How to Transfer Money from Paytm to Bank Account
How to Transfer Money from Paytm to Bank Account: Money transfer from Paytm gather pace in 2016.The November 2016 arrived with an absolutely stunning move from the Indian Government. Led by Prime Minister Narendra Modi, the country put a stop to all old 500 and 1000 rupee notes. It was all rendered illegal tender, and the country stared an economic backlash right in the face.
How to Transfer Money from Paytm to Bank Account: The Reserve Bank of India had promised to exchange all old 500 and 1000 rupee notes within a stipulated date. However, mismanagement on several levels led to chaos that gripped the country for weeks. However, as they say, every cloud has a silver lining, and India woke up to the digital possibilities of demonetization.
Apps like Paytm, developed primarily for smartphone users, allowed for digital transfer of money without any hassles associated with cash carriage, and with the rising cash crunch issues owing to demonetization, it’s no surprise that Paytm caught on. More and more people began downloading the app, as it made tons of things easy for them.
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However, the arrival of Paytm has not rendered our banks invalid. The banking system still remains an important part of the country’s economic health, and thankfully due to the rising collaboration between banking entities and advocates of digital currency, you can now easily transfer money from your Paytm account to your bank account. Here’s how!
From the Paytm Website | How to Transfer Money from Paytm to Bank Account:
How to Transfer Money from Paytm to Bank Account: Paytm is not just an app. It has a full-fledged website as well, which functions as thoroughly as the app on your smartphone does. So if you ever need to use the Paytm website in case there’s any issue with your smartphone, here’s what you need to do.
1.Go to the Paytm website (www.paytm.com), sign in with your login credentials.
2.Under the My Account tab, you would find the ‘Paytm Wallet’ option. Click on it.
3.You should be able to see the ‘Transfer to Bank’ option at this point. Select it, and enter the details of the account you want to transfer it to.
4.After you have entered all the required details, click the ‘Send Money’ button.
From the Paytm App| How to Transfer Money from Paytm to Bank Account:
How to Transfer Money from Paytm to Bank Account: If you have a smartphone, you can use the Paytm app to transfer money to any bank account. Here are the steps that you need to follow.
Tap on the ‘Passbook’ icon after you open the Paytm app on your smartphone.
The ‘Send Money to Bank’ option should be visible to you in the upper half of the screen.
Select it, and then choose the ‘Transfer’ option.
Here, you would need to enter the details of the bank account, similar to the process of paying through the website.
Once you have filled in all the details, tap on the ‘Send’ option, and it’s done
KYC| How to Transfer Money from Paytm to Bank Account:
Paytm transfers have become one of the smoothest ways to transfer money efficiently, but even Paytm can serve up problems from time to time, especially if you don’t meet the necessary requirements. KYC has become a norm for Paytm, and new Paytm customers without KYC have to wait for a period of three days before they can start transferring funds. Customers who have KYC can start making transfers without any delays whatsoever.
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Rules of Paytm Transfers| How to Transfer Money from Paytm to Bank Account:
Till December 31, 2016, you could transfer money from your Paytm account to your bank account without having to pay any kind of fee. However, that’s not the case anymore. Paytm customers have to pay up a 2 percent fee every single time they transfer money.
The minimum transfer limit is Rs. 100, while maximum transfer limit for one-time transfers is Rs. 5000. However, users can only transfer Rs. 25000 in a period of one month. Merchants are offered more privileges in this regard, as their maximum per month transfer limit is Rs. 50000.
Paytm has revolutionized modern India, and its reach continues to expand every single day. With the digital India movement now in full swing, it won’t be long before Paytm becomes a household name in the entire country.