How to transfer money from Paytm wallet to your bank account

After demonetization people started new habits. Many people started avoiding the use of cash. In such a situation, many people have started using payment wallets. Payment is also being taken through Paytm at many shops selling tea, vegetables and breakfast items. If you want, you can also transfer money to any of your friends through this. We have told you about this in detail earlier.

Now this question will arise in your mind that if everyone sends you money on Paytm, then after a time a huge amount will accumulate in it. It is possible that you may not want to use this amount only for purchases from Paytm. The next question will be whether the money from Paytm Wallet can be transferred to the bank account? The answer is yes. Its process is very easy. Let us tell you about it.

(Read: What is Paytm, how to use it, know everything about it)

Please note that the feature of transferring money from Paytm Wallet to bank account does not work on Paytm’s website. To transfer money you have to download Paytm app.

How to transfer money through Paytm app

1. Open Paytm App
2. Tap on Pay or Send icon
3. After this tap on Send to Bank option
4. After this, write the name of the account to which you are going to give money.
5. Enter bank account number
6. After this enter the IFSC code of the branch. You also have the facility to search IFSC code on Paytm app. For this you will have to select the name and branch of your bank.
7. After this, write the amount you want to transfer to the bank.
8. If you want, you can also tell the reason for sending the money. However, this is optional.
9. After this tap on send.
Congratulations, you have transferred money to your bank account.

Let us tell you that the process of transferring money from Paytm to bank account is not free.

1. A surcharge of 1 percent of the total amount is charged from customers who are KYC supported.
2. Customers who are not KYC supported have to pay 4 percent.

The good thing is that in view of demonetization, Paytm will provide this service absolutely free to its KYC (Know Your Customer) enabled customers till 31st December. Keep in mind that Paytm users whose wallet is not KYC supported will have to pay a transaction amount of 1 percent to transfer money to their bank account.

Apart from this, the company has told that the users who have recently started using Paytm. Now they have to wait only for 3 days to transfer money to the bank. Earlier it used to take 45 days.

Let us tell you that you can transfer a maximum of Rs 25,000 from Paytm account to bank account in a month.