Paytm charging 4% for transferring funds from Wallet to Bank

[Sushubh]

Now Transfer Money from Paytm to your Bank Account at a Flat Fee of 1% by #PaytmKaro - Paytm.com

They should have kept a higher limit on charges. But I guess it's time to monetize the platform.

 

[amish]

I think it should be illegal.

But then now Modi is their brand ambassador.

 

[Sushubh]

why? a lot of services charge a fee for transfers to bank accounts. it's nothing new. plus with their payment bank coming soon, i guess they would want their merchant customers to use their own bank accounts. i mean banks charge for neft/imps/rtgs payments. Paytm at least makes that free.

PhonePe does not charge for transfer to bank accounts i believe. but then their wallet is practically useless.

mobikwik appears to charge 4%

FAQ - Frequently Asked Questions from Mobikwik.com customers

freecharge does not mention any charges...

Can I get my money transferred from Balance to my bank account? : Support center

payumoney also seems to be free.

 

[amish]

I thought Paytm was already a "payment bank" officially

AFAIK RBI has set limits on charges on transfers by bank - its fixed amount (in slabs) and not a percentage.

 

[Sushubh]

1% for partner merchants. who are likely to get cheque books and atm cards once the payment bank is officially launched based on rumors in the market. which means that they would eventually get alternative and free options to access their money deposited with Paytm. for consumers... 1% is i guess reasonable considering regular users are likely to keep funds in their paytm account for daily need transactions. remains to be seen if payment bank accounts would be available to regular customers... i really have no clue about what sort of featureset is established for these half-banks.

i personally love the fact that i can transfer Rs. 1 using paytm without worrying about any charges. i remember yes bank charged me rs. 5 for a rs. 1 imps transaction i did for testing with a friend.

 

[amish]

Here is the link to rule I was talking about
https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=26840

But I am not sure if it will apply to Paytm.

I assume Paytm will transfer money via NEFT

So maximum they will have to pay for non-KYC account is 2.5Rs+tax.

But they will charge 100Rs to user for that! (1% of 10000Rs - non-KYC limit)

 

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[Sushubh]

right. an upper limit would have been great. 4% of Rs. 10,000 is Rs. 400. Non KYC accounts.

 

[amish]

4%? Link title says 1%

4% was earlier for non-KYC account.

now its 1% for everyone

 

[Sushubh]

1% is for KYC customers. 4% is for non-KYC. I mention both in thread's title.

never mind. they have reduced charges for non kyc from 4% to 1%. i got confused.

 

[Sushubh]

UPDATE: Now Transfer Money from Paytm to your Bank Account at 0%

0% for KYC Merchant accounts till year end.