Paytm has announced that users can transfer funds to the respective bank accounts for free till December 31, 2016. Previously, the mobile wallet company imposed a 1 percent fee for transferring funds from the wallet to bank accounts. Meanwhile, rival MobiKwik and Freecharge are also charging zero percent processing fees.
After the announcement of demonetisation, many people, business establishments are accepting payments in the form of digital wallets. Infact, many people are forced to make use of services provided by Paytm.
In a statement, Paytm disclosed that the change in the processing fees will be applicable to all users. This includes customers who are yet to complete the required formalities associated with Know-Your-Client (KYC). However, if you attempt to transact without fulfilling KYC formalities, you will be charged 1% processing fee for every transaction.
As per RBI guidelines, Paytm users can conduct transactions amounting to Rs. 10,000 per month. However, users who have completed the KYC procedure can spend an unlimited amount and store up to Rs. 100,000 in the Paytm wallets.
To complete the KYC formalities, you need to submit any one of the following documents
- Aadhar Card
- Voter ID card
- Driving License or the NREGA job card
If you had completed the KYC formalities, you will be able to send balance to your bank account at one percent without any waiting period. If you have not completed KYC, then you will be charged 4 percent processing fees. Moreover, you should wait for 45 days after creating their Paytm account before they could transfer funds to a bank account.
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