Want to know how you can transfer your hard earned money from Paytm wallet to your savings bank account online? I am going to share a very simple and easy to follow effective guide which everyone should know to avoid any miss-leading information.
After demonetization, Paytm is the biggest beneficiaries in India as Govt is trying their level best to promote Digital payments to make India cashless. In fact Paytm has started providing app based service to small retailers to accept credit card or debit card to accept payment without using card swipe machine.
Now, the point here is when merchants are collecting their money using Paytm to their Paytm wallet then how will they use the money for other banking transactions? That means they have to transfer that money to their savings bank account to use their bank account for various online transactions and banking activities.
Steps To Transfer Money From Paytm Wallet to Bank Account
First of all let me tell you one thing that paytm wallet to bank transfer charges are waived off till December 31 for merchants who have done KYC. Other customers, as well as merchants who have not yet completed the KYC process, will have to pay a 1 percent fee. Anyway, let’s follow the process now
1. First of all launch you Paytm Mobile App and Login to your paytm account. You can also transfer money from your desktop also after login into Paytm website.
2. Look for the “passbook” option and then click on it.
3. There you will find out how much money you have in your Paytm wallet. Now look for the “send money” to bank, as well as “add money” to wallet. Thereafter, click on “send money to bank”.
4. in the next page you will find option “transfer balance to bank” and the balance in wallet. Make sure you have added your bank account number to your Paytm first, not done already. If not then also, you can do it instantly.
5. Next enter the amount of money you want to transfer to your bank account from your Paytm wallet. Finally click on the transfer button and wait the processing to complete the bank transfer.
Paytm users can transfer up to Rs. 5,000 at a time. And there is a monthly transfer limit of Rs 25,000. If you are a merchant, you can transfer up to Rs. 50,000; with the limit going up to Rs. 1 lakh if you are a user who’s done his or her KYC. Anyway, right now t he fee is relaxed due to the demonetization move.
Have you used the Paytm to bank transfer process? How was the process and do you find it useful? Just write a comment below to share your experience and feedback if any.