5 UPI Payment Rule Changes You Need to Know in 2024: Greetings, savvy UPI users! As we dive into the brand new year, it’s crucial to keep our financial compass aligned with the latest updates. Starting January 1, 2024, the realm of UPI transactions is undergoing some major renovations that demand your attention.
5 UPI Payment Rule Changes You Need to Know in 2024
Let’s unravel the top five game-changing updates together.
1. Deactivation Drama: Say Goodbye to Inactive UPI IDs
In a bid to keep things streamlined, if your UPI ID has been idling for over 12 months, it’s set to retire. Fear not; reactivating it is a breeze – just a quick verification of your bank account and mobile number, and you’re back in the UPI game.
2. Up, Up, and Away: Increased Transaction Limits
Hold onto your virtual hats! The RBI has generously upped the daily UPI limit, now allowing transactions up to 1 lakh for regular dealings and a whopping 5 lakhs for payments to hospitals and schools. Managing your expenses and fees through UPI just got a whole lot more convenient.
3. Fee Fiesta: Unpacking the Interchange Fee
Heads up, merchants! A 1.1% fee will now be levied on specific UPI transactions exceeding 2,000 rupees if you opt for prepaid instruments like wallets or cards. The silver lining? This fee will be gracefully siphoned from the merchant’s account and relayed to the issuing bank or entity.
4. UPI ATMs: Your New Cash Companions
Get ready to bid farewell to the hassle of cards and PINs. Soon, UPI ATMs will grace the nation, allowing you to withdraw cash seamlessly by scanning QR codes. Convenience and security are taking center stage, making cash withdrawals a walk in the digital park.
5. Time is Money: The 4-Hour Window
RBI proposes a time limit of 4 hours for users initiating first payments exceeding ₹2,000 to new recipients. Consider it your safety net – this window empowers you to reverse or modify transactions, injecting an extra layer of control and security to your financial interactions.
Read: What are the 401(K) Contribution Limits for 2024 in the USA?
These transformative updates aim to make UPI transactions more user-friendly, efficient, and secure.
Stay informed, and let’s navigate this UPI evolution together. Don’t keep this knowledge to yourself – share this post with your friends and family, ensuring everyone is on board the UPI revolution!
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