How to transfer money from Paytm to a bank account?
Paytm has been the go-to service for digital payments in India. With most merchant stores currently accepting Paytm as a mode of payment, the usage of the platform across the country is at its peak. Paytm offers its users a wide range of features, ranging from online shopping to flight bookings and mobile recharges with all transactions routing through its wallet.
If you have ever added money to your Paytm wallet by mistake and want to transfer it back to the bank or if you have some money that has been sitting in your paytm wallet for a long time which you want to transfer into your SBI, HDFC, ICICI or other bank accounts, this article will be useful for you. We also have an option for you if you are a merchant who accepts Paytm as a mode of payment but would also like to receive the payments into your bank account like the service provided Google Tez.
So, in this article, we will elaborate on the different ways of doing this within the Paytm app itself without the use of any third party UPI app.
Transfer money from Paytm to bank account:
The whole process of transferring money from Paytm to your bank account might seem complicated in the beginning. However, this step by step guide is going to help simplify the entire process.
Transfer money using the Paytm mobile app: This method can be used to transfer money that has been in your wallet for some time and you haven’t used it. If you are already familiar with the traditional IMPS method of bank transfer, then this method will be easy for you to understand.
- Open the Paytm app on your mobile phone.
- On the home screen of the app, click on Passbook.
- Select Paytm wallet on the next screen.
- In the next screen, select ‘Send Money to Bank’. The click on Transfer.
- On the next screen, enter the details of the bank account to which you would like to transfer the money to. Enter the details such as the account number, the name of the account holder, IFSC code of the bank and the amount you wish to transfer.
- The IFSC code can be found on the cheque leaf of the bank account. Alternatively, you can use the inbuilt feature in the app which helps you find the IFSC code by entering the bank details such as the bank name, state and city of the bank and the branch of the bank. After entering the correct details, your bank IFSC code will appear. Click on continue to proceed.
- Once all your bank account details and the money to be transferred is entered, click on proceed.
- A popup screen will appear giving you the details of the fee and total amount that needs to be transferred.
- Currently, Paytm charges a flat fee of 3% for all transfers from the Paytm wallet to the bank.
- Verify all the details on the popup screen and once you are OK with it, hit confirm.
- Your money will be transferred from Paytm to the bank account instantly via IMPS.
Transfer money from Paytm to the bank account using the Paytm website: This is the easiest method which you can use to transfer money from your Paytm wallet to your bank account.
Paytm does not deduct any fees to offer this service. However, the transfer does not happen instantly and might take up to seven working days for it to be credited back to your bank account.
This method is mostly used when you add money accidentally into Paytm and you want it back in your bank account.
- Open the official Paytm website on your desktop.
- Log in to your account.
- On the top of the home screen of your account, you will find an option called ‘Paytm Wallet’ which will then display the amount of money left in your Paytm account.
- Hover the mouse over that option and a drop-down menu containing three items appears.
- Select Passbook from the drop-down menu.
- Now scroll down to the ‘add money’ option and then scroll down to the transaction that you would want to reverse.
- On the right side of the transaction, there will be an option called ‘Return to Bank’.
- Click on it. A pop-up message appears saying that the money will be transferred within seven working days.
- Click on OK. Refresh the browser screen and you will find the transfer to bank transaction in the passbook now.
Note: You cannot send the amount to any bank account of your choice. It will be returned back only to the bank account that was used to make the transaction.
Note: You cannot enter a custom amount that you would like to transfer. Only the entire amount added in the transaction you reversed can be transferred.
Transfer money from Paytm to the bank automatically for merchants: Users who have signed up on Paytm as merchants can use Paytm to transfer money directly into their bank account like any other UPI app. If you own a shop and wish to accept Paytm, then follow the instructions below to accept payments into your bank account.
- You must first log in to your account on the Paytm merchant website.
- Now enter the details of your business as well as your personal details that have been requested.
- After all the details have been entered, click on submit.
- Your information will be verified and you will be provided with a merchant QR code that can be printed on paper and used to accept payments at your store.
- Any money sent to your paytm account through the QR code will now be sent directly to your bank account.
Note: This method can only be used by merchants and you cannot use it if you don’t own a business.
So, in this article, we have enumerated the different ways in which we can transfer the money from Paytm to our bank account, either through IMPS, the desktop version of IMPS or the inbuilt feature of a merchant account.