Paytm users will now be able to transfer money from Paytm to their bank account at 0% fee till 31st December 2016.
New Paytm customers have to wait 3 days before sending money to a bank account, however, if KYC formalities have been completed, then they can send money to any bank account immediately without any waiting period.
How To Transfer Cash From Paytm To Bank Account for free?
Step 1: Download the Paytm app
Step 2: Create a Paytm account
Step 3: Choose "money transfer option"
Step 4: Enter the bank account details
Step 5: Click on Transfer button
Documents required to complete KYC
Paytm customer can submit documents such as Aadhaar Card, Passport, Voter ID card, Driving License or the NREGA job card for the KYC procedure to be completed.
As per RBI rules, an individual can transfer funds up to Rs 10,000 per month. For customers whose KYC procedure is completed can transfer unlimited amount and store up to Rs 100,000 in the Paytm wallets.
Transaction charge of 1% is applicable for all Paytm wallets who have not completed the KYC formalities. Earlier, the transaction fee was charged at 4%.