Transferring money to your bank account from Paytm is very easy. It only requires a few minutes to do this. You can follow this guide to learn how to transfer money from Paytm wallet to bank account without paying any charges.
Paytm is one of the biggest e-commerce and mobile recharge portals of India. They started small, but now they have become quite big. Right now Paytm has 147 Million wallet users. It’s a huge number, so many people are using their services now. Many of Paytm’s customers are looking to transfer their Paytm cash to the bank, this article is for them only. So let’s get started.
Recommended Read: 7 Best Paid Online Survey Websites for 2018.
Transfer Money from Paytm to Bank without Charges
Well, I have mentioned all the things that you need to know already. Now you can just check the step-by-step guide from below.
Step 1: Start with downloading and then installing the Paytm app on your phone if you have not installed it yet.
Step 2: Now, open the app. You should see the menus within the app. Among those lists of features and what you can do. click on the Passbook link to get to the Paytm Wallet.
I am using an iPhone, so if you are on an Android phone, then it may look a little bit different.
Step 3: Now click on the Login button to log in to your Paytm account.
Step 4: After you log in, you will see something like this (check the screenshot). Now click on “Send Money to Bank” link.
Step 5: If you have already transferred money to any bank account previously you will see those bank accounts here. However, I have not done this in the past, so the screen is not showing any bank accounts which were used before. Just click on transfer.
Step 6: Now fill up the form with account holder name, account number, the money you want to send, and the IFSC code of the bank. You can also add a comment there if you want. After you enter those details, just click on “Send Money“.
Step 7: You will be prompted to “Confirm bank Transfer”, click on it to finish the transaction. You should see the transaction summary in the next window. That’s it. You just accomplished the transfer.
Also Read: How to Delete Paytm Wallet Transaction History.
Why Get Paytm KYC?
You need to get Paytm KYC done. If you are not yet a Paytm KYC user, go to your nearest Paytm KYC center to register your account. Bring all required documents so you will not have to go back and forth to get approval. The whole process should take about 48 hours until you. After that, you may use your Paytm.
Coming in complete will get the job done in one go. Some of the approved documents are Aadhar card, voter’s ID card, driving license, passport, or NREGA job card. Once you are finally a KYC user, you can transfer as many times as you want.
Also Read: How to Delete Your PayTM Account.
Many Paytm users have money on their accounts and want to transfer it to their bank accounts. Though any user with minimum 100 Rupees balance in their account can transfer money to a bank, there are some things which you should know.
- Currently, the monthly transfer limit is Rs.20,000/month for non-KYC users and Rs.100,000/month for Paytm VIP customer or people who have submitted some requirements to get KYC.
- Though you can send Rs.25,000 /1 Lac per month, you can only send “Rs. 100-5000” of Paytm cash to the bank per transaction.
- Also, it’s worth noting that if you are a regular Paytm (Non-KYC) user, you will have to bear 4% charge for every transaction. And if you are a user who has done their KYC then you have to bear only 1% charge.
Official Update: From Feb 6, 2017, All Paytm users have to bear 0% fee on transferring money to their bank account.
- It can take up to 24 Hours to appear the money in your bank account after you send it.
- You can’t transfer the money from Paytm website (paytm.com), you have to use the Paytm app for it.
That’s it, and now you have successfully sent money to your bank account from Paytm wallet, you will it appear in your bank account within 24 hours.