Paytm has launched a new feature on Paytm app. The feature will let customers sending money from users’ bank accounts to any other bank account for free. That said, users would be able to transfer money from his/her bank account to others, without paying the extra charge/processing fee. However, for the purpose, users would have to link their bank account with Paytm.
Launching #BanktoBank Transfer on Paytm App! Link your Bank Account on Paytm and send money from your Bank Account to any Bank Account for FREE!
— Paytm (@Paytm) May 2, 2018
The existing system levies a small amount of money from users, while they perform internet banking. The country’s largest bank SBI charges its customers for NEFT transaction in the following way. On an average, the internet banking would cost you INR 1 plus GST, for amounts up to INR 10,000. Up to 1 lakh, it becomes INR 2 plus GST. Up to 2 Lakh, you would be charged INR 3 plus GST. For any amount, which exceeds INR 3 Lakh, you would be required to pay an amount of INR 5 plus GST.