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.