Paytm is a Mobile Wallet used widely in India for digital payments. Apart from Paytm other popular mobile wallets in India are Freecharge, Mobikwik, Phone Pe, Airtel Money, and Jio Money. The main reason behind the increase in popularity of Paytm is ease of use and a lot of cash back benefits. One of the good feature offered by Paytm wallet is to transfer money from Paytm to Bank Account or even bank to bank money transfer.
In this post, I will share a process of How to Transfer money from Paytm to Bank Account & bank to bank easily.
How to Transfer Money from Paytm to Bank Account?
Paytm Mobile Wallet uses UPI technology to integrate and do fund transfer with a bank account. it just required a mobile number or UPI Id for money transfer.
To enable UPI integration, you need to link your bank account(s) to your Paytm account and set up your UPI PIN.
Open your Paytm App on your mobile and click on “Link your Bank A/c” button given on the top.
On the next screen, you will be asked to select a bank. On the selection of bank, system will automatically search for mobile number linked with your bank account and automatically link Account. If you have not generated UPI id yet a new UPI will be sent to your mobile via SMS.
Alternatively, you can add bank account number or UPI id. Your bank account will get confirmed by sending OTP to your registered mobile number.
Once your account is confirmed and your account is linked successfully, it will ask you to setup UPI PIN.
Your UPI PIN is nothing but a 4-digit secret passcode which is known only to you to safely enable money transfers from your bank account to another bank account.
Every time you perform money transaction you need to enter 4-digit UPI passcode for authentication.
How to transfer money from Paytm to Bank Account?
- Open Paytm App on your mobile and Tap on the Passbook Icon. You will be able to see your wallet balance. Now click on “Paytm Wallet”.
- Next, you will get a screen, where you need to press link “Send Wallet Balance to Bank”.
- Now you will be able to see all the linked accounts. Now enter the exact amount of withdrawal and a bank account where you need to transfer this balance.
- You will be charged with an additional amount for money transfer (Currently it is 3%).
- The system will generate OTP on your registered mobile number. Enter the OTP and wallet will display a message “Request Accepted”.
- Now it will initiate the process of money transfer.
How to transfer money from bank account to bank account via Paytm?
You can also use the Paytm wallet for transferring money from one bank account to another bank account. The process of transferring money from one bank account to other is given below.
- Open the Paytm app on your mobile phone.
- You will find ‘Money Transfer’ icon on the top. Tap the icon to initiate bank transfer.
- Enter all the relevant details of the account holder including account number, IFSC code, and account holder name.
- Enter the exact amount that you wish to transfer and initiate a transfer.
- If the transaction is successful, you will see the message on screen “Money Transfer Successful”.
Few points to Remember –
If you are using Paytm or planning to use Paytm for money transfer, please remember the following important points.
- Paytm bank transfer from your bank account another account is free.
- Paytm charges 3% as a transfer fee to transfer money from wallet to bank account.
- KYC is mandatory to use Paytm Wallet.
- A non-KYC customer can load up to Rs.10000 in their Paytm Wallet.
- A KYC-complaint customer can credit up to 1 Lakh in their wallet.
Paytm is a wonderful app for people to meet all their financial needs with a lot of ease and flexibility.
Do you use Paytm Wallet for money transfer?
Do share your views in the comment section given below.