Transaction Limit is the maximum amount of money that can be transferred, withdrawn, or spent in a single transaction or within a specific time period, as set by a bank or financial institution.
Transaction Limit is an important control mechanism used by banks and payment systems to ensure security, manage risk, and prevent fraud. These limits apply to various banking services such as ATM withdrawals, UPI payments, online transfers (NEFT/RTGS/IMPS), debit/credit card transactions, and wallet payments.
Transaction limits can be categorized as:
Limits vary based on factors like account type, customer profile, bank policies, and RBI guidelines. Customers can often increase or decrease limits through internet banking or mobile apps for convenience and security.
Setting appropriate transaction limits helps users control spending and protect accounts from unauthorized transactions.
"If your UPI app has a daily transaction limit of ₹1 lakh, you cannot send more than ₹1 lakh in total transactions within a day."