Paytm Payments Bank IFSC or Indian Financial System is an 11-digit code, which is a combination of alphabets and numerals. Paytm Payments Bank is India’s only mobile-first bank with zero balance- zero digital transaction charge accounts. Paytm Payments Bank IFSC Code is used to transfer funds and make payments to any bank across India. The use of the IFSC Code is mandatory in the online fund transfer using NEFT or IMPS.
Paytm Payments Bank IFSC Code: Format
In the 11-character IFSC Code, the first 4 characters indicate the bank code, the 5th code is a ‘0’ and the last 6 characters signify the branch code. Below given (PYTM0123456) is an example of the IFSC Code of Paytm Payments Bank, Noida, Uttar Pradesh.
|Paytm Payments Bank Code||Zero||Paytm Payments Bank’s Branch Code|
Here, the first 4 characters ‘PYTM’ represent the bank code, the 5th character is a ‘0’ and the last 6 characters ‘123456’ represent the branch code of Noida, Uttar Pradesh.
How to find the Paytm Payments Bank IFSC Code?
The use of IFSC Code is crucial in facilitating online transactions from one bank account to another. The users can opt for any of the below-mentioned ways to find the IFSC Code:
- IFSC Code search tool by Paisabazaar: The users can visit the Paisabazaar IFSC Code Search Tool page to know about the IFSC Code. The user will be required to follow the below-mentioned steps:
- Select ‘Paytm Payments Bank’ under ‘Bank’ head
- Select the state, city and then the branch name
- The IFSC code will be displayed on the right-hand side of the page
- Paytm Payments’ Bank official website: The users can also look for the IFSC Code on the official website of the Paytm Payments Bank.
- The Reserve Bank of India (RBI): RBI also provides the list of IFSC Codes of all banks in India and their respective branches.
What is the significance of Paytm Payments Bank IFSC Code?
- The user can easily transfer money online using the IFSC Code. It is therefore a rather convenient and eco-friendly option
- All the online transactions including bill payments can be processed using the IFSC Code
- The code uniquely identifies a specific bank branch, hence helping customers to avoid any possible mistakes during the online fund transfer process
Online Funds Transfer using Paytm Payments Bank IFSC Code
The user can transfer from the Paytm Payments Bank easily and hassle-free by following the below-listed steps:
- Login into the Paytm App.
- Go to the “Bank” section given in the footer.
- In the newly opened page, click on the “Money Transfer” option.
- Enter the beneficiary’s account number, IFSC Code and beneficiary’s name and proceed further.
- Enter the amount to be transferred and click on “Proceed”.
- Authorize the transaction by entering the 4-digit passcode.
- Click on “Submit” to complete the transaction.
Timings for Money Transfer:
- Fund transfer of up to Rs.10 lakh to accounts in Paytm Payments Bank are instant and can be accessed 24x7 (including Sundays and bank holidays)
- Fund transfer of up to Rs.2 lakh to other bank accounts are done via IMPS (Immediate Payment Service) and can be done 24x7 (including Sundays and bank holidays)
- For transfers greater than Rs.2 lakh and up to Rs.10 lakh to other bank accounts can be done via NEFT (National Electronic Funds Transfer System). The beneficiary bank can take up to 2 hours to credit the money in the receiver’s account. The payments via NEFT are settled in batches scheduled at every 30 minutes
|Description||National Electronic Funds Transfer is a nation wide funds transfer system||IMPS is an instant real-time interbank electronic fund transfer service|
|Maximum Transfer Limit||Rs.10 lakh||Rs.2 lakh|
|Operational Timings||Available 24 x 7 throughout the year||Available 24 hours a day, 7 days a week (including Sundays & bank holidays)|
About Paytm Payments Bank
Payments Banks are a new set of differentiated banks introduced by the Reserve Bank of India (RBI), with the motive of extending deposit and payment services to many unbanked and underbanked Indians. Paytm Payments Bank is India’s first bank with zero charges on online transactions and facilities like no minimum balance requirement and free virtual debit card.