Paytm is one of the fastest ways to send or receive money digitally and one of the most convenient ones too as it allows you to process transactions as little as INR 1 up to 1,00,000. However, according to the company, new RBI guidelines have altered that general upper ceiling and now users can only send money up to INR 10,000 per month. If you want to send more than 10,000 bucks then you must add the recipient as a beneficiary in your account.
In this article, we will guide you how to add beneficiary on the Paytm app in few simple steps.
Also read: How to transfer money from Paytm to Google Pay and vice-versa?
How to add beneficiary on the Paytm app?
Open Paytm application on your mobile phone. Log in to your account and follow the steps below to add a beneficiary.
- Tap on the profile icon on the top left corner of the screen.
- Select Settings from the list of options on the next page.
- Then tap on Payment Settings.
- Select Manage Beneficiaries.
- Tap on Add New Beneficiary.
- You can add beneficiary to transfer money directly into the user’s bank account or their Paytm wallet.
- In case you want to send to the bank account, check Bank Account from the two options. Enter user’s bank details like Account Number, Account Holder’s Name, IFSC Code.
- Then tap on Add Beneficiary (refer to the screenshot below). You can send upto 25,000 per month to another user’s bank account.
- To send money to user’s Paytm wallet, tap on Paytm Wallet option. Enter Mobile Number of the user then tap Add Beneficiary (refer to the screenshot below). You can send upto 1,00,000 per month to another user’s Paytm wallet.
Also read: How to add money to your Paytm account?