This article is all about How to transfer money from Paytm wallet to bank account please go through it and save yourself from online fraud.
What is Paytm?
Paytm is a secure digital process that lets you manage your money (RBI approved money management with their fundamental limits and KYC) with a straightforward and transparent process. You can accomplish money, pay bills, recharge, transfer money, shop, invest, etc. It is an e-commerce payment system technology company.
This company was established in 2010. It started as a prepaid mobile and DTH recharge platform and later added data cards and payments of different types of mode.
It is a user-friendly application and can be run on various kinds of platforms like Android, IOS, and Windows. In January 2014, the company launched the feature of Paytm Wallet apart of recharge. There has been considerable growth in the number of Paytm users.
Paytm users grew from 11.8 million in August 2014 to 104 million in August 2015. In 2017, it became the first payment app to cross over 100 million downloads in India. This year company launched a new feature ‘Paytm Payments Bank’ for the customer.
It also started allowing different types of merchants to accept Paytm, UPI, and card payments directly into their bank account at a 0% charge. Paytm also launched a feature for a business customer called ‘Paytm for Business’ app, which is now known as ‘Business with Paytm’ app.
How to transfer money from Paytm wallet to bank account
The process of How to transfer money from Paytm wallet to bank account is a straightforward task through the Paytm app. You have to update KYC first to use this service. You can complete your Paytm KYC by visiting nearby KYC center with your Aadhar card and Pan card as an ID proof. Just follow these steps, and the process of money transfer will be done.
You need to complete your PAYTM KYC to transfer money. Once it’s done just open Paytm app in your mobile or laptop and tap on passbook button
Follow the below step to know about How to transfer money from Paytm wallet to bank account:
- After you click on send money to the bank, a page will open where you have to fill the amount. You have to pay a fee when you add money to the bank account. They charge a convenience fee of 5% of the total amount which you have to transfer. After you fill in the amount and click Proceed, a new page will open.
- You have to enter all details like ACCOUNT NUMBER, IFSC CODE, and ACCOUNT holder name of the person to whom you want to transfer money. After this, tap on the send button. The money will be transferred successfully.
- There is one more option to transfer money to the bank. You have to create a savings account with Paytm Payments Bank at the Paytm app. It is free of cost.
- Go to the Paytm app and tap and open the Savings bank icon.
- You have to set a passcode for the same and also confirm the same.
- You can enter nominee details as well, or you can choose to do it later.
- After reading the T&C tap on proceed, your Paytm bank account will be created.
- Now, follow the same process to transfer money to the bank, but you have transfer first transfer it in your Paytm bank account. There is no charge to transfer money to the Paytm account.
- After transferring the money to the Paytm account go to the passbook option and scroll down and then tap on Paytm Bank Saving Account.
- Now the money added from the wallet is visible on your Paytm Bank Account. Tap on the money transfer button and then fill the bank details of the receiver and tap the send button. Your money will be transferred to the bank account.
Personal Paytm Wallet
Many wallet holders use there Paytm wallet for money management they also save their little part of the money in their wallet, So some limits are set by RBI on account holders. The company gives us all kinds of information about how much amount the user can hold the wallet and how much amount he can transfer to a bank account.
• One who has not done Paytm KYC will have their wallet limits reduced to Rs.20000 to Rs.10000 in a month (As per RBI guideline). Once this amount exceeds the user can’t send or receive any money from another user.
• The user who has completed their KYC by only adhaar card in that case wallet limit will up to 1 lakh with one-year validity. If you complete your KYC by any agent (full KYC) then your wallet limit will be 1 lakh with lifetime.
• For a money transfer to the bank, you can transfer only up to Rs.25000 in a month and a minimum of Rs. 100.
• The user who uses the Paytm payment bank account there has no limit to hold the money. They have all the services the same as other bank services.
Paytm Merchant User
• Paytm Merchant User feature is normally for the business user. It is very helpful for maintaining transaction records. As per the RBI guideline there are some limits set for the user.
• If you are a self-declared merchant (by using Paytm app) then your payment accepting limit is up to Rs.50000 in a single day.
• If you have done your documentation by Paytm agent then you get a limit respectively (1 lakh, 5 lakh, unlimited) in a single day. It all depends on the size of your business.
How to remove a bank account from Paytm
Do you want to know How to remove a bank account from Paytm?
Well, We link our Paytm and bank account through UPI. So that we can quickly transfer money through Paytm in any account at any time. However, if you want to remove any bank account from Paytm, you have to follow some simple steps
• Open your Paytm app and scroll right to get the UPI button tap and wait few seconds a new page will open in front of you.
• tap on three vertical dots on the top right. You can now see the “Deregister UPI Profile” option, tap on it.
• Now tap on remove bank, and your saved bank will be removed successfully.