How to transfer money from Paytm wallet to your bank account

After demonetization, people developed a new habit. Many people started avoiding the use of cash. In such a situation, many people have started using payment wallets. Many shops selling tea, vegetables and breakfast items are also accepting payments through Paytm. 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 some time a lot of money will be accumulated in it. It is possible that you will not want to use this amount only for shopping 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 website. To transfer money, you will have to download Paytm app.

How to transfer money from Paytm app

1. Open Paytm app
2. Tap on the Pay or Send icon
3. After that 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 have to select the name of your bank and branch.
7. After this, write the amount which you want to transfer to the bank.
8. If you want, you can also specify 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. Customers who are KYC enabled are charged a surcharge of 1 per cent of the total amount.
2. Customers who are not KYC compliant have to pay 4 per cent.

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

Apart from this, the company has said that users who have recently started using Paytm will now have to wait for only 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.