Want to transfer Rs 10 lakh? Here’s how to do it via Paytm

At a time when digital payments have become a new normal, everyone seems to be in a rat race when it comes to making the best use of technology.

If you also have to transfer a huge amount but you don't want to waste time by waiting in long lines of banks, then here’s a solution:

Paytm, a digital payment platform helps users instantly transfer money from their accounts or wallets to anyone. Paytm users can either transfer money from their wallet to one's bank account or they can do UPI-based transactions through BHIM UPI.

According to the RBI guidelines, the amount that can be transferred via digital payment method is limited to Rs 10,000 per month. However, Paytm is an exception as it allows users the option to transfer money by adding a beneficiary and thereby increasing the transfer limit from Rs 10,000 to Rs 10 lakh per month.

So, if you are a Paytm user and want to transfer a large amount, then you need to add a beneficiary to make a huge payment.

How to add beneficiary and transfer money in Paytm:

1. Open Paytm app and tap on Send Money to Bank A/C

2. Now, tap on your profile icon in the top right corner

3. Scroll down and click on Saved Accounts & Tap on Beneficiary Details

4. Tap on Add New Beneficiary

5. Now, select the bank account and enter the details like Account Number, Account Holder Name and IFSC Code and press the Add Beneficiary button at the bottom.

6. Now that you have added a new beneficiary, you can simply select the beneficiary and transfer the money.