Transact Faster, Safer, and Easier on Paytm Money

Sometimes we love the supporting actors more than the heroes themselves, Don’t we?

In today’s era where UPI is our hero Product in the Payments world, Bank Transfer via VAN (Virtual Account Number)  still continues to be more reliable and projects a higher success rate.

What is Bank Transfer via VAN and why is it a recommended payment method?

This is a product curated by PML exclusively for our users. Any amount transferred to your VAN via NEFT/IMPS/RTGS will be credited directly to your PML ledger and you can then utilize it further for trading.

Once you enable Bank Transfer from the PML App, your Virtual Account Number(VAN) is generated as a prerequisite. This VAN belongs to you and essentially acts as usual as the account number of any bank.

Fun fact: Your VAN is always your mobile number, prefixed with 112233!
And IFSC code is: PAYTM0123456
We didn’t want you to memorize yet another bank account number!

How can you enable and start transacting via Bank Transfer?

Step 1: Navigate to the Equity Profile section -> Select Bank Transfer(NEFT) details in the ‘My Account’ sub-section. 

Step 2: Click on the CTA – ‘Enable Bank Transfer’.

Step 3: Once enabled, add the combination of generated Virtual Account Number(VAN) and IFSC as a beneficiary (Payee) in your internet banking portal/PSP app(Paytm/ PhonePe/ GooglePay, etc.)
Step 4: Once approved via your bank, you can start your transactions immediately*.
*The beneficiary approval might take upto 24 hours, depending on your bank timelines. In addition to this, Banks have imposed a transfer limit on the first day for newly added beneficiaries, please refer to the same before initiating a Bank transfer within 24 hours.

Note: Use the accounts that are verified on PML to transfer the funds.

Benefits of using Bank Transfer via VAN(Virtual Account Number):

• Unlike UPI, payment modes(NEFT/RTGS) offered by Bank transfer have no limit per transaction and can be initiated instantly.
• Since this VAN belongs to you, which is your registered phone number, the risk is for incorrect transactions is reduced effectively. 
• The funds are transferred directly via NPCI – hence we see an uptick in the success rates, reducing the dependency on other hops.
• All the transactions made via Bank Transfer can be tracked via the Funds History section.

The time taken for the respective method along with the charges and limits of transfer is mentioned below:

govindaraju.kumar