Paytm users can transfer money from Wallet to accounts via app & websitePaytm merchants need to do KYC to transfer large sumsConsumers can transfer amounts up to Rs. 5,000 at a time without KYC
Paytm has become the go-to digital payments app for many people in India after the demonetisation drive, and the company has added thousands of merchants to its platform within days of Prime Minister Narendra Modi’s announcement of scrapping Rs. 500 and Rs. 1000 currency notes. From vegetable vendors to grocery stores, everyone is joining the Paytm cashless paymentsplatform.
(Also see: What Is Paytm, and How to Use Paytm Wallet?)
But there is still some confusion about what happens after a merchant receives a payment from a customer via Paytm. How should merchants transfer money from their Paytm Wallet to bank accounts? Scroll down to find out the simple process to transfer money from your Paytm to bank accounts.
In order to transfer money from your Paytm wallet to a bank account, you need the name, account number, and IFSC code of the bank account holder. However, there is a Rs. 20,000 limit on transactions (Rs. 50,000 for merchants) if you haven't got your KYC (Know Your Customer) process done. if you need to transfer more than the limit, then you will need get in touch with Paytm to get your KYC done.
Doing so is also quite simple: first find a Paytm KYC centre close to you, and provide the relevant RBI-approved documents (Aadhar card, passport, voted ID card, driving license, or NREGA job card). You can also type in your Aadhaar number, and then request a visit at your address. While the PAN card number is not necessary, it becomes mandatory if you want to transfer more than Rs. 50,000 in a single transaction. You can conduct unlimited transfers after the KYC is done.
The KYC process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification “results in instant completion of process,” says Paytm.
How to transfer money from Paytm to any bank account using Paytm app
Open the Paytm app on your smartphone and tap the PassbookiconHere, select the Send Money to Bank optionTap on TransferEnter the amount, account holder’s name, bank account number, and IFSC codeHit the Send button
How to transfer money from Paytm Wallet to bank account using Paytm desktop website
Open Paytm.com website and login to your accountRoll the mouse cursor over your name at the top-right of the screen and click on Paytm WalletIn this window, select the Transfer to Bank option and type in the requisite detailsHit the Send Money button
If you are a new Paytm user without KYC, you have to wait three days to transfer money from your Paytm Wallet to bank account. On the other hand, those who have completed the KYC process can start bank transfers immediately.
Transferring money from your Paytm Wallet to bank account will be free of charge till December 31 for merchants who have done KYC. Other customers, as well as merchants who have not yet completed the KYC process, will have to pay a 1 percent fee. You can send a minimum of Rs. 100 to your bank account via the service. Every Paytm users can transfer up to Rs. 5,000 at a time, with 25,000 per month the limit. If you are a merchant, you can transfer up to Rs. 50,000; with the limit going up to Rs. 1 lakh if you are a user who's done his or her KYC.
Stay tuned for similar articles for other popular wallets like FreeCharge and MobiKwik.
Disclosure: Paytm's parent company One97 is an investor in NDTV's Gadgets 360.
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