How to do bank to bank money transfer using Paytm?

Category: Academics

Paytm, a digital payment and shopping platform allows users to instantly transfer money from their account or wallet to anyone. Paytm users can either transfer money from their wallet to anyone’s bank account or they can do a UPI-based transaction through BHIM UPI. The amount of money that can be transferred with these methods is limited to Rs 10,000 per month, as per RBI’s guidelines. However, Paytm also allows users the option to transfer money by adding a beneficiary and this also increases the transfer limit from Rs 10,000 to Rs 10 lakh per month. So, if you are a Paytm user and looking to transfer a big amount of money, then you will need to add a beneficiary and here’s how to do it. It is basically similar to transferring money using net banking or the banking apps. Where users’ first need to add account details of the person they want to transfer and then make the payment. Also, please make sure to perform this process in a secure network or personal Wi-Fi connection to avoid any mishaps How to add beneficiary in Paytm and transfer money 1. Open Paytm app and tap on Send Money to Bank A/C 2. Now, tap on your profile icon at the top right corner 3. Scroll down and tap on Saved Accounts & Beneficiary Details 4. Tap on Add New Beneficiary 5. Now, select Bank Account and enter details like Account number, Account holder’s name and IFSC code and hit Add Beneficiary button at the bottom. 6. Now that you’ve added a new beneficiary, you can simply select the beneficiary and transfer the money.