How to transfer PhonePe Wallet balance to bank account
PhonePe offers a variety of services, including a Wallet where users can load money for transactions such as recharges, bill payments, gold purchases, and payments to online and offline merchants. However, if you have a leftover balance in your PhonePe Wallet, you might wonder whether it's possible to transfer that money back to your bank account. The good news is that you can, but there are certain conditions to keep in mind before proceeding.
Full KYC users can withdraw their PhonePe wallet balance
As per RBI guidelines, minimum KYC users cannot transfer wallet balances to a bank account. However, you can use the balance for payments within the PhonePe app. You can typically complete minimum KYC online by providing your Aadhaar number and verifying it through OTP (one-time password). To enable withdrawals, you will have to complete your full KYC, which involves a video call verification as well as key documents such as PAN and Aadhaar.
Step-by-step guide to transfer PhonePe Wallet balance
To transfer money from your PhonePe Wallet to a bank account, follow these steps: Open the PhonePe app and tap on your profile picture on the home screen. Navigate to the Payment Methods section and select Top-up. Tap the Withdrawal tab displayed at the top of the screen. Drag and drop the wallet icon onto your linked bank account icon. Your wallet balance will be transferred to your primary linked bank account. However, cashback balances cannot be withdrawn.
