How to transfer money from paytm to bank?

How to transfer money from paytm to bank?

• Paytm users can transfer money from Wallet to accounts via app & website
• Paytm merchants need to do KYC to transfer large sums
• Consumers can transfer amounts up to Rs. 5,000 at a time without KYC
• Paytm has become the go-to digital payments app for many people in India after the demonetisation drive, and the company has added thousands of merchants to its platform within days of Prime Minister Narendra Modi’s announcement of scrapping Rs. 1000 and old Rs. 500 currency notes. From vegetable vendors to grocery stores, everyone is joining the Paytm cashless payments platform.
• But there has been some confusion regarding what happens after a merchant receives a payment from a customer via Paytm. How should merchants transfer money from their Paytm Wallet to bank accounts? Scroll down to find out the simple process to transfer money from your Paytm to bank accounts.
• In order to transfer money from your Paytm wallet to a bank account, you need the name, account number, and IFSC code of the bank account holder. However, there is a Rs. 20,000 limit on transactions (Rs. 50,000 for merchants) if you haven't got your KYC (Know Your Customer) process done. if you need to transfer more than the limit, then you will need get in touch with Paytm to get your KYC done.
• Doing so is also quite simple: first find a Paytm KYC centre close to you, and provide the relevant RBI-approved documents (Aadhar card, passport, voted ID card, driving license, or NREGA job card). You can also type in your Aadhaar number, and then request a visit at your address. While the PAN card number is not necessary, it becomes mandatory if you want to transfer more than Rs. 50,000 in a single transaction. You can conduct unlimited transfers after the KYC is done.
• 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.

• How to transfer money from Paytm to any bank account using Paytm app

1. Open the Paytm app on your smartphone and tap the Passbook icon
2. Here, select the Send Money to Bank option
3. Tap on Transfer
4. Enter the amount, account holder’s name, bank account number, and IFSC code
5. Hit the Send button


• How to transfer money from Paytm Wallet to bank account using Paytm desktop website

1. Open Paytm.com website and login to your account
2. Roll the mouse cursor over your name at the top-right of the screen and click on Paytm Wallet
3. In this window, select the Transfer to Bank option and type in the requisite details
4. Hit the Send Money button