UPI Payment - Terms & Conditions​

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1. Responsibility for Transactions:

• Users are responsible for all UPI transactions, regardless of whether they were authorized or not.

• This includes fraudulent or erroneous transactions, and the user is liable for any loss or damage incurred.

• Users must ensure that their mobile phone and other security credentials are not compromised. 

2. Security and Confidentiality:

• Users must keep their login passwords, UPI PINs, and other security credentials confidential and not share them with anyone. 

• Users are responsible for the secure use of their mobile devices and should not allow unauthorized access. 

• Banks are not liable for losses or damages resulting from the user's failure to maintain the security of their credentials. 

3. Accuracy of Information:

• Users are responsible for the accuracy of any information provided for UPI transactions, such as beneficiary details.

• If incorrect information is provided, the user is liable for any resulting loss or damage.

• Users should ensure the correctness of virtual payment addresses, Aadhar numbers, and other relevant details. 

4. Adherence to Rules and Regulations:

• Users must comply with all applicable rules and regulations, including those related to Anti-Money Laundering (AML). 

• Banks may have their own specific terms and conditions for UPI services, and users must adhere to them. 

5. Specific Bank Responsibilities:

• Banks may have specific terms and conditions regarding their UPI services, including transaction limits, fees, and other details.

• Users should review the terms and conditions of their specific bank before using UPI services. 

6. Liability of the Bank:

• Banks typically disclaim liability for any loss or damage caused by errors or omissions in their systems or due to circumstances beyond their control.

• However, banks may be liable for losses caused by their negligence or breach of their obligations. 

7. Changes to Terms and Conditions:

• Banks may change their UPI terms and conditions from time to time.

• Users should regularly review the terms and conditions to stay informed about any changes. 

8. UPI Transaction Limits:

• As per NPCI, the daily transaction limit for UPI is ₹1,00,000 for general transactions, ₹2,00,000 for specific categories like capital markets and insurance, and ₹5,00,000 for merchant transactions and IPOs.

• Individual banks may also have their own transaction limits.