Get your Paytm KYC done, store up to Rs. 1 Lakh and avail other benefits
New RBI guidelines on pre-paid wallet instruments dated 11th Oct 2017 mandate all pre-paid wallet providers (like Paytm) to get Know Your Customer (KYC) done for their users. This a great step as it will help prevent identity theft, fraud and money laundering and make financial systems safer.
Key points from the guidelines
1. New users are required to provide Minimum KYC details during signup. Customers can become a Minimum-KYC customer by providing their Officially Valid Document ID number (e.g. Aadhaar, PAN etc). This will enable them to keep using their account. However, as a Minimum KYC customer, they will still not be able to send money other wallets or bank account, or keep more than Rs. 10,000 in your wallet.
2. Within 12 months of furnishing minimum KYC details, all users need to get full KYC done.
Benefits of Paytm’s full KYC process
The Paytm full KYC process is easy, secure and free. It is instant, paperless and verifies biometric details using Aadhaar. On a daily basis, lakhs of people place trust in Paytm full KYC process and enjoy benefits mentioned below:
Higher wallet limit and unlimited spend capacity: Full KYC-verified Paytm user enjoys a wallet balance limit of Rs.1 lakh with unlimited monthly spending. On the other hand, a min KYC verified Paytm user will have a wallet balance limit of Rs. 10,000 and monthly spending limit of Rs. 10,000.
Seamless transfer of funds: Full KYC-verified Paytm users can seamlessly transfer money to other wallets and bank accounts. According to the RBI’s latest guidelines, min-KYC wallet users would not be allowed to send money to each other or transfer money to any bank account
Open Paytm Payments Bank account in 2 minutes through our app: Only a full KYC-verified Paytm user can open a savings account with the newly launched Paytm Payments Bank and earn interest on their savings. Paytm payments bank account comes with many benefits like zero minimum balance, zero digital transaction charges, free virtual debit card, digital passbook and many more.
Special offers: Paytm runs exclusive offers for full KYC customers from time to time
How to do Paytm full KYC?
1. Raise a request on app here
2. Visit your nearby KYC center
- Tap on the Side Menu (Hamburger Menu) and click on “Nearby””
· On next screen, tap on “Complete Your KYC” to find our KYC centers in proximity of your location
· Visit any center with your Aadhaar number and PAN and get your full KYC done instantly
Things to keep in mind to get the most out of your Paytm full KYC experience
· Check for the Golden Gate app — Please look for the Golden Gate icon app on the agent’s phone while getting your Paytm full KYC done. Golden Gate app is the only means of doing your Paytm full KYC
· For Paytm full KYC, do not share the 6 digit Paytm code or identity-proof documents on WhatsApp/e-mail — Paytm full KYC mandates an in-person meeting with an authorized agent and capturing of user details through Golden Gate app
· Paytm Full KYC is, was and will always be free.
What if I don’t do my KYC?
As per RBI guidelines, wallets of non-KYC verified customers will be restricted to the following:
· You will not be able to add money into your Paytm Wallet unless you are a Minimum KYC* customer
· You will not be able to send money to friends and family, either in wallets or in bank accounts
· You will not be eligible for any offers applicable to our KYC customers
* Minimum KYC: You can also become a Minimum KYC customer by providing your Officially Valid Document ID number (e.g. Aadhaar, PAN etc). This will enable you to keep using your account. However, as a Minimum KYC customer, you will still not be able to send money to other wallets or bank accounts, or keep more than Rs. 10,000 in your wallet. Upon initiating the KYC process from Paytm app, you are asked to provide your Name and Officially Valid Document ID. Upon submitting these, you will become a Minimum KYC customer.