Money has been charges but still not upgraded to icloud storage

If you have upgraded iCloud storage, it would take about 1 to 3 business days in order to process.

Once your request for iCloud+ has been activated, you should receive an invoice in your email box.

Then check -> Go to -> Settings -> your name -> iCloud -> if you see 50 GB (or 200 GB or 2 TB) then you have an iCloud subscription.

If you have an iCloud subscription, you will receive a monthly bill from Apple, check your email box.

You pay monthly for iCloud storage.

See -> How to use iCloud on iPhone -> How to use iCloud on iPhone – Apple Support (UK)

If you still need help, get support from Apple directly -> Get Support or call Apple in your region see -> Contact Apple for support and service 

Did you checked the active subscription if its reflecting there then it will change. Just try rebooting the phone and check again.

Did you use UPI? Then it may not have been authorized yet by you. Please check with the Bank to which the UPI payment is linked