How Much Amount can be Transferred through PhonePe
PhonePe is one of India’s most popular digital payment platforms, offering a range of services, including UPI (Unified Payments Interface) transactions, wallet services, and merchant payments.
Understanding the transaction limits on PhonePe is crucial for users to manage their finances effectively and avoid disruptions in their payment activities.
This article provides a comprehensive overview of the various transaction limits on PhonePe, including daily, monthly, and annual limits, as well as the factors influencing these limits.
Overview of PhonePe
PhonePe is a digital payments platform that allows users to make payments directly from their bank accounts using UPI.
It also offers a PhonePe Wallet for storing money and paying for goods and services.
The platform is regulated by the NPCI (National Payments Corporation of India) and follows the RBI (Reserve Bank of India) guidelines.
UPI Transaction Limits
Daily Transaction Limit
The daily transaction limit on PhonePe for UPI transactions is Rs 1,00,000 (1 Lakh). This means a user can transfer up to Rs 1,00,000 in a single day through UPI.
However, this limit can vary depending on the bank linked to the PhonePe account. For instance, some banks may have lower limits.
Transaction Frequency
PhonePe users can make a maximum of 10 to 20 daily transactions, depending on the bank’s policies linked to their UPI ID.
This limit ensures that users do not exceed the number of transactions their bank allows, preventing potential misuse or fraud.
Request Money Limit
Users can request a maximum of Rs 2,000 from another user in a single day. This limit is set to prevent misuse of the request money feature and ensure the funds’ security.
Bank-Specific Limits
Different banks have specific transaction limits for PhonePe UPI transactions. Here is a table summarizing the per-day transaction limits for some banks:
| Bank Name | Per Day Transaction Limit (Rs) |
|---|---|
| Standard Chartered Bank | 1,00,000 |
| Suco Souharda Sahakari Bank | 8,00,000 |
| Surat People Cooperative Bank | 1,00,000 |
| SVC Bank | 20,000 |
| Syndicate Bank | 50,000 |
| Telangana Grameena Bank | 25,000 |
| Thane Bharat Sahakari Bank | 1,00,000 |
| Ujjivan Small Finance Bank | 1,00,000 |
| Union Bank of India | 1,00,000 |
| United Bank of India | 25,000 |
| Uttarakhand Gramin Bank | 25,000 |
| Vananchal Gramin Bank | 25,000 |
| Varanchha Bank | 40,000 |
| Vijaya Bank | 50,000 |
| Yes Bank | 1,00,000 |
PhonePe Wallet Limits
Monthly and Annual Limits
The PhonePe Wallet allows users to add a maximum of Rs 10,000 monthly, which accounts for a total of Rs 1,20,000 annually.
This limit is imposed to prevent fraudulent transactions and ensure funds’ security.
Wallet Balance Limit
At any given point in time, the maximum balance that can be held in a PhonePe Wallet is Rs 10,000.
This limit ensures that users do not store excessive amounts of money in their wallets, which could be at risk in case of fraud or theft.
Refunds and Cancellations
In case of refunds or cancellations, any balance exceeding Rs 10,000 can be added back to the wallet. This ensures that users do not lose their money due to transaction reversals.
KYC (Know Your Customer) Requirements
Full KYC
To use the PhonePe Wallet to its full potential, users need to complete Full KYC.
This involves verifying personal identification details such as PAN card, Aadhaar card, and address proof. Full KYC users have higher transaction limits compared to those with minimal or no KYC.
Min KYC
Users with Min KYC can add up to Rs 10,000 to their wallet monthly and Rs 1,20,000 annually. However, they cannot withdraw money from the wallet or transfer it to a bank account.
No KYC
Users without KYC can still use PhonePe for UPI transactions and merchant payments, but they cannot use the wallet features.
Transaction Charges
All UPI-based transactions on PhonePe are free of charge. This includes money transfers, online and offline payments using UPI, credit cards, debit cards, and wallets.
The Finance Ministry has clarified that UPI transactions will remain free, ensuring that users can make payments without incurring additional costs.
Fraud Prevention and Security Measures
PhonePe has implemented various security measures to prevent fraud and misuse of funds. These include transaction limits, cooling-off periods, and additional authentication steps.
In case a user’s mobile phone is stolen or their PhonePe account is hacked, these measures ensure that fraudsters cannot withdraw the entire amount from the user’s bank account.
Business Accounts
PhonePe offers special features for business accounts, allowing them to receive and send large amounts of money without any transaction limits.
This is beneficial for businesses that need to handle multiple transactions daily.
UPI Lite
UPI Lite is a feature that allows users to make small payments without using their main UPI account.
The maximum payment limit for UPI Lite is Rs 500 per transaction and Rs 4,000 per day.
This feature is useful for making quick and small payments without affecting the main UPI transaction limits.
Conclusion
PhonePe provides a convenient and secure platform for digital payments in India.
Understanding the various transaction limits and security measures is essential for users to manage their finances effectively.
Whether it’s UPI transactions, wallet usage, or business payments, PhonePe ensures that users can make payments seamlessly while adhering to regulatory guidelines and maintaining the security of their funds.
By adhering to these limits and completing the necessary KYC requirements, users can enjoy the full range of services offered by PhonePe without any disruptions.
As digital payments continue to grow in popularity, platforms like PhonePe play a crucial role in facilitating secure and efficient transactions for millions of users across India.
