It is now common to use a digital system to shop or transfer cash to someone. Many UPI-based payment systems, such as PayTM, Phone Pay, GPay, are part of everyday business.
PayTM is one of the leading payment apps in India. PayTM is also a money transfer and online shopping platform. Using this, customers can transfer cash from their bank account and wallet. PayTM users can easily transfer money to someone else’s bank account through PayTM wallet or using Bhim UPI ID.
However, cash transfers made through the wallet or UPI ID are limited to Rs.10,000 per month as per the RBI directive. However, PayTM users can transfer up to Rs 10 lakh per month by adding another account as a beneficiary.
If you are a PayTM user and would like to transfer a large amount each month to another account, we are here to tell you how to do it.
The method of transferring large sums of money from PayTM is the same as using net banking or banking apps. The account details of those who need to be transferred to their account should be filled in as beneficiaries.
It is safer to use a personal Internet connection or own a Wi-Fi connection when adding a PayTM benefit.
Beneficiary Admission and Funding Step in PayTM – Buy-Step Guide:
- Open Paytm App and tap Send Money to Bank A / C
- Now, tap on your profile icon in the top right corner
- Scroll down and tap on Saved Accounts & Beneficiary Details
- Click Add New Beneficiary
- Now, select Bank Account and enter details such as Account Number, Account Name and IFSC Code. After that press the Add Beneficiary button at the bottom.
- Now you have added a new beneficiary. Then you can select a beneficiary and transfer the money to their account.