.

 

[Sushubh]

UPI is a purely Indian thing. It has nothing to do with any international banking standard or technology. And there has been no indication until now that banks are treating different types of bank accounts differently when it comes to UPI. At max they might eventually charge separately for UPI transactions for different types of baking customers. But even that is not the case at the moment I believe. Anyhow... My dad does not really have a basic account with ICICI. I think he has a ICICI Wealth Management Banking account holder because of an associated trading account.