Effortlessly Move Your Funds from Paytm Wallet to Your Bank Account
Utilizing Paytm Wallet is a common practice among users of the Paytm payments app, enriching their digital payment experience. While Paytm UPI facilitates direct inter-bank money transfers, the Paytm e-wallet offers additional advantages. It enables easy money transfers to other users’ accounts at no charge. Money transfers can be made from the Paytm wallet to bank accounts, even for non-Paytm users.
Transferring Money from Paytm Wallet to a Bank Account
Follow these steps to transfer money from Paytm Wallet to a bank account:
1. Open the Paytm app on your mobile device and scroll down to the ‘My Paytm’ section.
2. Click on ‘Paytm Wallet’ and proceed to the ‘Pay’, ‘Transfer to Bank’, ‘Send a Gift Voucher’ or ‘Automatic Add Money’ options.
3. Choose the ‘Transfer to Bank’ option to send money directly to bank accounts.
4. Add the desired amount, which falls between Rs. 25 and Rs. 25,000, and input the relevant bank account details.
5. If this isn’t your first transaction, you can select from previously saved accounts.
6. For new accounts, you will need to input the account number, IFSC, and the account holder’s name.
7. Alternatively, you can pay into a bank account via the ‘Pay’ option. A QR code scanner will appear that can be used to scan the recipient’s UPI QR code.
8. Lastly, you can choose to pay from either your linked bank account or Paytm wallet. If the recipient has a UPI-registered number, funds can be sent from either account.
Having a sufficient balance in the Paytm wallet is necessary for money transfers. Users can add funds to their wallet through UPI, credit/debit cards, or net banking. They can also set up ‘Automatic Add Money’ to add a fixed amount to their wallet whenever the balance falls below a certain amount. Wallet balances are prominently displayed on top and can be used to pay anywhere online, shop at a store, or pay for metros/buses using the Paytm Wallet Transit cards.
In conclusion, Paytm Wallet is an RBI-approved secure wallet that enables users to pay utility bills, recharge, shop, and pay others. The newly added Paytm Wallet Transit card allows for online purchases with the wallet balance. Money can be transferred from one Paytm wallet to another or to a bank account at no charge. Full KYC allows users to add up to Rs. 1 lakh, while minimum KYC limits users to Rs. 10,000. KYC is required for Paytm Wallet as per RBI regulations, although it isn't needed for UPI payments.
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