General
To use the PayNow-UPI service, you’ll first need to enable it by setting a daily transfer limit. Once enabled, you can start making transfers as needed.
Yes, you can turn off the service anytime by updating your overseas transfer limit settings in digibank.
Simply follow these steps:
Log in to digibank > tap “More” > go to Transfer Settings > select “Overseas Transfer Limit” > tap “PayNow Overseas Transfer Limit” > select “PayNow-UPI” > toggle off the service.
The linkage provides a convenient (24/7), secure and cost-effective means for customers of participating Banks and Non-Bank Financial Institutions (NFIs) in Singapore and India to perform cross borders transfers.
Unified Payments Interface, or UPI in short, is an instant real-time payment system developed by National Payments Corporation of India which facilitates inter-bank peer-to-peer transactions.
2 PayNow members are participating in this scheme:
- DBS
- Liquid Group
19 UPI banks are participating in this scheme:
- Axis Bank
- Bank of Baroda
- Bank of India
- Canara Bank
- Central Bank of India
- DBS Bank India
- Federal Bank
- HDFC Bank
- ICICI Bank
- IDFC FIRST Bank
- Indian Bank
- Indian Overseas Bank
- Indusind Bank
- Karur Vysya Bank
- Kotak Mahindra Bank
- Punjab National Bank
- South Indian Bank
- State Bank of India
- UCO Bank
To use the PayNow-UPI service, you will need to be registered for PayNow. By registering for PayNow, you agree to the Terms and Conditions Governing Accounts and Terms and Conditions Governing Electronic Services, which apply to both the PayNow service and the PayNow-UPI service.
Transfers
Please note you will receive a notification if your funds are successfully transferred to your recipient. The first notification indicates a successful submission of your request. An additional notification will be sent to you when the transfer has been successfully, or unsuccessfully made to the recipient. You can also refer to your bank account balance to check if the funds have been successfully debited.
As part of the PayNow-UPI service, a sender may ‘look up’ a UPI ID Proxy to see the name which is associated with that UPI ID Proxy, before initiating a transfer. The purpose of this feature is to provide the sender with a degree of assurance that he will be transferring the funds to his intended recipient, and so help to prevent erroneous transfers.
The process is the same as with the current PayNow process. Instead of keying in a PayNow user mobile number (e.g.: +6512345678) or VPA (e.g.: +6512345678#XNAP), you will need to request your India recipient (beneficiary) to provide you their registered UPI ID and key in that UPI ID.
Examples of UPI ID are:
- 8291847137@xxxxx
- divyanag@xxxxx
- divya-nag@xxxxx
- divya.nag@xxxxx
For the current phase, the recipient in India (beneficiary) should be an account holder who has a UPI ID with any of the participating banks (i.e., recipient should have an account with one of the 6 Indian participating banks and should also have UPI ID of the same bank).
The India recipient needs to have registered for UPI with one of the India banks participating in PayNow-UPI.
At launch, selected DBS customers will be able to transfer funds of up to SGD1000 per day.
Fees & Charges
Currently, we do not charge any fees for PayNow-UPI service.
However, for recall of funds from India recipient, there will be a recall fee of INR750. The amount will also be subject to FX losses, depending on the prevailing rate.
Notifications
Yes, you will receive email notifications to your DBS-registered email address.
Yes. For transfer via digibank app, you will receive this notification via email, SMS or Push note, according to your PayNow Outgoing alerts setting. You can change this under Manage alerts page.
