I know there are still some users who are reluctant to use the first online wallet app we usually know as Paytm. Paytm which started as a prepaid mobile recharge website in 2010 launched its wallet in 2014 for enabling cashless transactions. Paytm has become a popular eCommerce website today that offers great deals & discount on a product. Sometime Paytm provides so much cash back that you can’t stop yourself from shopping. And let me tell you dears, it wasn’t just easy for me either. It is a matter of money afterall. I also once, stopped at the stop where I wondered
We don’t want to keep this heavy money in Paytm wallet. Everyone knows today that Paytm cash can be transferred easily to the bank account for free (after 31st Dec 2016 1% charges will be applied).
How to Transfer Money from Paytm to Bank Account in India
Most of the shopkeepers are not using Paytm as they do not know how to transfer money from Paytm to a bank. Here are a few ways you can transfer the same:
Actually, it is as easy as adding money into the Paytm account.
- Open your Paytm App.
- On the top middle, you can see an option called “passbook”, click on it.
- It will show the amount you are having in your Paytm wallet. Below you can see “send money” to a bank, as well as “add money” to a wallet. Thereafter, click on “send money to a bank”.
- On the next page you will see an option “transfer balance to a bank” and the balance in a wallet. On right you can see the “transfer option”, just click on it.
- You will be asked the amount you want to transfer to your bank account number and IFSC code details need to be filled. Thereafter, “click on send”.
Since Paytm has introduced the IMPS (Immediate Payment Service) on its platform. Previously this was not totally active in the Paytm. It uses to show “You cannot transfer to Bank”.
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Now you can do it with such ease. As per the Paytm terms and conditions, the following should be noted.
- The user must be registered with you mobile or E-mail for more than 45 days.
- The minimum amount in the wallet should be Rs. 2000.
- Transaction amount to transfer should be the minimum of Rs. 1000.
- The daily limit to transfer money should be the maximum of Rs. 5000 and the monthly limit will be Rs. 25000.
If you refunded money to the same bank by which you added then it may take 3 to 21 days for the amount to be credited to the bank account. We will recommend you to transfer amount instead of refund as both are free now.
First of all, you need to send SMS from your registered mobile number to activate balance transfer service on your wallet.
For that, from your registered number, Type “TMB” and send it to 53030 (Standard charges will apply) to activate the service on your wallet.
Soon you’ll receive a confirmation message. Then wait for 48 hours or max 7 days (depending on your bank account).
Let us try it practically using these simple steps
Step 1: You’ll need a Paytm account in which your cashback is stuck, a registered mobile to log in with a mobile phone or laptop in Paytm.
Step 2: Just Click on “Transfer Money to Bank” option as shown in the below screenshot.
Step 3: Fill in the account holder name and account number with a respective amount you wish to transfer.
Step 4: Select the bank, state, city, and branch or if you know the IFSC code manually type in the code in there (This is very convenient) and Submit.
Step 5: Click “Send Money”.
Enjoy your money back into your bank. Notably, the non-KYC compliant Paytm customers will be able to transfer the money to their accounts with 1 percent transaction fee, as announced earlier this week. The company has also issued a minimum ceiling cap of Rs. 100 for a wallet to bank transfer.
This move hardly comes as a surprise as the digital wallets have seen a sharp rise in a number of active users immediately after the announcement of demonetization. Currently, if any brand offers better offers, it is likely to take away a huge proportion of customers from its rivals.
The payment giant is planning to start India’s first payment bank for which it has already received the license from Reserve Bank of India. And with a wrap-up advice, I would suggest you try it to save a little for all the type of transactions you go for. Literally, I don’t miss a chance of having a cashback of even Rupee 1. Sounds funny, but when you get a chance to save, you must have it. I gave my helpful knowledge to you through How to Transfer Money From Paytm to the Bank Account in India. Help me further if I happened to have missed something out here. I’ll be so thankful for your suggestion.