Be Prepared to Shell Out 4% Charge for Paytm Wallet to Bank Transfer

by November 24, 2016 0 comments

Yes, you read it right. Such is the steep charge that has to be incurred while you move your money out of the Paytm wallet into your bank account. However, the charge reduces to 1% the moment you make your Paytm wallet KYC compliant, ie by uploading the standard id proofs and PAN details as required by banks.

Not that sweet a deal for merchants

So, if you are a small shopkeeper with daily transactions worth say rupees five thousand a day, you are unlikely to opt for KYC compliance. Being a small shopkeeper you are also likely to use this money to pay your suppliers regularly. So, the options before you are limited. Either convince all of your trader partners to move on to Paytm or you keep incurring this 4% charge while transferring money to you bank account. Wish this steep charge was waived off as well during the current cash crisis due to demonetisation!

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