UPI rules will change from November 1, users must know this

New Delhi: There is good news for UPI Lite users, because from November 1, 2024, two big changes are going to happen in their UPI Lite platform. If we talk about the change, then from November 1, UPI Lite users will be able to make more payments. The Reserve Bank of India (RBI) has also recently increased the transaction limit of UPI Lite. If we talk about the second change, then after November 1, if your UPI Lite balance goes below a certain limit, then the new auto top-up feature will add money to UPI Lite again. This will eliminate the need for manual top-up, so that payments can be made without stopping with the help of Unified Payments Interface (UPI) Lite. Let’s know in detail.

The UPI Lite auto-top-up feature is expected to start from November 1, 2024. UPI Lite is a wallet that allows users to make small transactions without using the UPI PIN. Currently, UPI Lite users have to manually recharge their wallet balance from their bank account to continue making payments. However, with the new auto-top-up feature, the National Payments Corporation of India (NPCI) aims to streamline this process, eliminating the need for manual recharge. The UPI Lite auto-pay balance feature was announced in NPCI’s notification dated August 27, 2024.

Soon you will be able to set a minimum balance on UPI Lite. Whenever your balance goes below this limit, your UPI Lite wallet will be automatically refilled with a fixed amount from your linked bank account. The recharge amount will also be set by you. The limit of this wallet cannot exceed Rs 2,000. Up to five top-ups will be allowed in a day on UPI Lite account.

According to NPCI, UPI Lite users will have to enable the auto-pay balance facility by October 31, 2024. After this, from November 1, 2024, you will be able to use the auto top-up feature on UPI Lite. UPI Lite allows every user to transact up to Rs 500. With this, a maximum balance of Rs 2000 can be kept in the UPI Lite wallet. The daily spending limit of UPI Lite wallet is Rs 4000. The Reserve Bank of India (RBI) has proposed to increase the maximum transaction limit of UPI Lite from Rs 500 to Rs 1,000. Apart from this, the UPI Lite wallet limit has also been increased from Rs 2,000 to Rs 5,000.