In this article, we will discuss How to transfer money from Paytm to Bank account.
Paytm is one of the biggest startups in India running in 2019. Paytm came with the concept of an E-Commerce website that provides very high cash back on the purchase.
Paytm was started by Vijay Shekhar in Noida in August 2010. Paytm runs under a firm name One97 Communications Ltd.
Paytm growth skyrocketed in 2016 during the time of demonetization. When they were focusing on payment via Paytm shops as govt was also encouraging people to switch to digital cash.
Earlier Paytm to bank money transfer was allowed but later After RBI instructions to transfer money from Paytm to bank account you need to complete KYC.
Paytm has some categories of no KYC to full KYC (with biometric) users they all have some benefit over the predecessors.
You have to do basic KYC where you have to put your Aadhar card and verify it using your OTP. That is all you need to have in your paytm account.
So let’s Learn Transferring money from Paytm wallet to bank account.
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How to Transfer Paytm To Bank Account?
This method is a shorter way to transfer your money from paytm wallet to bank account but it will charge you 4% (Source: Paytm Bank FAQ)of your money as a charge. This method only work if you have full KYC done. You also need to have valid KYC because full paytm kyc also expire in 1 year from completing KYC. After 1 Year you need to complete KYC to start using paytm wallet access.
Steps to Follow:
- Open Paytm App
- Login to your account.
- On the front page, you will see Passbook button in the app or you can click on the menu bar on the top left and click on passbook.
- You will see Current balance in your paytm wallet.
- Click on Paytm wallet.
- Click on Send money to the bank.
- Tap on Transfer
- Enter your bank details like (the amount, account holder’s name, bank account number, and IFSC code).
- Tap on Send Button.
You are done you will receive your money in your bank account.
Receiving money from paytm to bank account usually takes a few minutes but in some cases or high congestion it might take up to a few hours but that’s in rare cases.
Must remember while sending money from paytm to bank account
But you need to keep in mind while entering bank details you need to recheck it two times because if after tapping on send button the transaction is irreversible so you will lose your money. Better check multiple times before sending.
If you have not done full KYC with Biometrics you need to complete it with one year of online KYC. For one year you can do all the transaction but after one year of KYC, you will be asked to complete KYC to use Paytm wallet.
After one year your account will be partially blocked. After one year you can do shopping but you cannot use your wallet just UPI payments can be done only.
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