comscore
01 Feb, 2024 | Thursday
Trending : LaptopsAppsAutomobileTop DealsOPPO India

How to transfer funds from Paytm Wallet to Bank account

Paytm Wallet users can transfer funds to bank at no extra cost.

Edited By: Pranav Sawant

Published: Feb 01, 2024, 04:28 PM IST

Paytm
Paytm

Story Highlights

  • RBI has announced a ban on Paytm Payments Bank Ltd.
  • Paym users won't be able to top up their wallet from Feb 29.
  • Users will still be able to withdraw money from their paytm wallet to bank account.

RBI has announced a ban on the services of Paytm Payments Bank Ltd (PPBL). Starting February 29, users will not be able to top up their Paytm bank account, FASTag, and even the Paytm wallet. However, those who have some balance in their Paytm wallet will still be able to withdraw their money. Once the amount is withdrawn or utilized, users won’t be able to use the wallet again.

Having said that, it’s essential for Paytm wallet users to transfer their wallet money to a different bank account. In this article, we’ll show exactly how you do that.

Transfer funds from Paytm Wallet to Bank account

Step 1: Open the Paytm app on your smartphone.

Step 2: Tap on Wallet in the Banking & Payments section on the home screen.

Step 3: Now, tap on the ‘Transfer to Bank’ option that’s next to Pay and Fastag.

Step 4: Enter the amount.

Step 5: Tap on Add New Bank if you haven’t already added a bank account or else you can select an existing bank account by tapping on it.

Step 6: Tap on Confirm to continue.

Transfer funds from Paytm Payments Bank to another Bank account

Step 1: Open the Paytm app on your smartphone.

Step 2: Tap on Bank Account in the Banking & Payments section on the home screen.

Step 3: Enter the passcode to access the bank account.

Step 4: Tap on Savings A/c Balance.

Step 5: Tap on Money Transfer.

Step 6: Tap on To Self A/c.

Step 7: Tap on Add Bank Account to add a new account or select from the existing accounts.

Step 8: Enter the amount and then tap on Proceed Securely.

Step 9: Tap on Pay Securely and enter your Paytm Payments Bank passcode to confirm.

It is worth noting that fund transfers from the Paytm wallet/Paytm Payments Bank to other banks require no extra charge. It is a quick and straightforward process.

Do note that only the Paytm Payments Bank Ltd’s  (PPBL) services will be barred. The Paytm app will continue to work as it is. However, users who frequently use the Paytm app and utilize the Paytm wallet or Paytm Payments Bank for things like ticket bookings, bill payments, etc, will now have to rely on a third-party bank.

Paytm’s wallet, bank, and FasTag services are common. Even the National Common Mobility Cards (NCMC) are used by several users in the country. From February 29, these instruments won’t be available for top-ups. Those transactions carried out on February 29 or in the closing days will be completed max by 15th of March, as noted by RBI.

“Settlement of all pipeline transactions and nodal accounts (in respect of all transactions initiated on or before February 29, 2024) shall be completed by March 15, 2024 and no further transactions shall be permitted thereafter.”

Get latest Tech and Auto news from Techlusive on our WhatsApp Channel, Facebook, X (Twitter), Instagram and YouTube.

Author Name | Pranav Sawant

Tags

Paytm

STAY UPDATED WITH OUR NEWSLETTER

Select Language