Maximize tax savings
up to ₹46,800 easily
0% commission • Earn upto 1.5% extra returns
BHIM app and the money transfer service it offers has been popular recently. You must have done a few BHIM transactions as well. But, how much do you know about the app and its various features and limitations?
Bharat Interface for Money (BHIM) is a payments app that facilitates simple and quick transactions using Unified Payments Interface. It allows you to make direct bank payments to any bank account on UPI with the help of UPI ID and PIN. In another case, you can scan a QR code with the BHIM app to transfer money. One can also request money through the app. The app was developed by National Payments Corporation of India (NPCI). It was launched by the Prime Minister of India, Narendra Modi on 30 December 2016 to realise a digitally empowered society.
Step 1: Download the app from Google Play Store or Apple App Store and install it on your smartphone.
Step 2: Select your preferred language.
Step 3: Select the sim with the mobile number that is registered with your bank account.
Step 4: Set a 4-digit password to be used as an authentication method. Log in to the app with the set password.
Step 5: Select your bank account and link it to the app.
Step 6: Set your UPI PIN by entering the last 6 digits and the expiry date of your debit card.
Step 7: You are successfully registered with the app.
Step 8: Send or request money on the app now.
As per the regulations, you cannot pay beyond Rs.40,000 per transaction. In addition, the daily transaction limit is set to Rs.40,000. However, other UPI apps allow an upper limit of up to Rs.1 lakh. When it comes to UPI transaction charges, person-to-person (P2P) transactions are free-of-charge. However, there may be transaction charges for the transactions between NPCI and service providers.