We all know that ₹500 and ₹1000 notes are demonetized. Now, More people are opting for Mobile Wallets like Paytm as more number of Shops and Restaurants are accepting the Paytm Wallet Cash. Paytm is now charging Just 1% Transaction fees when you transfer the paytm cash to your bank account. Update: KYC verified users can send money from Paytm Wallet to bank account at 0% fee till 31st December 2016.
The 1% Charges will be applied for both the Non-KYC and KYC verified users. The Minimum amount you can transfer from Paytm Wallet to Bank account is Rs.100 only.
Just Paytm to Pay every shopkeeper near you without any additional fee. The 1% Charge will be on the total amount that you want to transfer from Paytm Wallet to your bank account. Please note that there will be no charges at all for sending money between paytm wallets.
How to Transfer Paytm Cash to Bank Account?
1. First, Download the Paytm App
2. Install the App and Signup by entering the required details. Login to your Paytm account.
3. Proceed to “Pay or Send Money” and Click on “Send to Bank.”
4. Enter the Payee Name, Bank Account Number, IFSC code and the Amount.
5. Re-Check the Details you have entered and, Click on “Send.”
That’s it! The Paytm Cash will be transferred to your Bank account Instantly via IMPS (Immediate Payment Service).
As I mentioned earlier, Paytm will charge 1% on the total Amount that you send from your Paytm Wallet to the Bank account.
Note: If you are new Paytm Customer, you have to wait 3 Days before sending the money to bank account. In case, you complete the KYC verification you can send money to any bank account instantly.
Paytm Wallet Money Transfer To Bank Account Charges
Starting, 13th November, All the Paytm Users can send money from their Paytm Wallet to any Bank account at 1% fee.
This is good news for both the customers and the merchants. As of now, Paytm Wallet is accepted at more than 800,000 merchants including Spencer’s, Big Bazaar, More, Barista, UBER, Cinepollis, Pizza Hut, KFC, HP, Heritage Fresh and more.
With the Demonetization effect, Paytm Wallet makes its way to Autorickshaws, Milk Booths, Grocery Stores, Petrol Pumps, Movies and even the Street Food.
Now you know, How to transfer Paytm Cash to Bank account. The 1% Transfer Fee is a limited period offer. If you have any queries, Post them in the comments section below, and I’ll answer them.