Paytm has these '5 reasons' for you to complete your KYC

NEW DELHI: As part of RBI’s new guidelines, all the e-wallets have to make sure that customers undergo complete KYC process for an uninterrupted experience. After completion of the process, users can enjoy simpler and safer money transfer. Following the guidelines, Paytm is also asking its users to complete the process of KYC and is also giving extra benefits to the users who will compete process.

The Paytm users who have completed the full KYC process can enjoy various benefits given below:

1. Users will be allowed to store up to Rs 1 lakh in the Paytm wallet.
2. Paytm users will also be able to transfer up to Rs 1 lakh to another Paytm user
3. Users will also be allowed to transfer up to Rs 25,000 every month to their bank account
4. Paytm users with complete KYC will also be able to get a Paytm Payments Bank account for free in less than a minute.
5. Paytm will be giving cashback of Rs 200 to the users who have completed the process of KYC.

In order to do the KYC the users need to follow simple process

1. Tap on the KYC icon on your Paytm app
2. Enter your Aadhaar Number and name as it appears on your Aadhaar Card
3. Kindly enter the OTP received in your Aadhaar linked Paytm number
4. Cross-check your Aadhaar details to ensure its you
5. Enter some basic details such as your Marital Status, Father’s name, Mother’s name, etc. You are now an Aadhar KYC verified customer, and if you stop here, your KYC will be valid for one year, with ability to transfer to another Paytm wallet or a Bank Account. However, the total credit to your wallet will be restricted to INR 2 lacs per annum.
6. Navigate to your nearest KYC outlet, or enter your address for KYC verification at your doorstep
7. Your KYC details are verified.

To keep using your Paytm Wallet, you can simply update the document number of your Aadhaar, PAN , Passport, Voter ID, Driving License or NREGA to do your minimum KYC. This takes seconds, but comes with limited benefits and is valid for only 12 months – you can store up to Rs. 10,000 as your Paytm balance, and make payments at merchant outlets.