You may need to transfer money from Paytm to bank account for some work. One can do that conveniently only when they have money in the account created on Paytm. To know the steps for transferring money from Paytm to a bank account, refer to the below steps in this article.
Paytm wallet to bank transfer
Transfer Money From Paytm To Bank Account With 10 Easy Steps
Step-1 Open the Paytm app: You need to have a Paytm account installed on your device. Now go to the Paytm app. Then click on it. Next, open the Paytm app.
Step-2 Click on balance and history: Once the Paytm app homepage appears on your screen. You can spot many different options there. Now go to the option of Balance & History. Then click on it and open it.
Step-3 Click on Paytm balance: Then go to the option of Paytm Balance. Next click on the option to open.
Step-4 Tap on send money to bank: Once the Balance amount appears on your screen. You have to scroll down and tap on the option of Send Money to Bank.
Step-5 Enter the amount and click proceed: Next, a page asking you to enter the amount will appear on your screen. Then you have to enter the amount you want to send to the bank. Next, tap on proceed.
Step-6 Enter your bank details: The other page appears asking you to put your bank details. Now enter the appropriate bank details including Account No, IFSC Code, etc.
Step-7 Click on proceed: Once you finish entering your bank details, tap on the proceed option.
Step-8 Re-enter your account number: Next, you have to again reenter your bank account number to confirm it.
Step-9 Your total charges will be visible, click on proceed: Once you submitted your bank details and confirmed them. Then a total amount of charges will be displayed on your screen. Next, tap on proceed.
Step-10 Enter the OTP: As soon as you proceed, you will receive an OTP. Next you have to enter the OTP. Hence, your amount is successfully sent from your Paytm to your Bank.
What Are The Charges For Sending Money From Paytm To Bank?
Whenever you sent any amount from your Paytm to your Bank, you have to pay certain charges for it. However, there is no fixed charges amount. Moreover, the charges depend on the amount you are sending from Paytm to the bank.
Is It Compulsion To Enter The OTP To Confirm Amount Sent from Paytm To Bank?
Yes, you have to enter the six-digit OTP to confirm the amount from Paytm to Bank. Once you finish with all the details and click on proceed. Then you will receive an OTP. Enter the OTP correctly to avoid disruption in the process.
Paytm has made the exchange of money really easy. You can now transfer money from paytm to the bank account just follow the steps given below. It is really helpful for merchants as they receive large amounts on paytm and now they can easily transfer it to their bank account. Your KYC should be verified in order to transfer your paytm amount to your bank account.
Steps to transfer money from paytm to the bank account:
1. Open the Paytm application: First of all, open the paytm application on your Android device by tapping on paytm logo which is white in color with paytm written over it.
2. Tap on PassBook: On the top of the main page of the paytm application, you will see a number of option like- Pay, UPI Money transfer and Passbook. Just tap on the Passbook option.
3. Tap on Paytm Wallet: You will be shown your paytm wallet balance under Paytm Wallet. Just tap on Paytm wallet to open and transfer the amount in your bank account.
4. Tap on "Send Money to Bank": Uner the Paytm wallet option, you will see a number of options likes Add money, Request Statement and Send money to the bank. Tap on the "Send Money to Bank" option.
5. Enter the Account Number: Now you will need to enter the details of the account you want to transfer the amount. First, enter the Account number in the box given given.
6. Enter the Account Holder's Name: You will need to enter the account holder's name in the box given.
7. Enter the IFSC code: Now enter the IFSC code of the account and if you don't know the IFSC code you can also find it on the web and also on the paytm application itself.
Make sure you enter all the details correctly.
8. Enter the amount you want to transfer: Just tap on the Amount box and enter the amount which you want to transfer to the bank account. For example, if you want to transfer 100 rs just enter 100.
9. You can also add Description: If you want to add anything about the transaction you can add it in the description box. It's optional and it's not important to add a Description.
10. Tap on Confirm: Paytm will charge some amount which is usually around 2-3% of the amount you are transferring. Tap on Confirm after confirming the amount.
11. Success Status: Sometimes it takes up to 3 days to complete the transaction. You will get a notification and also SMS when the transaction is completed.
You have successfully transferred the amount in the bank account and you can take out cash from the account. There is a limit of transferring it to the bank which is 20,000 rs and for merchants its 50,000 rs.