Paytm wallet enables all its customers to make seamless payments with just a click. There are KYC based restrictions on Paytm wallet which determines the benefits that you can avail while using Paytm wallet. These benefits are based on whether you have a Minimum KYC or a Full KYC wallet. The validity of wallet, amount limit and the number of transactions permitted from the wallet are also based on these different types of KYC.
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Types of KYC based wallets:
Wallet service provided by Paytm Payments Bank are governed by the RBI guidelines. According to the guidelines, customers need to complete at least minimum KYC for issuing and using the wallet services.
Two main wallet types issued by Paytm based on KYC are:
a. Minimum KYC: These wallets are valid for 24 months. This wallet allows you partial access to the benefits of Paytm Wallet as well as gives you the power of paying online or at all Merchants who accept Paytm
Click here to complete your minimum KYC.
b. Full KYC: For using Paytm wallet beyond 24 months and for availing complete benefits of the wallet, Full KYC needs to be completed. This also gives you the capability to transfer money to other Paytm users.
Click here to complete your Full KYC.
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Transactions allowed on the basis of KYC
You can do a lot with your Paytm Wallet. The complete suite of functionalities can be accessed when you complete Full KYC. Here is what you can do with the 2 types of wallets:
a. Minimum KYC: Minimum KYC is valid for 24 months. Minimum KYC allows you partial access to benefits of Paytm Wallet.
With minimum KYC wallet you can:
i. Pay to 12 Million+ Merchants who accept Paytm
ii. Pay online on any app/ website
iii. Maintain balance up to ₹10,000 per month
With minimum KYC wallet you cannot:
i. Cannot send money to a friend’s wallet
ii. Cannot transfer money to the bank
iii. Cannot keep the balance of up to ₹1,00,000
iv. Cannot open Savings Account
b. Full KYC: For using Wallet beyond 24 months as well as for availing complete benefits of Wallet, Full KYC needs to be completed.
With you Full KYC wallet you can:
i. Can pay to 12 Million+ Merchants who accept Paytm
ii. Can pay online on any app/website
iii. Hold wallet balance upto ₹1,00,000
iv. No spending limit on your wallet account
v. You can transfer money to any other wallet or bank account
vi. You become eligible to open Paytm Payments Bank Savings Account
Click here to complete your Full KYC.
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Transaction Limits from wallet on the basis of KYC:
Wallet transactions have certain limits as governed by RBI. The various limits are:
| Limit Type | Period | Min KYC | Full KYC |
| Holding Balance in Paytm wallet | At any Time | Rs 10,000 | Rs1,00,000 |
| Wallet transfers (Both transfer to another user and to any bank account) | Per month | Can’t transfer | -100,000 for Beneficiary -10,000 for Non-Beneficiary |
| Adding money to wallet (Including receiving money from another user) | Per month | Rs 10,000 | Unlimited |
| Adding money to wallet (Including receiving money from another user) | Per Year | Rs 1,00,000 | Unlimited |