Paytm Payments Bank has been banned by the Reserve Bank of India. The RBI has banned the fintech major Paytm from offering all forms of banking services to its customers. The RBI said in a tweet that action has been taken against Paytm Payments Bank Ltd under Section 35A of the Banking Regulation Act, 1949.
Today I am explaining to you how you can transfer your money from Paytm Payments Bank to other Bank accounts. You have to read this post till the end to know more about the complete guide to transferring money to other bank accounts from Paytm Payments bank.
Also, Read RBI banned Paytm Payments Bank: What will work and not work
What happens with the users’ money in Paytm Payments Bank?
Paytm Payments Bank customers with money in their account can easily transfer their money to other bank accounts using UPI (Unified Payments Interface), IMPS (Immediate Payment Service), RTGS (Real-time Gross Settlement), etc. But unfortunately, they won’t be able to add money to their Paytm account.
Also, Read The Google Play rollout of the new UPI Autopay Payment for Subscription
If the Customer has money on their Paytm Wallet, then you can also transfer to a bank account. However, there is a limit of Rs 25,000 per transaction, and a person only transfer up to Rs 1,00,000 a day from Paytm Wallet to a bank account. One of the important things to note is that you have to pay a 3 percent transaction fee while sending money to other bank accounts.
How to transfer your money from Paytm Payments Bank
To transfer your money from Paytm Payments Bank to other bank accounts you have to follow these steps.
Also, Read Paytm begins charging platform Fees on Mobile Recharges after PhonePe
- Open the “Paytm app” on your device.
- Log in with your phone number and select the Banking and Payment option, if you are not logged into Paytm.
- Select the “Bank Account” option.
- After this, Select “Your Bank Account” to which account you want to transfer your money.
- After this, enter the total number of amounts you want to transfer once you select the bank account.
- Now Select the “Paytm Payments Bank” option and then enter the “PIN” to authenticate the transaction. Your money will be transferred to your selected bank account from your Paytm Payments Bank.
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