How to send money to yourself using Paytm
What's the story
As one of India's leading digital payments platforms, Paytm provides a seamless way to transfer money between your own bank accounts.
The feature, called Self-Account Transfer, can be used within the same bank via a UPI app.
It allows you to move funds from your savings account to the current account or between different savings accounts without any additional charges or delays.
Initial setup
Setting up UPI account for self-account transfer
To use Self-Account Transfer feature on Paytm, users first have to set-up their UPI account within the app. This means linking at least one bank account for transactions.
If you want to transfer funds between multiple accounts, all the relevant bank accounts have to be linked to your Paytm app.
Once done, you can transfer money between your own bank accounts using Paytm's user-friendly interface.
Transfer process
Step-by-step guide to transfer money between bank accounts
The first step in the transfer process is opening the Paytm app and logging in. Users then head over to 'To Self A/C' to initiate the transfer.
A new screen will show all linked bank accounts, letting users choose their preferred account for transferring money.
After entering the amount and clicking on 'Proceed Securely,' users choose the bank account from which money will be deducted, review details, and click 'Pay.'
The transaction is authorized by entering a UPI PIN.
Transaction confirmation
Paytm provides transaction details for user records
Once the transaction is done, Paytm sends a notification with the transaction date, time, and UPI reference ID for record-keeping.
This feature adds transparency and makes it easier for users to keep a track of their transactions.
Apart from transferring money between their own accounts, users can also check their account balance and transaction history at any time within the app.