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.

By Sneha

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.

Transfer Cash To Your Bank Account at 0% Interest Via Paytm

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.

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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.

Earlier Paytm Bank Transfer Fee Was 1%

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.

Paytm Now Charges 0% Processing Fee

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.

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Similar Move Like Other Competitors

Similar Move Like Other Competitors

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.

Didn't Complete the KYC Formality? Offer isn't Applicable For You

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.

RBI Guidelines For Paytm Users

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.

Documents Needed For Bank Transfer Via Paytm

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.

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