Know Everything about ‘Funds Transfer’ from Your Paytm Bank Account
Do you remember the last time you visited bank for fund transfer? It must be years ago. Thanks to the advancement in digital technologies and various banks like Paytm Payments Bank, you can easily transfer money online to another bank account within minutes. While Paytm Payments Bank offers a secure and smooth online fund transfer to any bank account, transferring funds from Paytm Payments Bank account is free of cost! However, there are a few important things that you must keep in mind before and while initiating an online fund transfer.
How to Transfer Funds from Paytm Payments Bank Account?
Simply send money to anyone by either entering their mobile number or selecting them from your phone book. Follow these simple steps to transfer money:
- Go to the Paytm App and click on ‘Bank’ option on the home page
- Enter your Paytm Payments Bank ‘Passcode’
- Tap on the ‘Send Money To Anyone’ icon available at the top
- Either enter the new receiver’s phone number or select the person your phone book OR enter UPI ID OR enter Account number and IFSC code
- Enter the amount you wish to transfer and click on ‘Pay’. You can transfer up to Rs. 10 lac in 1 go without any additional fee
- Our automated system ensures that you don’t select among , IMPS, NEFT and UPI. You just need to select who you want to send money to along with the amount and we will take care of the rest as PPBL automatically selects the best transfer mode available
- Transaction will be authenticated via passcode if the mode is IMPS/NEFT. If the mode is UPI, transaction will be authenticated via UPI pin
- To offer a hassle-free service to all the users, we ensure that the money is sent to the receiver without any delay or failure. We ensure faster payments and have higher success rate of 15 million+ Paytm merchants paying via UPI
What All Precautions to Take While Transferring Funds to other Bank Accounts?
A few of the most important ones are as follows:
- Cross-Check Beneficiary Information: Before transferring the funds to another bank account, cross-check all the details of the beneficiary like bank account number, UPI ID, etc. to ensure that you are transferring money to the right account
- Do not use public Wi-Fi: To safely transfer money from Paytm app to another bank account, avoid using public Wi-Fi. As, public connections are not secured and can be hacked by fraudsters irrespective of taking all the preventive measures
- Push Notifications and SMS alert facility: Receive an instant SMS alert to receive all debit/credit information. You can enable the SMS alert feature via Paytm app<Settings option. Moreover, push notifications will further help you keep a track of transactions
What to do if Funds are Not Received by the Beneficiary?
Our robust system ensures you don’t face any issues during funds transfer. If funds are not received by the beneficiary, just follow these few steps highlighted below:
- Check if you have received a confirmation message regarding the successful transfer of funds
- Verify the account details of the beneficiary like his bank account number or UPI ID to ensure that you have sent the payment to the right person
- Visit the passbook section to check if the transaction amount has been reversed back to your bank account
- If unresolved, you can raise a query through “Need Help” section against the transaction using Paytm app
What steps to be taken if funds are transferred to the wrong Beneficiary?
- We, at Paytm, try our best to provide you with the most seamless digital payments system. While transferring funds to your friends/family, it is your responsibility to enter the right receiver details and double-check it
- Funds once transferred to a person cannot be claimed or reversed by Paytm
- Various regulatory agencies make it very clear that no-one can claim or reverse such funds and only the account owner can give consent to its bank to withdraw such funds. We strongly advise you, whichever mode of funds transfer you choose, do re-read the receiver’s details carefully to re-confirm and only then proceed to transfer funds
- If you have sent funds to the wrong person through any of the above-mentioned modes, then it is advised to reach out to the person directly and ask him/her to return your funds. If you are unable to talk to the receiver, you should contact Paytm through 24×7 Help or you can go to the ‘Passbook’ section of your Paytm app and tap on Paytm wallet for the wallet to wallet or wallet to bank transaction. Select the unintended transaction and tap on ‘Need Help?’ at the bottom of the screen. After selecting the issue that describes-money sent to the wrong person, you will be able to view our suggestion and the option to download the Indemnity form
- Whereas for Paytm Payments bank account to other bank accounts, tap on Paytm Bank Savings account. Enter your Passcode and select the unintended IMPS/ NEFT transaction and tap on ‘Need Help?’ at the bottom of the screen. After selecting the issue that describes- money sent to the wrong person, you will be able to view our suggestion and the option to download the Indemnity form
Millions of transfers happen daily through the PPBL systems in a completely automated manner. Paytm Payments Bank takes all the necessary measures to ensure complete safety while you are transferring money to another bank account. However, in case you are transferring a large amount to a new beneficiary, please make sure you do a ‘test’ transfer with a small amount to check if the right beneficiary has received the amount or not.
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