Now a days, we are trending towards Cashless Economy Where Today PayTM is lending a helping hand to financial inclusion. PayTM stands for Pay Through mobile which is available on android, ios & windows operating system. As we know, PayTM provides so many services to its users; online shopping and payment system. It allows consumers to send money from PayTM wallet by scanning QR code and allows merchants to accept money in their account. But now it has introduced new feature in PayTM app that is user can transfer money to their bank account as well by using Money Transfer Feature to Bank – Paytm.
Services provided by PayTM – Money Transfer Feature to Bank:
Lets list out all the services provided by payTM before knowing how Money can transfer to Bank Account. Using PayTM, we can book air ticket and taxis, mobile recharge, payment of DTH, Broadband & electronic bills, pay for fuel, movie ticket and make payment for these services using net-banking , Debit card or Credit card.
We can shop on PayTM from its various stores which includes electronics, Home & kitchen, Sports & fitness, Baby & kids, books and many more. Merchant or person who accepts payment in their PayTM wallet may need to transfer money in their bank accounts which is now possible just by a single click.
So here we show how you can transfer money to your bank account from PayTM wallet.
Money Transfer Feature to Bank – Paytm
How to transfer money from PayTM wallet to your bank account:
This feature is not available on PayTM.com for now as per our research, kindly download PayTM app to use this feature.
To send money to a bank using PayTM you need to follow these steps:
- Open the PayTM App.
- Tap the Passbook icon
- Tap the send money to bank.
- Enter the Name you want to send to the beneficiary.
- Fill the account number.
- Enter the IFSC code of the branch. You can get the IFSC code by tapping the Get IFSC and selecting your bank and branch.
- Enter the amount you want to send. Minimum amount should be Rs 100
- You can also enter the reason for sending money, however this is optional.
- Tap Send.
- The money gets transferred to the account once you tap send.
For transferring money Via Pay Tm you should also know that there is a limit to transfer from your wallet to bank accounts i.e. Rs 25000 in a calendar month. They also apply charges to send money i.e. processing fee:
* For Non-KYC Customers : 4% of the Total Amount
*For KYC Customers : 1% of the Total Amount
Before the bank transfer is processed these charges will be clearly shown. PayTM has set a fixed transaction amount to be processed for a single transaction for PSU Banks. In such cases, you should keep the transaction amount to be less than Rs 5000.
PayTM user can access the ‘PayTM community forum’ on PayTM app and get your queries addressed by 10 million active users. For more queries you can call 24X7 Customer Care: 9643-979797. PayTM is one of the most trusted e-commerce website licensed from RBI in 2015.
What you think about Money transfer to Bank by payTM feature. Did you ever used this feature. Do comment below with your thoughts or if you are getting problem in operating with the application.