Now, transfer upto Rs 10 lakh from bank to bank by sitting at home, here's how

In today's time, no one wants to stand in long lines in banks or outside ATMs to transfer or withdraw money and hand it over personally to someone. Thankfully, we have the technology by our side where we can transfer the money in a jiffy sitting in the comfort of our homes. 

Earlier, huge amounts could not be transferred through an online transaction but now it can be done without wasting any time. Let us tell you how. 

A digital payment platform, Paytm, now offers this service where the users can 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 through these modes is limited to Rs 10,000 per month. However, Paytm also gives 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 just need to add a beneficiary and then you will be able to transfer large amounts. It is just like any other bank app where users first have to add the account details of the person to whom they want to transfer money.

How to add beneficiary and transfer money in Paytm:

- Open Paytm App and Tap on 'Send Money' to Bank A/C

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

- Scroll down and tap on Saved Accounts & Beneficiary Details

- Tap on Add New Beneficiary

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

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