After the demonetization drive, Paytm has become the major platform for many transactions in India. The company has further added thousands of merchants within few days of the announcement by Prime Minister Narendra Modi. The scrapping of Rs. 500 and Rs. 1000 currency notes have made a significant impact in people choosing the cashless payment platform. Paytm has done it brilliant sprawling over thousands of merchants right from vegetable vendors to grocery stores.
But the confusion persists about how merchant receives a payment after the customer makes a payment via Paytm. How can dealers transfer money from their Paytm Wallet to their bank accounts? Here we provide you the simple process to transfer money to your bank accounts from Paytm Wallets.
You need to have the name, account number, and IFSC code of the bank account holder to transfer money from your Paytm wallet. However, there is a limit on transaction up to Rs. 20000. Merchants can avail transaction benefits up to Rs 50000 if the KYC process is done.
If a transaction beyond the limit is needed, you need to get in touch with Paytm to get your KYC done. The process is quite simple, and you can get it done by getting into the Paytm KYC center near you.
First provide the relevant RBI-approved documents (passport, Aadhar card, driving license, voter ID card or NREGA job Card.) you can also request a visit at your address by typing in your Aadhaar number. PAN card number is not necessary, but it becomes mandatory while transferring more than Rs. 50000 in a single transaction. Once after KYC is done, you can conduct unlimited transfers.
“Our process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification results in instant completion of the process,” says Paytm.
How to transfer money from Paytm to any bank account using Paytm app:
- Open the Paytm app on your smartphone and tap the Passbook icon
- Here, select the Send Money to Bank option
- Tap on Transfer
- Enter the amount, account holder’s name, bank account number, and IFSC Code
- Hit the Send button
How to transfer money from Paytm Wallet to bank account using Paytm desktop website
- Open Paytm.com website and log in to your account
- Move the cursor over your name at the top-right of the screen and click on Paytm Wallet
- In this window, select the Transfer to Bank option and type in the requisite details
- Hit the Send Money button
Users new to Paytm without KYC have to wait for three days to get money transferred from their Paytm Wallet to the bank account. Users who are done with KYC process can avail the bank transfers immediately.
No charges will be applied for transferring money from Paytm Wallet to bank account till December 31. However, this benefit is only available for merchants who have done KYC. 1 percent of the transfer will charge from the other customers and merchants who have not completed the KYC process.
All the Paytm users can transfer up to a maximum of Rs. 5000 at a time and 25000 per month the limit. You can transfer up to Rs. 50000 If you are a merchant. The limit for the customers who have done KYC is raised up to 1 lakh.
If you are a merchant, you can transfer up to Rs. 50000, with the limit going up to Rs. 1 lakh if you are a user who’s done his or her KYC.