Paytm wallet users can increase their transaction limit to Rs 1 lakh by verifying their ID and address proof. As per RBI guidelines, individuals using wallets are allowed to add Rs 10,000 per month if their KYC is not verified.
Paytm is a virtual wallet where individuals who have downloaded the wallet can store money online and can be used instead of debit/credit or net banking.
Why you should consider increasing your limit?
Individuals can enjoy increased limit of Rs 1 lakh. There will be no more delays in cashback, faster for larger cashback and other exclusive offers for KYC verified users.
What is the procedure to increase the limit?
Login to your paytm using user Id and password. Individuals can choose from the option to schedule an appointment or walk-in to nearest KYC center for faster verification.
In case if you choose to schedule an appointment, provide your address.
Carry one of your original documents to walk in centres. You will have to fill in KYC form, which will be available at walk-in centers.
Aadhaar card, Passport, VoterID, Driving licence and NREGA job card can act as KYC documents.
Note that if you are looking to spend more than Rs 50,000 in a single transaction, one should submit a copy of your PAN card in addition along with other documents.
One should carry original documents and passport size photograph. There are various centres of One97 Communications Ltd where individuals can walkin to verify credentials.