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Everything you need to know about interbank fund transfers is below:

Experience safe and smooth online fund transfers to any bank account from your Paytm Payments Bank savings account anytime, anywhere. Here are some key points you should know:

How to transfer funds from your Paytm Payments Bank account?

1. Tap on the "Funds Transfer" icon in the Banking section of the Paytm app.

2. Fill in the payee details or select the added payee from the list.

3. Enter the amount of the transfer and click "Continue". At this point, you will see the estimated time for the recipient bank to transfer the funds to the payee's account.

4. Use your password to authorise the transaction and you are done! Next, you will see the transaction confirmation page.

Transfer time:

1. Transfer of funds up to Rs. 10 lakhs to Paytm Payments Bank account is instantaneous and available 24 hours a day including Sundays and Public Holidays.

2. Transfers of funds up to Rs. 20,000 to other bank accounts are made through IMPS (Instant Payment Service), which is real-time and available 24 hours a day, including Sundays and public holidays.

3. Transfers to other bank accounts exceeding Rs. 20,000 and not exceeding Rs. 100,000 are made through NEFT (National Electronic Funds Transfer). It may take up to 2 hours for the receiving bank to transfer the funds to the payee's account.NEFT is available during bank working hours i.e. 8:00 a.m. to 6:30 p.m. and settlements are made every 30 minutes.

FAQ:

1. If the Payments Bank limit is Rs. 100,000, how can I transfer more than Rs. 100,000 in one go?

The limit of Rs. 100,000 is the limit of the end of day balance of the account. During the day, your bank account can hold an unlimited amount. At the end of each day, the portion of the account in excess of Rs 100,000 is transferred to a fixed deposit with our partner bank.

2. What is the maximum amount I can transfer from my savings account?

Savings account customers can transfer up to Rs 100,000 per day.

3. How much do I have to pay to transfer money from my savings account?

Transferring funds from Paytm Payments Bank savings account is free of cost. We do not charge users for transferring funds.

4. What happens if my transfers below Rs 20,000 are in pending status?

Transfers up to Rs. 20,000 are done through IMPS. If such transactions are pending, as per NPCI guidelines, the funds will be refunded or transferred to the recipient's account within 24 hours, otherwise our team will contact the recipient's bank. In such cases, the refund may take up to 3 days.

5. Why are transfers over Rs 20,000 not instant?

Transfers of more than Rs 20,000 crore are done through NEFT. In this mode, RBI makes settlements every 30 minutes. Normally, the receiving bank may take up to 2 hours.

6. Can I transfer more than Rs. 20,000 to an account other than Paytm Payments Bank on my official holiday?

No, it is not possible to transfer more than Rs. 20,000 to other bank accounts during public holidays as NEFT is not available during public holidays. However, a maximum of Rs 20,000 can be transferred per day through IMPS mode.

7. If my transfer of more than Rs 20,000 fails, how long do I have to wait for the funds to be returned to my savings account?

Transfers above Rs 20,000 are done using NEFT. The receiving bank is required to return the funds of the failed transaction within 2 hours. In some cases, the receiving bank may take up to 24 hours to return the funds.