After the currency ban in India, people are suffering from low cash. So, people are trying various digital wallets like Paytm and going cashless. Our Prime Minister Shree Narendra Modi wants to make a digital economy in India. So, we can expect, in coming days, uses of digital wallets will surely increase. In past, we have shared about how shop owners can install paytm QR code in their stores to receive money from customers. And in this article, we are going to share, after getting money in your Paytm wallet, how can you transfer money from Paytm wallet to Bank Account easily.
If you want to transfer money from Paytm wallet to your bank account, you’ll need some documents. To complete the transfer process, required things are name of the bank account holder, bank account number and IFSC code of the bank branch. Paytm currently allow you to transfer up to Rs 20,000 (for normal users) and up to Rs 50,000 (for merchants).
But don’t worry if you need to transfer more than the allowed limit. To transfer more than the limit, you just have to complete the “Know Your Customer” (KYC) process which is also very easy and takes few moments. For KYC process, you need at least one document from your Aadhar Card, Passport, Voter ID Card, Job Card and Driving License.
How To Complete The KYC Process To Transfer Money From Paytm To Bank Account?
1) At first, go to your nearest Paytm KYC Center.
2) Provide any RBI approved documents like Aadhar Card, Passport, Voter ID Card, Job Card and Driving License.
3) You can also enter your Aadhar card no to complete KYC process by requesting for a visit to your home.
4) If you need to transfer money Rs 50,000+ in one transaction, you have to provide your PAN number also.
5) That’s it. Your KYC process will be completed and now you can transfer money from Paytm by crossing the regular transfer limit.
Note:- It’ll take up to 2 working days to complete the KYC process. But the waiting time can be shortened by giving your Aadhar details. Because, Aadhar card includes your bio-metric information by which verification can be done quickly.
How To Transfer Money From Paytm Wallet To Bank Account Using Paytm App?
1) At first, open the Paytm app in your device.
2) Login to your paytm account.
3) Click on the Passbook symbol.
4) Now, click on “Send Money To Bank“.
5) Here, you can see “Transfer balance to bank” option.
6) Just click on the “Transfer” button.
7) Type in your bank details like name, account no and IFSC.
8) Finally, tap on Send option to send money from Paytm to bank account.
How To Transfer Money From Paytm Wallet To Bank Account Using Paytm Website On Computer/PC?
1) At first, go to Paytm website here.
2) Login to your Paytm account.
3) Open your Paytm wallet.
4) Click on “Transfer to Bank” link.
5) Enter bank account holder’s name, bank name, IFSC code, account number and transfer amount.
6) Finally, click on “Send Money” option to transfer money from Paytm to bank account using computer or PC.
Other Details Regarding Transferring Money From Paytm To Bank Account:-
- Non-KYC users have to wait 72 hours to start transferring.
- KYC done users can transfer money immediately.
- Minimum Transfer amount is Rs 100 only.
- Non-KYC users have to pay 1% charge for transferring money.
- Maximum single transaction transfer amount is Rs 5,000 for all users.
- Monthly transfer limit for all users is Rs 25,000.
- Non-KYC Merchants can transfer up to Rs 50,000.
- Transfer limit for KYC done merchants is up to Rs 1,00,000.
Note:- Transfer charges can be changed at anytime. Paytm may charge more than 1% for the transfer.
Hope after reading this tutorial, you can transfer money from Paytm to bank account easily. If you’ve any other question regarding paytm to bank transfer charges or anything, please leave it in the comment below. Check out our other articles.