How to Transfer Funds From any Indian Bank to Paytm payments Bank and Vice versa
As most of you already know, recently Paytm has started its Payments Bank operation, which means with some restriction it will work like any other traditional bank in India.
Opening Paytm Payments Bank account is very easy. Any Indian resident can sign up on Paytm and after verifying their account with Aadhaar and PAN card they can open Paytm payments bank account without going anywhere.
Today, I will show you how to transfer funds from your existing bank account to Paytm Payments bank and Paytm payments bank to any other Indian Bank.
To start with you need to have Paytm account. In order to open Paytm payments bank account, you need to complete your KYC using Aadhaar and PAN. Once your Paytm account gets verified with KYC, you will see a blue tick on your profile page in Paytm app.
Earlier Paytm said that your Paytm wallet and Paytm Payments Bank will merge and will act as one account. However, as of now Paytm wallet and Paytm Payments bank saving account are two separate accounts. Adding money to your Paytm wallet does not mean you are adding money to your Paytm bank account. You cannot fund your Saving account by adding money to your wallet via Credit/Debit cards. You can withdraw the amount you have in your wallet to any bank account by paying 3% charges on the amount.
How to transfer funds from your existing bank account to Paytm payments bank:
To transfer funds from your existing bank account to Paytm Payments Bank account is very easy. Your mobile number is now your bank account number with the addition of 91 before the mobile number. that means if your Paytm login mobile number is 9892098920 then your bank account no. is 919892098920. The IFSC code of Paytm Payments bank for all users will be universal which is PYTM0123456, which is also very easy to remember. You can get all the information of your Paytm payments bank account details in Paytm app as follows.
1. Login to Paytm app. 2. Go to add money option from the app screen. 3. Click on To saving account.
Now you have all the information about your Paytm payments bank account details. Now you can easily transfer funds from any Indian Bank to Paytm Payments bank. Some banks require you adding a payee to your bank account in order to transfer funds while some banks offer one time funds transfer option. In case if you require adding payee in your bank account then follow below steps.
- Go to add new payee option in your bank website or app, select other bank option
- add payee account name.
- payee account number. (Paytm mobile Number)
- select Account type as saving Account
- add 11 digit IFSC code as PYTM0123456 manually or search by bank name. (Some banks not yet updated)
- save or Submit the form.
The payee will be added to your bank account instantly. Some banks take 30 min to activate the payee. Now you can transfer funds from your existing bank to Paytm Payments bank at any time via IMPS or NEFT.
How to transfer funds from Paytm Payments Bank to any other Indian Bank account.
It is very easy to transfer funds from your Paytm Payments bank account to any other Indian Bank account like ICICI bank, SBI bank, Axis Bank etc. However, funds transfer from Paytm wallet to a bank account will attract 3% fees. Thre are no charges for funds transfer from Paytm payments bank saving account to bank account.
Money transfer from Paytm Payments Bank to other bank procedure is explained below step by step:
- Login to your Paytm app.
- Go to Money transfer from the front screen.
- Click To bank account if you want to transfer money to other bank account or select Paytm Wallet if you want to transfer money to other Paytm Wallet.
- Type account no. of the bank.
- Type account holders name
- Enter IFSC code of the bank.
- On next screen, you will get the option to pay from your Paytm wallet and Paytm Payments bank saving account.
- There will be no charges if you pay via Paytm Payments Bank saving account, paying via Paytm wallet will attract 3% extra fees. Enter the security pin you have set earlier to complete the funds transfer.
- Funds will be credited instantly to receivers account via IMPS.