Paytm users can transfer funds to bank accounts for free

By Deepak Bhadana | Updated 29 Dec 2016
Paytm users can transfer funds to bank accounts for free
  • 0% processing free is applicable only till December 31, at least for now.

Paytm earlier unveiled a new feature that allows users to transfer funds from their Paytm wallet to a bank account at 1% fee. Now, the company has announced that the same feature will be available to users at O% fee. Paytm added that the offer is applicable till December 31, 2016.

advertisements

This follows a similar move by rival MobiKwik and Freecharge, who are also charging 0% processing fees. With the government’s demonetisation drive in full flow, more and more people have been forced to turn to online modes of transactions.

Paytm added that the change in processing fee will be applicable to all users, including those who are yet to complete the Know-Your-Client (KYC) formalities. Users who wish to conduct transactions without fulfilling KYC formalities will be charged 1% processing fee for every transaction.

As per RBI guidelines Paytm users can conduct transactions amounting to Rs. 10,000 per month. However, users who have completed the KYC procedure can spend an unlimited amount and store up to Rs. 100,000 in the Paytm wallets. Users need to submit any one of the following documents: Aadhar Card, Passport, Voter ID card, Driving License or the NREGA job card, for the KYC procedure to be completed.

advertisements

Earlier, users who had completed the KYC formalities could send money to bank at 1% without any waiting period, while users who had not completed KYC were charged a 4% processing fee and wait for 45 days after creating their Paytm account before they could transfer funds to a bank account.

Deepak Bhadana
advertisements
ASK DIGIT

Recent Questions

how to link my accounts ?
Ravi Arvind Rathod
Aug 28, 2014
Responses 1
Jyoti Prakash
Aug 30, 2014
Comments
Be the first one to post the comment
Post a New Comment
You must be signed in to post a comment
advertisements