28 Nov 2016

Adil Hameed

How To Get Money To Your Bank Account from Paytm

Image result for Paytm vegetable vendor
Source: Business Line

Recently, after the demonetization of 500 and 1000 Rupee notes, Paytm has become very popular for cashless transfers. Small scale vegetable vendors to big super hyper markets have started using Paytm as one of their payment options because of the ease with which their transactions can be done.

But so many people don't know what happens after finishing a transaction through Paytm. How do they get to use it from there. How to get it transferred to their bank accounts. Well, this article tells you exactly how to do it.

Like almost every online bank transactions, you need your Name, Account number and IFSC Code of your bank to do this through Paytm. If you haven't got your KYC (Know Your Customer) done previously, you will have a bar of  20000 INR (50000 INR for merchants) Once the KYC procedure is done, then there won't be any restrictions on how much the limit is.

How to get KYC done?

For this, the first thing you have to do is finding the nearest Paytm KYC centre close to you. Then you have to provide them with any of your RBI approved ID proof which includes Aadhar card, Passport, voter ID, Driving license and an NREGA job card. 

"The KYC 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 process,” says Paytm.
 After signing up to Paytm for the first time, you will have to wait for 3 days before being able to transfer your Paytm balance into your bank account without completing your KYC procedure. But once you are done with the KYC procedure, you can immediately start off with the transferring.

Transferring money to your Bank Account

Now for the real question, how to transfer your Paytm Wallet balance into your Bank Account. This can be done from the app in your phone or from your PC.

 From your App

 - Open the PASSBOOK icon in your smartphone app.
 - After opening your Paytm Passbook, click on the SEND MONEY TO BANK option available
 - Click TRANSFER.
 - Enter Amount, Account holder's name, Account number and IFSC code in the spaces provided.
 - Click on SEND and you are done with the transferring money to your bank account.

Paytm bank transfer   app how_to_transfer_money_from_paytm_wallet_to_bank_account
Source: ndtv.com

 From your PC

  - Open the Paytm website and sign in to your account.
  - Roll the mouse cursor over your name at the top-right of the screen and click on Paytm      Wallet.
  - Click on the Transfer to Bank option in this window, and enter the required details asked on this screen.
  - Click on Send Money to finish the transaction.

Paytm bank transfer   desktop how_to_transfer_money_from_paytm_wallet_to_bank_account
Source: ndtv.com

The minimum amount which has to be transferred is 100 INR. For customers who have completed your KYC, the transactions will be free of cost until December 31st 2016. Other users will be charged at the rate of 1%. Every Paytm users can transfer up to Rs. 5,000 at a time, with 25,000 per month the limit. If you are a merchant, you can transfer up to Rs. 50,000; with the limit going up to Rs. 1 lakh if you are a user who's done his or her KYC.