Paytm is the talk of the town now. 2016 has been a great run for Paytm and all other digital wallets in India due to demonetization drive. Paytm alone added over 50 Million new wallet users in 2016. There were more than 1 billion transactions made through Paytm, 200 million unique visitors on App and Web. In total, Paytm served 60% of connected users in India in 2016. There are more than 2 Million merchants on Paytm as of December 2016 and the last 1 million signed up in just 80 days.
So as you know Paytm wallet can be used for various day-to-day purposes. You can send money to your friends Paytm account or you can pay utility bills. More over you can also pay your kirana store if you know his Paytm phone number or scan using a QR code available at the store.
Since Paytm usage has increased drastically over the last few days, every user is trying to understand how they can transfer money from their Paytm wallet to their bank accounts.
Below are the step by step description of how you can transfer money from Paytm wallet to any bank account using Paytm app. The wallet feature of Paytm is available in the app as well as web. Download Paytm App from App Store available for IOS, Android & Windows.
Paytm Wallet is issued by One97 Communications Ltd.
How to transfer money from Paytm account to any bank account using Paytm app.
1. Open the Paytm app on your smartphone. Tap on the “passbook” icon available on the homepage of the app in the wallet section.
2. In the next screen, select the option “send money to bank”.
3. Tap on transfer option available in the subsequent screen.
4. In the next screen, enter the amount to transfer, account holder’s name, account number, IFSC code. If you do not know the IFSC code, there is an option to find IFSC code as well. Also there is a text area available to enter the reason for the transfer, however this is optional.
While entering the amount, the app automatically displays the balance available in your Paytm wallet.
You can also find out the IFSC code of your bank’s branch from this link. https://bankifsccode.com
The money will be transferred to your bank account instantly.
Paytm deduct 1% for all such transactions for customers who have completed the KYC process and for non KYC customers, the charges are at 4%. (convenience fee)
There is a limit of Rs. 5000 per transaction and the minimum amount that can be transferred is Rs. 100. You can transfer only up to Rs. 25000 per month. (as per RBI regulations)
The money transfer to bank feature is not available in Paytm website. You need to download the app for using this feature.
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