How to transfer money from your bank to any bank account using Paytm

Paytm is now making it easier to transfer money from your bank account to other bank accounts. Here’s how it works.

Note that you don’t need not update your eKYC details to use Paytm’s new bank transfer feature. (Saumya Khandelwal/HT PHOTO)

Paytm introduced a new feature on its platform earlier this month. The new feature allows users to transfer money from your bank to any bank account using Paytm for free. To encourage users to use this feature more, Paytm is offering a cashback up to ₹100.

How to transfer money
Step 1: Paytm's 'Bank Transfer' feature can be found on the top panel just next to the 'Pay' icon.

Step 2: You need to link your bank account with Paytm.

Step 3: Enter the details such as Account Number of the recipient.

Step 4: Enter the amount to be transferred.

Step 5: You will get an alert and message if the transaction is successful.

Note that you don't need not update your eKYC details to use Paytm's new bank transfer feature.

Paytm doesn't charge any fee on transferring money from your bank account to another bank account. However if you transfer money from your Paytm wallet to another bank account, the company will levy a charge of 3%.

Paytm has also introduced a new 'My Payments' section on its platform. As the name suggests, under this feature users will be able to manage their payments. There are already set payment categories like house rent, maid's salary, driver's salary, and tuition fee. You can choose and make payments using your Paytm wallet or from your registered bank account.

Paytm now lets you make free bank to bank transfers with cashback (Paytm)

Paytm now lets you make free bank to bank transfers with cashback (Paytm)

How to avail cashback using Paytm's bank transfer feature
Step 1: You will first need to choose your bank account and link it to Paytm. Doing so will give you cashback of ₹10 which will be credited to your account.

Step 2: The next step is to transfer money using bank transfer to any other bank account or UPI ID and receive ₹50 in the process.

Step 3: Following this if you recharge your mobile or pay any utility bill using 'Paytm BHIM UPI', you will receive ₹30 on your account.

Step 4: After all these steps are covered you will receive cashback of up to ₹200 for every transaction made using Paytm's bank transfer feature.