How to Transfer Money from Paytm to Bank Account
Paytm is currently seeing wide adoption due to massive cash crunch after demonitisation. Lot of people have started using paytm to receive money, but they are unclear about how to transfer money from their paytm wallet to their bank account.
Luckily the process is very easy. Following is a step by step guide to to transfer money followed by 1) Charges for transferring money to bank account, 2) minimum and max amount limits.
How to Transfer Money from Paytm to your bank account
- Open Paytm app and click on 'Passbook'
- Click on 'Send Money to Bank'
- Click on 'Transfer'
- It will show you current balance and ask for following;
- Amount to transfer to bank (out of current balance)
- Account holder name
- Account number
- IFSC code
- What is it for? (optional)
- After filling the form, click on send and you are done.
You will get a confirmation on your registered mobile number about the successful transfer to your bank account.
Charges / Fee for transferring money to your bank account
Till Dec 31, 2016 (Special Promotion after demonitisation)
0% fee for everybody (i.e, all users and shopkeepers irrespective of whether they have done KYC verification or not)
Standard fee (applicable after Dec 31, 2016)
No exact clearity on that at this moment. Here are numbers bassed on pre-demonisation numbers:
Merchants or Shopkeepers or Retailers having done KYC verification - 1%
Non KYC Merchants or Shopkeepers or Retailers - 4%
KYC verified Users or customers - 1%
Non-KYC verified Users or customer - 4%
Paytm Bank Transfer Limits (minimum and maximum)
You can transfer up to Rs. 25000 (twenty five thousand) per month from Paytm to your Bank Account as per the RBI regulations.
The minimum amount that you can send to bank in one transaction is Rs 100 and max is Rs 5000
New Paytm customers have to wait 3 days before sending money to a bank account
There is no limit in taking money back to source. For example, if you have added Rs.30000 using credit card and later want to take the money back, you can send this money back to your credit card.