Paytm Wallet stands as a digital powerhouse in today's landscape. Its versatile features spanning across 12 million storefronts, UPI transactions, and seamless bill payments make it an indispensable tool in the digital age. The Paytm Wallet streamlines your financial transactions, from mobile recharges to settling credit card bills.
One standout feature of the Paytm platform is the ability to transfer funds effortlessly to any bank account, whether yours or someone else's, without incurring extra charges. In this article, we will guide you through the simple steps of how to transfer money from Paytm wallet to bank account.
How to Transfer Money from your Paytm Wallet to a Bank Account?
If you have received cashback in your Paytm Wallet and are unsure of how you can utilise it, here’s the answer. You can transfer your Paytm balance to your bank account.
There aretwo primary waysin which you canutilise your Paytm balance. Firstly, you can use your Paytm balance when you make payments for your next purchases. Whether it is online shopping, utility bills, or recharges.
Secondly, you can transfer your Paytm balance to your linked bank account and utilise it for various purposes, such as bill payments, withdrawals, or online transactions.
No KYC is required whentransferring money from aPaytm wallet to a bank account. The minimum transfer amount isRs.100. There is no charge applicable for transferring funds to your bank account. You cantransfer up to a maximum of Rs.25,000 per transaction andRs.1,00,000 per day.
By following these guidelines, you can easily transfer your Paytm balance to a bank account and utilise it for various purposes.
Step-by-Step Guide on how to Transfer Money from Paytm Wallet to Bank Account
Here is a step-by-step guide on how to transfer Paytm wallet money to a bank account:
- Step 1:Open the Paytm app on your mobile device.
- Step 2: Scroll down to the ‘My Paytm’ section and click the ‘Paytm Wallet’ tab.
- Step 3:Select the ‘Transfer to Bank’ option on the next page.
- Step 4:Enter the amount for the money transfer on the new window.
- Step 5: Fill in the required information, including the account number, IFSC code, and the name of the account holder or select a saved bank account and click ‘Confirm’.
Your requested amount will be swiftly transferred and credited to the specified bank account.
Conclusion
Now that you have a comprehensive idea of how to transfer money from your Paytm wallet to a bank account, you can easily transfer funds to your account. The entire process occurs seamlessly within the Paytm app. It also offers a user-friendly and secure means of transferring funds to a bank account.
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FAQs
Both the sender and the receiver needs to complete their KYC (Know Your Customer). In case, any one of the parties have not completed their KYC, the transaction would not happen.
Why am I not able to transfer money from Paytm wallet? ›
Both the sender and the receiver needs to complete their KYC (Know Your Customer). In case, any one of the parties have not completed their KYC, the transaction would not happen.
How can I transfer money if I reached my limit? ›
There are two ways to go about transferring the full amount. Option 1: Contact your bank directly in order to request that they increase your transfer limit. They can usually do this for you at the counter or if you explain that you are making a remittance for international school tuition payment.
How much does Paytm charge to transfer money from wallet to bank account? ›
What are the charges for sending money to the bank for KYC users? You would pay 3% charge to send money from your Paytm Wallet to your bank account.
How can I transfer money from Paytm wallet to net banking? ›
Log into your Paytm account and click on 'Paytm Wallet' icon towards the top right of the page. Enter the amount you want to add and click on 'Add Money' You can choose to add money via Credit/Debit card, Net Banking or UPI. You will be redirected to a secure payment page where you need to provide payment details.
Can I transfer Paytm wallet money to Google Pay? ›
- Click on 'Pay to UPI ID' on Google Pay.
- Enter the Paytm UPI ID.
- You will be redirected to another page. Enter the amount to want to send to the receiver and click on 'Pay'
- Once you enter the UPI PIN, the money will be successfully transferred to the receiver's account.
On January 31 2024, the Reserve Bank of India (RBI) barred Paytm Payments Bank Limited (PPBL) from accepting deposits or top-ups in any customer account, prepaid instruments, wallets, FASTags and NCMC card after February 29, 2024, due to ongoing non-compliance and material supervisory concerns.
What are the new rules for Paytm wallet? ›
Paytm wallet closures
On July 20, 2024, Paytm Payments Bank will close wallets with NIL balances and no transactions for over a year. According to the bank's website, "Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20, 2024.
What is the problem with Paytm wallet? ›
The central bank later directed Paytm to cease its mobile wallet business, citing persistent non-compliance and supervisory concerns. The RBI's technical audit revealed problematic money and data flows between Paytm Payments Bank and the broader Paytm ecosystem, leading to accounting and supervisory issues.
What is the Paytm limit per day? ›
What is the UPI transaction limit through Paytm per day? Paytm UPI allows you to transfer the maximum amount of Rs 1 lakh in a day. A person can make Paytm transactions of up to Rs 20,000 per hour through UPI. There is a limit of a maximum five transactions an hour and maximum 20 transactions a day via Paytm UPI.
In case you exceed your daily transaction limit, you will not be able to transfer money using any UPI application. In such instances, consider opting for other payment modes like net banking, card or cash payment.
How to transfer 20 lakhs in one day? ›
“A retail customer can transfer up to a maximum of ₹20 lakh in a day using both mobile and internet banking channels such as RTGS, NEFT, IMPS and UPI. Customers can always use the branch channel for transferring money beyond this limit.
Can I transfer from Paytm wallet to bank account? ›
Yes, transferring money from your Paytm wallet to your linked bank account is possible and free of cost. How can I transfer money from the Paytm wallet without KYC? KYC or 'Know Your Customer' is a process that requires you to provide personal information like your PAN card number and address proof.
How to add money from Paytm wallet to bank account without KYC? ›
No, you do not need to complete the KYC process to make UPI money transfers on the Paytm app. However, when you register on the Paytm app, you are required to link your bank accounts with the app. This ensures that the necessary KYC takes place during the account linking process.
How much money can you keep in a Paytm wallet? ›
The Maximum amount that you add to a non-KYC Paytm wallet is ₹ 20000 in a month. The Maximum amount that you add to a KYC verified Paytm wallet is ₹ 100000 in a month. In case you wish to avail the KYC compliant account, then you can always request it from your Paytm app or visit nearest Paytm cash point.
How to withdraw money from Paytm money? ›
Under the "Accounts" section in App/Website, select "Manage Funds" and click "Withdraw Funds". Enter the amount and choose the Bank Account where you want to receive the funds.
Can I send money to my own bank account? ›
You can transfer money to accounts you own at the same or different banks. Wire transfers and ACH transfers allow you to move money between your account and someone else's account, either at the same bank or at different banks. You can also transfer money to mobile payment apps or friends and family via those apps.
How to withdraw money from Paytm wallet after 15 March? ›
A. The Reserve Bank of India (RBI) has issued a directive restricting Paytm Payments Bank Account / Wallet from accepting new deposits or allowing credit transactions after March 15, 2024. However, there is no restriction on withdrawal of money from your existing balance even after March 15, 2024.
How can I withdraw money from Paytm payments bank? ›
You can withdraw your money from your Paytm Payments Bank account through UPI/ IMPS up to the balance available in your account.
