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Good News For Paytm Users! Transfer Cash To Your Bank Account at 0% Interest Until December
Paytm has recently announced that it's users can now make bank transfers at 0% interest until 31st of December.
During the current demonetization situation, Paytm has been our constant support. Be it bank transfer, recharging numbers, buying anything, getting the best deals or shopping, Paytm has made life easy amidst the long queues at the banks and with very limited or no money in hand.
Soon after the ban was imposed on Rs. 500 and Rs. 1,000 notes, Paytm announced to charge only 1% as the transaction fee whilst making a bank transfer via the app.
SEE ALSO: Here's How You Can Get Airtel to Airtel Unlimited Local Calls Offer at Just Rs. 148 for 1 Month!
However, to make things easy and convenient and mitigate the pressure, Paytm has now unveiled a new plan to charge no fee for any bank transfer, be it the same or different bank accounts.
Paytm right after demonetization unveiled that they will allow users to transfer funds from their Paytm wallet to a bank account at as low as with 1% processing fee. Whereas, MobiKwik and Freecharge were letting users transfer money to the bank for free. The app recently announced to compete with other similar apps that it will allow all the Paytm users to transfer funds to banks with 0% interest until 31st of December. However, the company has not revealed its plan on the same after December. Click Here for New Smartphones Best Online Deals Yes, there is no doubt that Paytm has taken this initiative in order to compete with the other competitors including MobiKwik and Freecharge, who are also charging 0% processing fees in bank transfer of cash. Yes, in case a Paytm users haven't completed the KYC formality, and wish to conduct transactions without fulfilling KYC formalities will still be charged 1% processing fee for every transaction, and the 0% will not be applicable for them. According to RBI guidelines, Paytm users can only conduct transactions amounting to Rs. 10,000/month. Whereas, users with completed KYC procedure can transfer unlimited amount and store up to Rs. 100,000 in the Paytm wallets. While successfully transferring the money via Paytm, users are required to submit their documents including Aadhar Card, Passport, Voter ID card, Driving License or the NREGA job card for the KYC procedure to be completed.
Earlier Paytm Bank Transfer Fee Was 1%
Paytm Now Charges 0% Processing Fee
Similar Move Like Other Competitors
Didn't Complete the KYC Formality? Offer isn't Applicable For You
RBI Guidelines For Paytm Users
Documents Needed For Bank Transfer Via Paytm
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99,999 -
1,29,999 -
69,999 -
41,999 -
64,999 -
99,999 -
29,999 -
63,999 -
39,999 -
1,56,900
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79,900 -
1,39,900 -
1,29,900 -
65,900 -
1,56,900
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1,30,990 -
76,990 -
16,499 -
30,700 -
12,999
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3,999 -
2,500 -
3,599 -
8,893 -
13,999 -
32,999 -
9,990 -
12,999 -
25,377 -
23,490
