In fact, the company added more than thousands of users within few days just after the gruesome announcement by the Prime Minister of India, since it was the only viable portal to pull off all daily transactions, even for menial purchases.
Till now, the dependence has spread in such a way that the no. of Paytm users is increasing day by day. But there are certain confusions that Paytm users are yet to clear out. And the biggest of them is “How to Transfer Money from Paytm to Bank Accounts?”
What they mean exactly is that whenever the merchants receive money from customers they are digitally stored in their Paytm wallet and is useless until it is transferred directly to their bank account. Usually, users or local merchants are not aware of the technical complications such pursuits follow, thus there are times they get stuck with money in their hand, but with no value whatsoever.
So basically for the transference of money from Paytm wallet to a bank account, you need certain details like your account number, IFSC code, account holder name, but unfortunately, it has a limitation of Rs 20K transaction with the exception of Rs 50K for merchants. But this limitation persists so long as your KYC process is not done. Thus in order to exceed the limit of the transaction, you first need to request Paytm company to process your KYC first.
NOTE: In its usual course, the KYC process takes around 48 hours to complete, but if you can provide your Aadhaar card, it will dash along the biometric verification shortening the procedure span.
The article below will today lead you through step by step guidance on transferring Paytm money from Wallet to bank accounts. Read carefully to avoid any mistakes.
#1: Use Paytm Application to Transfer Money from Paytm Wallet to Bank Accounts
This is a direct application-based approach, but you first need to have the Paytm app installed on your phone. The steps for it are as follows:
Step 1. Open up the application on your accessible Android device and go to the “Passbook” section to deal with the money transfer process.
Step 2. Tap on the “Send money to Bank” tab to proceed.
Step 3. When you see the “Transfer” option in view, tap on it.
Step 4. Now it’s time to mention the amount, bank A/C number, IFSC code, account holder name, type of account, etc, as needed and lastly tap the “Send” option.
Okay, so it’s done. Now relax and check your bank account to make sure the transfer was successful.
Wait up guys, it’s not over yet, there is still one trick waiting up ahead to incite your queries.
#2: Access Paytm Website to Transfer Money from Paytm Wallet to Bank Account Online
This is slightly a twitchy method, in which you need to have a fast web browser on your Smartphone to deal with it. Do you have it? Okay, let’s start it then:
Step 1. Go to the Paytm Official website, and sign in to your Paytm account by providing all essential details.
Step 2. Click on your profile name from the right portion of the top screen, and you will get to see the “Transfer to Bank” tab.
Step 3. Hope you have seen it. If you had, then quickly tap on it and provide all the usual details regarding your bank account.
Step 4. In the end, tap on “Send Money” and your job is done for now.
All that is left for you now is to check your bank account and give a happy chuckle.
Okay, revolving back to the same nagging issue, what if you are using the application for the first time without your KYC done, then you poorly have to sit and wait for few days, at least for 3 and then try to transfer the amount to your bank account.
Before you leave the ground of reading, let me remind you guys one more thing. Up until December 31, the transfer was complete without any additional charges, but now you are bound to pay 2 % per transaction.
So hope you have enjoyed the guidelines thoroughly. To know more, keep visiting the website to get the latest updates daily.