Dena UPI
Dena Bank is a leading public sector bank that extends outstanding financial solutions to all individuals. You can meet any of your requirements by approaching this bank for the appropriate types of funds. The bank offers deposits, loans, corporate banking products, internet banking services, SME banking products, and lots more.
Dena Bank has the Unified Payments Interface (UPI) to enable individuals to transfer funds to others efficiently. It is a mobile phone application that makes banking simple for you. UPI is issued by the National Payments Corporation of India (NPCI). You can use this app for making both money transfers and merchant payments.
Benefits and features of Dena UPI:
Let us take a look at the benefits as well as features of Dena UPI:
- You can send money to other bank savings accounts or to other individuals through Dena UPI simply by getting the Virtual Payment Address (VPA) of the beneficiary. The VPA is a unique identifying characteristic that should have a minimum of 3 characters. It is case-sensitive and can contain letters of the alphabet as well as numerals. You will also need a VPA to make transfers.
- You can also make fund transfers and fund collections through account number, IFSC, or your mobile number.
- With Dena UPI, you can also make transactions through Aadhaar or MMID.
- You can enjoy advanced security with Dena UPI as each transaction goes through 2-factor authentication. For every transaction to get authenticated, you will need to enter your UPIN.
- Your VPA will be in the following format: your name/mobile no@denabank. You will not forget this ID that easily. Whenever you get money from others or send money to others, you will be required to mention your VPA. The VPA is different for each account.
- It can be used 24/7, unlike RTGS or NEFT. You can access it even on holidays.
- You will not be asked to pay any transaction fee for receiving or sending funds on Dena UPI.
Requirements that need to be met for using Dena UPI:
Let us take a look at the requirements that you will need to meet in order to utilise Dena UPI:
- You should have a smartphone with Android Operating System.
- You will be required to have a bank account. It can be any bank. There is no compulsion for you to have an account with Dena Bank.
- You need to have a valid mobile number that is registered with this particular bank account. You will need this to create your UPIN which will have to be used for making any transaction on UPI.
How to use Dena UPI?
Let us take a look at the steps that need to be followed while registering for Dena UPI:
- You will have to look for the Dena UPI app on Google Play Store on your Android smartphone.
- Once you find it, you can download it and choose your bank account information. You can have a maximum of 6 bank accounts.
- Next, you need to make a Virtual Payment Address (VPA) which is a unique identity.
- Lastly, you need to verify your bank account with the help of your debit card. Now, you have to create a UPI PIN which is known as the UPIN.
You can make use of Dena UPI to make online purchases and mobile prepaid and postpaid recharges. With Dena UPI, you can make payments, move funds, and receive funds from anybody without having to disclose your confidential details such as IFSC or account ID. You need to keep in mind that the daily transaction limit for Dena UPI is Rs.1 lakh. For the UPI wallet, the maximum limit is Rs.10,000.
It does not matter if you do not have an account with Dena Bank. You can use the Dena UPI facility for having a convenient and effortless fund transfer process.
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