Paytm wallet, a feature within the Paytm app, offers a convenient way to store and manage funds digitally. You can not only use your wallet balance for various transactions but also transfer it seamlessly to your bank account. Here’s a step-by-step guide to facilitate this process:
Requirements to Transfer Money from Paytm Wallet to Bank Account
- Paytm app installed on your mobile phone.
- Sufficient balance in your Paytm wallet.
- Bank account details of the recipient (account number, IFSC code, and account holder name)
Steps to Transfer Money from Paytm Wallet to Bank Account
- Open the Paytm app and scroll down to the “My Paytm” section.
- Click on the “Paytm Wallet” tab.
- Select the “Transfer to Bank” option.
- Enter the amount you want to transfer (between Rs. 25 and Rs. 25,000).
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Choose the bank account to receive the money:
- Select from saved accounts if you’ve previously transferred to the same account.
- Enter the account number, IFSC code, and account holder’s name if it’s a new recipient.
- Review the transfer details and click “Proceed“.
- Enter the OTP received on your registered mobile number.
- The money will be transferred to the specified bank account upon successful verification.
Always ensure you enter the correct bank account details before confirming the transfer.
Additional Notes
- Transfers from Paytm wallet to bank accounts are free of charge.
- You can also transfer money using the “Pay” option and scanning the recipient’s UPI QR code.
- To use the Paytm wallet, you need to complete KYC (Know Your Customer) verification as per RBI regulations. Minimum KYC allows adding up to Rs. 10,000, while full KYC allows up to Rs. 1 lakh.