How To Transfer Money Within Your Own Accounts In Paytm – A Guide

With lives getting busier, people don’t have the time to wait for days to perform tasks that are as simple as transferring money from one bank account to another. Well, the good news is that now you don’t even have to!

With the introduction of money transfer methods like UPI and user-friendly mobile applications like Paytm, life has become much easier than one could imagine. Gone are the days when you had to add beneficiaries and then wait for days to be able to transfer money from one account to another. Now, money transfer within your own accounts is possible with a few clicks and you can be completed within a few minutes.

UPI or Unified Payment Interface is a facility that saves your time and effort by letting you perform immediate and convenient interbank money transfers. With Paytm, you can now transfer money within your accounts in a secured manner through UPI and also earn cashbacks and discount vouchers, only by entering the receiver’s contact number and making the UPI payment. You can also check your account balance, transaction history and link as many accounts with your Paytm app as you want.

How to Transfer Money within your Accounts 0n Paytm?

To be able to transfer money on Paytm, you first need to create your UPI account on the app. In this process, Paytm will ask you to link at least one bank account from/to which you make money transfers.

If you wish to transfer money between two different accounts or more through Paytm, it is important that you link both your bank accounts with the Paytm app. Once you do it, you need to follow these simple steps to perform the transaction-

  • Open the Paytm app and scroll down to the section of ‘Send Money’ on the home screen
  • Click on the subhead option of ‘To Self’ under this section
  • The new screen that opens, you will see a list of all your linked bank accounts. Select the account to which you want to transfer the money to
  • Now, enter the amount that you want to transfer
  • Above the ‘Pay’ option, you will find the option to select the bank account from which you want the money to be deducted/transferred to another account
  • Once you enter the amount and confirm the bank account to be debited, click on ‘Pay’
  • You will now be prompted to enter your UPI PIN and confirm the transaction
  • Once done, Paytm will transfer your money via UPI from one account to another instantly. It will also send you the notification of the same
  • You will also receive the payment details such as time and date of the transaction along with UPI reference ID

Alternatively, you can also find the option to send money to the self account by clicking ‘To Bank A/c’. This option is under the section of ‘Send Money’ on the home screen of the app. You can then select ‘To Self’ and select the account to which you want to send the money.

Wrapping it up:

Money transfers within your own accounts can be done quite easily on the Paytm platform. It not only allows you to make quick money transfers but also lets you check the account balance and your transaction history anytime you want to. Paytm has built-in security features that make it highly secure and reliable. Moreover, Paytm transactions have a high success rate that makes it convenient for the users to perform hassle-free transactions.

FAQs
Can Paytm access my bank account if I enter the UPI PIN?
No, Paytm cannot access your bank account if you enter your UPI PIN. It is only a platform that lets you access your secure bank account.
How much money can I transfer within my accounts in Paytm?
The UPI money transfer limit on the Paytm app is Rs. 1 Lakh per day, irrespective of whether you make the transfer within your own accounts or to any other account.
Can I also make a UPI money transfer on Paytm to an account registered with another mobile number?
Yes, you can make a UPI money transfer on Paytm to an account registered with another mobile number by entering the mobile number or the UPI ID.
Do I need to have an account with Paytm Payments Bank for Paytm UPI?
No, you do not need to have an account with Paytm Payments Bank to use Paytm UPI.
0 Shares:
You May Also Like
Read More
Bank Rate vs Repo Rate
Bank Rate vs Repo Rate is one of the most commonly asked questions. The Reserve Bank of India…
Read More
Repo Rate vs Reverse Repo Rate
Repo Rate and Reverse Repo Rate are two very important terms in an Indian economy. Both play a…