Sensitive users like our parents are always on target for all the scammers and fraudsters. This grows our concerns about their financial safety. To prevent such a mishap, various banks allow users to set their spending limit in order to control their financial transactions.
Set Limit In Banking Apps
As our parents move towards online banking, it raises concerns of financial fraud and accidental transactions. To prevent any wrong transactions, banks usually allow users to change their daily transaction limit in order to stay safe and secure.
ICICI Bank
ICICI Bank allows users to customise their transaction limit to control their spending limit. Users can set their daily limit for ATM withdrawal, online payments and more. This limit can also be changed via the ICICI mobile application. Making the user limit the transaction. This feature also helps to minimise the risk of financial fraud.
HDFC Bank
HDFC Bank allows the user to customise their third-party transfer (TPT) in order to set a transaction limit for safer transactions. This feature helps to control the spending limit via net banking to other accounts. Users can also increase or decrease their limit based on their requirements. The default limit for all the accounts remains Rs 2 lakhs, which can be further modified.
SBI Bank (Yono App)
The Yono SBI’s mobile application sets a transaction limit of Rs 5000 for 24 hours for all Android users and Rs 5000 for the first 5 days for iOS users once the UPI PIN is set. Post completion of the limit, users can change their transaction limit in BHIM SBI Pay and YONO SBI up to Rs 1,00,000.
Kotak Mahindra Bank
The Kotak Mahindra Bank app allows the user to set their transaction limit for NEFT, RTGS, and IMPS via their mobile app, which typically has a limit of ₹10 lakh per day. Users can go to the payments and transactions section to set a transfer limit and to manage other beneficiaries. For all the newly added beneficiaries, the transaction limit remains low for a certain period of time.
