PhonePe has become one of the most popular payment apps in India, with over 350 million registered users. It offers convenient options for money transfers using UPI, wallet, and other payment modes.
However, PhonePe has certain limits imposed on transactions for security and compliance reasons. If you find yourself restricted by the capped limits, here are some tips to increase your PhonePe limit and manage transactions smoothly.
How To Increase PhonePe Transaction Limit Using 4 Methods!
We have listed a bunch of easy methods to increase your PhonePe limit. These easy methods will increase your PhonePe limit easily.
Method 1: Link Multiple Bank Accounts
One way to enhance your overall limit is to link multiple bank accounts to PhonePe. As per RBI guidelines, each bank has separate UPI transaction limits prescribed for customers. For example, SBI has a per transaction limit of ₹1 lakh, while ICICI has only ₹10,000.
By linking accounts from different banks, like SBI, HDFC, Axis, etc., that have higher base limits set by RBI, you can increase the cumulative transaction limit on PhonePe. Here are the steps to add multiple bank accounts:
Step 1: Open the PhonePe app and go to the Profile page.
Step 2: Tap on ‘My Money’ and select ‘Bank Accounts’.
Step 3: Click on ‘Add new bank account’ and pick your bank.
Step 4: Set up the UPI PIN as prompted to link the account.
Method 2: Use Credit Card
Linking a credit card to make payments on PhonePe can help increase your overall spending limit. Let’s take a look at some key points to know:
- Credit cards do not have fixed transaction limits like bank accounts. The limit depends on your total credit limit sanctioned by the card issuer. For example, if your credit card limit is Rs. 3 lakhs, you can transact on PhonePe through the card up to Rs. 3 lakhs daily.
This provides more flexibility compared to UPI transaction limits set by banks. However, use this higher limit cautiously. Be mindful of interest charges, penalties, and credit score impact if credit card bills are not repaid on time. Carefully track spending and ensure on-time bill payments every month.
Method 3: Use PhonePe for Business
PhonePe also offers customized solutions for merchants and businesses with very high transaction limits and other tailor-made features. The PhonePe for Business option is meant for merchants who want to use PhonePe for accepting payments.
It requires the submission of business documents like PAN, GST details, etc., during signup. With PhonePe for Business, limits can be set as high as ₹50 lakhs per transaction, depending on business requirements.
Method 4: Request the Bank to Raise the Limit
For basic personal accounts, some banks are willing to increase UPI transaction limits on a case-to-case basis if you make a representation citing valid reasons.
You can submit an application to your bank’s customer service explaining your requirements and requesting a customized limit enhancement. However, any limit increase is at the discretion of the bank.
Limits for Different Transaction Types
The maximum limits can vary for different kinds of transactions on PhonePe. Here are the details:
1. UPI Transfer Limit
- The default limit is ₹1 lakh per transaction and ₹1 lakh per day.
- Actual limits depend on the bank account linked. See the table below:
|Bank||Max per Transaction Limit||Max Daily Limit|
|State Bank of India||₹1 lakh||₹1 lakh|
|Punjab National Bank||₹2 lakh||₹2 lakh|
|Bank of Baroda||₹25,000||₹50,000|
|Canara Bank||₹1 lakh||₹2 lakh|
|Axis Bank||₹1 lakh||₹1 lakh|
|Kotak Mahindra Bank||₹50,000||₹100,000|
|IDFC First Bank||₹25,000||₹25,000|
|Standard Chartered Bank||₹1 lakh||₹5 lakhs|
2. PhonePe Wallet Limit
- The monthly add limit to the wallet is ₹10,000.
- The maximum wallet balance allowed is ₹2 lakhs as per the latest RBI guidelines.
3. P2P Transfer Limit
- The default per-day limit for Peer-to-Peer transfers is ₹10,000.
- This is fixed by PhonePe and cannot be increased by the user for security reasons.
How to Change Transaction Limit In PhonePe?
If you just want to know how to change the transaction limit in PhonePe, then simply follow the steps outlined below:
Step 1: Access Profile and Settings
- Open the PhonePe app and tap on your Profile icon.
- Navigate to the ‘Settings’ option within Profile.
Step 2: Locate the Payment Methods Section
- Under Settings, tap on the ‘Payment Methods’ section.
- Choose a relevant payment type like Wallet or Bank.
Step 3: Adjust Transaction Limit
- Under selected Payment Method, tap ‘Transaction Limit’.
- Set new higher per transaction and daily limit.
Step 4: Link Additional Bank Accounts
- To further increase the limit, link more bank accounts.
- Repeat the process to customize the limit for each account.
Tips to Manage Within Limit
Here are some tips for planning your payments and transactions within the prescribed PhonePe limits:
- Regularly check your daily usage and expenses on PhonePe to monitor limit utilization. This helps avoid breaching limits unexpectedly.
- For any large payments like EMIs, fees, online purchases, etc., always plan the transactions in advance. You can split the payments across multiple days or weeks to remain within limits.
- Make judicious use of multiple bank accounts linked to PhonePe. Route payments from different bank accounts to distribute transactions and limit usage.
- Try using different UPI apps like Google Pay, Paytm, BHIM, etc. along with PhonePe, especially for merchant payments. This distributes transactions and reduces the chance of crossing limits.
- If nearing the limit, temporarily use a credit card, debit card, or cash for payments. Resume PhonePe payments the next day when the limit is reset.
- Contact vendors, utility providers, etc. to see if they allow split payments. Pay part amount immediately and the remaining after the limit resets.
1) Can I increase the limit without upgrading the account?
No, only linking more bank accounts or upgrading to premium can increase limits.
2) What is the maximum limit on PhonePe?
For personal accounts, ₹5 lakhs per transaction (with Premium). PhonePe for Business has customized limits up to ₹50 lakhs.
3) Do redeeming rewards increase my limit?
No, redeeming reward points does not affect transaction limits.
4) How to track daily usage of the limit?
Check ‘Account statement’ in PhonePe to see limit utilization and available balance.
5) What happens if the limit is exceeded?
Transactions may fail or ask you to upgrade if you exceed the prescribed limit.
PhonePe limits are designed keeping user security in mind but can be increased through various options. Link bank accounts judiciously, upgrade to premium, or use PhonePe for Business to enjoy higher limits. Remember to stay within limits and plan your high-value transactions to avoid disruptions.