Paytm the mobile wallet company has added one more feature to it. Paytm recently has announced a major update that will accept credit/debit card with swiping them on expansive POS machines. You can transfer your paytm money to your bank account also. This service will help ease the problem arising after the demonetization move.
To transfer any amount without limit, You need to have KYC verified bank account linked to Paytm. If your account is not verified with KYC, you can transfer only Rs20,000. This limit is 50,000 for merchants.
Besides that if you want to certify your bank account with KYC norms. Go to your nearest KYC Paytm centre and provide RBI authorised ID proof ( Driving License, Aadhar card, Voter ID, NREGA).
The process of money transfer will take 48 hours, but if you have Aadhar card for biometric verification you will get your money transferred instantly. Bank accounts without KYC certification will take 3 days to transfer money.
How to transfer your Paytm money to bank account:
- Open the Paytm app and tap on “passbook”.
- Click on “Send money to bank” option.
- Your amount of Paytm cash will be seen here. Beside the amount tap on “transfer” option.
- Enter the amount, account holder name, bank account number, IFSC code. Hit the send button now.
- You are done.
Currently, People in India are facing a huge problem for money. Either they want to exchange their old currency with new or to get new currency problem is same. Even for crediting your money to your account you have to face the huge crowd waiting outside every branch of each bank. To get rid of this problem this option of transferring money from Paytm to bank account seems easier.