Paytm has reduced the ‘Paytm wallet to bank transfer charges’ from the previously set 4% to 1% for a limited time. The change is valid to all the users, regular Paytm wallet users and the ones having their Paytm wallet verified with KYC details.
Validity: Valid till December 2016.
The change is to bring about the effective cashless transactions experience across all Paytm wallet users, during this time of Rs 500 and Rs 1000 Indian currency notes demonetisation announced by Prime Minister of India.
Steps: Go to Paytm or get the Paytm mobile apps (links at the bottom of this post) and sign up or login. Click the Passbook button and choose Send money to bank option to send Paytm wallet money to any IMPS enabled bank account. The money will be debited off your Paytm wallet and credited to the bank account you mention. The charges for this transaction will be tagged at 1% + a very small service fee will be applied alongside.
The Paytm wallet money doesn’t expire. You can use the Paytm wallet money any time to recharge, make bill payments and shop online on sites like BookMyShow, Jabong, eBay and more. A normal user can make transactions of upto Rs 10000 a month with Paytm wallet. A KYC verified user can make transactions of upto Rs 100000 a month with Paytm wallet money.
Paytm wallet money is widely being used by merchants, online and offline, to accept payments from consumers and the company aims to deliver this cashless transaction experience to the billion Indians.
If you are not on Paytm yet, sign up now and get yourself into a new world of easy payments and money transfers. Here is a list of great deals from Paytm to get you started: PaytmKaro.