In today’s time no one wants to stand in long queues outside banks or ATMs to transfer or withdraw money and hand it over to someone personally. Thankfully, we have technology where we can transfer money from the comfort of our homes. Earlier, huge amount could not be transferred through online transaction, but now it can be done without wasting any time.
Paytm, a digital payment platform, now offers this service where users can directly transfer money from their account or wallet to anyone. Paytm users can either transfer money from their wallet to one’s bank account or they can do UPI-based transactions through BHIM UPI. As per RBI guidelines, the amount that can be transferred through these forms is limited to Rs 10,000 per month. However, Paytm also gives users the option to transfer money by adding a beneficiary thus increasing the transfer limit from Rs 10,000 to Rs 10 lakh per month.
So, if you are a Paytm user and want to transfer a large amount, all you need to do is add a beneficiary and then you will be able to transfer large amounts. It is just like any other bank app where users first have to add the account details of the person to whom they want to transfer money.
How to add beneficiary and transfer money in Paytm:
– Open Paytm app and tap on ‘Send Money’ to the bank account
– Now, tap on your profile icon in the top right corner
– Scroll down and tap on Saved Accounts & Beneficiary Details
– Tap on Add New Beneficiary
– Now, select the bank account and enter the details like account number, account holder name and IFSC code and hit the Add Benefit button at the bottom.
– Now that you have added a new beneficiary, you can simply select the beneficiary and transfer the money.