Paytm provides its customers with the function to perform KYC within the app at zero charges. A complete KYC by providing Aadhaar or PAN details on Paytm will unfold added benefits to its customers.
Step 1: Open the Paytm app.
Step 2: Click on the profile icon and head to profile settings.
Step 3: Tap to upgrade to full KYC.
- Also read: 3 Ways to check your FASTag account balance
Step 4: You can choose to update a video KYC or perform the task by visiting a nearby KYC store.
Step 5: Keep your Aadhaar card and PAN details handy, and enter the details as required.
Note that customers can access and activate Paytm Wallet only after completing minimum KYC requirements. At any point, Paytm allows users to transfer their wallet balance to a bank account. However, minimum KYC only provides partial access to the Paytm Wallet and is valid for 24 months.
Full KYC allows customers to maintain a wallet balance of up to ₹1 Lakh.
Step 6: Once the video verification is over and Paytm confirms your identity, it will make your profile KYC-verified and update your status.
A blue tick will appear beside your name when the KYC is complete.
Benefits
Other benefits of completing full KYC on Paytm include;
- No limits on spending from the wallet account;
- Users can transfer money to bank accounts and other Paytm wallet users; and
- Open a Paytm Payments Bank Savings account.
- Also read: How to create ABHA health account on Paytm