New UPI rules effective from today to boost stability, efficiency
The new changes include limits on balance checks and transaction status checks while auto-pay transactions will only be processed during off-peak hours
New UPI rules to be effective from Friday (August 1) are set to bring in several changes to the United Payments Interface (UPI) in a bid to boost its stability and efficiency. Apart from the new UPI rule, which will be implemented by the National Payments Corporation (NPCI), SBI credit card rules will also change.
New UPI transaction rules
The NPCI, in a circular issued in April, informed UPI users that it was planning to make some changes to reduce the response time for UPI transactions. The move is aimed at helping remitter and beneficiary banks as well as Payment Service Providers (PSPs) such as PhonePe, Google Pay and Paytm.
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Changes as per new UPI rules
1) Under the new UPI rules, user can check their account balance up to 50 times a day per UPI app. They can check their balance 50 times a day on each UPI app they are using. But users are advised not to check their balance during peak hours, reported NDTV.
2) Auto-pay transactions will only be processed outside peak hours. These transactions will be processed before 10:00 am, between 1:00 pm and 5:00 pm, and after 9:30 pm.
3) As for checking transaction status, it will be limited to three times with a gap of at least 90 seconds.
4) Linked account checks will be limited to 23 times a day per app.
5) Under the new UPI rules, the recipient's bank name will be displayed before confirmation of payment in a bid to prevent fraud and reduce errors.
Also Read: Your UPI transaction will be faster now. Here is why
SBI credit card rules changed
Meanwhile, the State Bank of India (SBI) announced that it will stop providing the free air accident insurance cover, which is available on many co-branded cards.
SBI has stated that the complimentary air accident insurance coverage of Rs 1 Cr currently that is provided with UCO Bank SBI Card ELITE, Central Bank of India SBI Card ELITE, PSB SBI Card ELITE, KVB SBI Card ELITE, KVB SBI Signature Card, and Allahabad Bank SBI Card ELITE will be discontinued.
It further stated that complimentary air accident insurance coverage of Rs 50 Lakh currently offered on UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, PSB SBI Card PRIME, KVB SBI Card PRIME, Karur Vysya Bank SBI Platinum Credit Card, South Indian Bank SBI Card PRIME, South Indian Bank SBI Platinum Credit Card, Karnataka Bank SBI Card PRIME, Karnataka Bank SBI Platinum Credit Card, City Union Bank SBI Card PRIME, Allahabad Bank SBI Card PRIME, UBI SBI PLATINUM Credit Card, OBC SBI VISA PLATINUM Card, Federal Bank SBI Platinum Credit Card, BOM SBI PLATINUM Credit Card will be discontinued.