Users need to create a Virtual Payment Address and link it to a bank account, which then acts as their financial address.
Sending money using the UPI app is as easy as sending a message, since users don't need to remember the beneficiary's account details or their own net banking ID and password.
The service is instant and available round the clock, even on public and bank holidays.
Currently, the per transaction cap is `1,00,000. But this may change from time to time, as it is subject to the UPI guidelines.
Top 10 Tax Saver Mutual Funds for 2017 - 2018
Best 10 ELSS Mutual Funds to invest in India for 2017
1. DSP BlackRock Tax Saver Fund
2. Invesco India Tax Plan
3. Tata India Tax Savings Fund
4. ICICI Prudential Long Term Equity Fund
5. Birla Sun Life Tax Relief 96
6. Franklin India TaxShield
7. Reliance Tax Saver (ELSS) Fund
8. BNP Paribas Long Term Equity Fund
9. Axis Tax Saver Fund
10. Birla Sun Life Tax Plan
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