Users can make safe and simple payments for a variety of goods and services using Paytm and PhonePe, two well-liked digital wallet systems in India. Users may occasionally need to move money from their digital wallet to their bank account for a variety of reasons, despite the fact that these wallets are convenient and simple to use.
So, here is a fast procedure to assist you if you also wish to transfer your Paytm and PhonePe wallet funds to a bank account.
Open the PhonePe app on your smartphone to transfer funds from your PhonePe wallet to your bank account.
▶ After that, click the "My Money" button at the bottom of the screen.
▶ From the list of available options on the screen, choose the "Wallet/Gifts Voucher" area.
▶ Pick "PhonePe Wallet" from the list of choices.
▶ After entering the PhonePe Wallet section, locate and touch on the "Withdrawal" link at the top of the page.
▶ The screen will display a wallet icon and a bank icon. Drag the bank icon down onto the wallet icon to transfer money from your PhonePe wallet to your bank account.
● Tap the "Proceed" button after entering the amount you wish to transfer from your PhonePe wallet to your bank account.
▶ If you haven't previously, you'll be prompted to link your bank account to your PhonePe account at this point. For PhonePe to add your bank account, adhere to the on-screen directions.
The money will be transferred right away to your bank account once you have properly linked your bank account.
Notably, KYC (Know Your Customer) verification is not required if you make a direct payment on the PhonePe app using UPI or a credit/debit card.
To utilise the PhonePe Wallet feature, you must, however, finish the KYC procedure in accordance with RBI (Reserve Bank of India) rules.
This entails providing information for at least one piece of identification that was issued by the government, such as a passport, NREGA employment card, driver's licence, or PAN card.
Open the Paytm app on your smartphone to transfer funds from your Paytm wallet to your bank account.
▶ Scroll to the 'My Pay' area.
'Paytm Wallet' can be accessed by clicking.
▶ Choose the 'Transfer to Bank' option at this point.
▶ Click the 'Transfer' option after entering the appropriate transfer amount.
▶ Enter the information from your bank, including the account holder's name, IFSC code, and bank account number.
▶ You can also touch on the stored accounts if you've previously transferred money from your wallet to your bank account.
▶ Press the 'Proceed' button after you have reviewed the information.
▶ Press the 'Confirm' button.
▶ After Paytm has completed the transaction, a confirmation message confirming a successful money transfer will appear on your screen.
Notably, transactions can be completed by users of the Paytm UPI payments system without KYC verification. However, Paytm wallet requires KYC verification in accordance with Reserve Bank of India (RBI) regulations. Users can contribute up to Rs. 10,000 with the bare minimum of KYC and up to Rs. 1 lakh with full KYC, according to the rules.
Additionally, you need to add a payment method on PhonePe in order to complete a transfer. Furthermore, you are unable to withdraw any reward balance from your PhonePe wallet.
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