Are you wondering how to transfer money? This is the guest post by banksifsccodes.com. Though demonetization there are a huge problem or money crisis. Here you can get tips to Transfer Money from PayTm to Bank Account.
With India’s unexpected plunge into a revolutionary demonetization drive, the demand for services like Paytm has been on an all time high. The sheer number of customers demanding Paytm services has escalated beyond fathomable extents.
This has created quite the uproar within the section of people who have hitherto never heard of such services, and has instigated them to reinforce their roles as digital migrants in this ear of digitalization.
As a result of the demonetization drive, many companies have begun to avail the services offered to them by Paytm, and this has been the triggering cause for a plethora of questions pertaining to its usage.
Towards Digital India
Paytm has become the go-to digital app for millions in India, with the company adding thousands of merchants to its platform in the wake of the Prime Minister’s radical decision. From vegetable vendors to grocery stores, everyone is joining the Paytm cashless payments platform.However, there is still a certain degree of confusion regarding what happens after a merchant receives a payment from a consumer via PayTm. This largely pertains to the transfer of money to their respective bank accounts.
In order to transfer money from the Paytm wallet to a bank account, the customer needs the name, account number and IFSC code of the bank account holder.
For example: If you have account on Indian Bank of any branch, you should enter indian bank ifsc code of a particular branch for transactions.
However, there is a 20,000 limit on transactions. This limit is raised higher at rupees 50,000 for merchants. The customer has to get his ‘Know Your Customer’ process completed in order to avail these services.
Doing so is also quite simple: The customer has to first find a Paytm KYC centre close to his residence, and provide the relevant RBI-approved documents, which will include Aadhar card or e aadhar card online, passport, voted ID card, driving license, or NREGA job card.
The customer can also type in his/her Aadhaar number, and then request a visit at your address. While the PAN card number is not necessary, it becomes mandatory if you want to transfer more than Rupees. 50,000 in a single transaction. However, the customer can conduct unlimited transfers after the KYC process is done.
The KYC process can take up to 48 hours, but you can shorten it by providing Aadhar card as proof of identity as the biometric verification “results in instant completion of process,” says Paytm.
If the customer wishes to opt for an easy way out, he/she can make use of the Paytm app to transfer money from the Paytm app to his/her bank account.