How To Transfer Money From Paytm Wallet To Bank Account?

Paytm which started as a prepaid mobile recharge website in 2010, launched its wallet in 2014 for enabling cashless transactions. The payment gaint is planning to start India's first payment bank for which it has already received licence from Reserve Bank of India.

Sending money from Paytm to bank account

After demonetization paytm has become one of the best tools for small payments like in tea shops, grocery shops etc. One can overcome the hustle for change especially at smaller eateries and vendors. We can also pay utility bills, postpaid bills for mobile etc. Paytm is also approved as an operating unit for Bharat Bill Payment System.

Most of the shopkeepers are not using paytm as they do not know how to transfer money from paytm to bank. Here are a few ways you can transfer the same:

Actually it is as easy as adding money into the paytm account.
1.Open your paytm App.
2.On the top middle you can see an option called "passbook", click on it.
3. It will show the amount you are having in your paytm wallet. Below it you can see "send money" to bank, as well as "add money" to wallet. Thereafter, click on "send money to bank".
4. On the next page you will see an option "transfer balance to bank" and the balance in wallet. On right you can see the "transfer option", just click on it.
5. You will be asked the amount you want to transfer to your bank account number and IFSC code details need to be filled. Thereafter, "click on send".
This is as simple as it gets .

Even if you have mistakenly added money into your wallet at the fourth step, you can see send back to your bank. Remember that receiving money into your Paytm wallet is free.

But sending back money into the your bank account is chargable if you are not KYC compliant.

If you are a Non KYC merchants you need to pay 1% Charges on transferring money to your bank account.

But KYC Merchants can transfer money to their Bank account without any charges.until December 31, 2016.

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