The Reserve Bank of India (RBI) has issued a circular in December last year to facilitate digital payments. According to this circular, now OTP will not be required for payment up to Rs 1 lakh.
This means that you can make UPI payment up to Rs 1 lakh without OTP.
However, this facility can be availed for Mutual Fund, Insurance Premium and Credit Card Bill. In such a situation, customers will benefit greatly from it.
Benefits Of Auto Payment
- While taking subscription of any app, money will be automatically deducted from the account through auto payment (UPI Auto Payment). In such a situation, there will be no need to remember the date to renew it again.
- You will be able to pay your credit card bill on time. Many times we forget to pay the bill, due to which we have to pay late fees, but this does not happen in UPI auto payment.
- You can easily make changes in auto payment.
- You do not need cash or check for auto payment.
- No paperwork is required to stop auto payments.
Keep These Things In Mind
- You should not be hasty while making UPI payment.
- Whatever account you transfer money to, verify it properly.
- Do not click on any unknown link, it could also be a phishing link.
- Do not give your UPI details everywhere. If you do this then the possibility of fraud on you will increase.
- You should make UPI payment only through a trusted app.
- You should not disclose your UPI PIN to anyone.
- Customer should change his UPI PIN and password regularly. In a way, this protects your data from being stolen.
