Have you done full or mini KYC (Know Your Customer) in Paytm?
Are you still searching for the best guide where you can get all the relevant and updated information about how to complete KYC in Paytm?
Then let me assure you that you are in the right place!
Related Article: Easy Step By Step(A to Z) Guide:How To Use Paytm Effectively.
In this article, I will provide step by step details about how to complete KYC in Paytm which you will not get anywhere on the web.
So bare with me for a few minutes and learn the tips and tricks about How to complete your KYC in Paytm.
Before going into details about how to complete KYC in Paytm, it is important for you to understand the difference between Full KYC and minimum KYC and why KYC is needed.
So let us understand the concept clearly.
Why Do We Need to Complete KYC
Paytm wallet which is issued by the Paytm is governed by RBI guidelines. According to these guidelines of RBI, it is mandatory to do minimum KYC which is valid for only 24 months. So minimum KYC is mandated for Paytm shopping, mobile recharges, etc.
But In order to avail of the full services such as Paytm wallet and Paytm Payment Bank beyond 24 months, full KYC is a must for all the Paytm users.
To complete full KYC, click Here.
Difference Between Paytm Full KYC and Minimum KYC
Any person who has signed to Paytm with their registered mobile number and has not submitted any valid document to the Paytm to upgrade their wallet is known as Non-Kyc Customer. Non KYC customers need to do minimum KYC to enjoy the basic features of Paytm.
These types of customers come under the category of minimum KYC.
What a Non KYC user cannot do
- As per the guidelines by Reserve Bank Of India (RBI), non KYC users can only add up to Rs 20,000/- in a month.
- A non KYC customer can only spend a limited amount of money.
- Moreover, there may be a delay in getting cashback, if anyone exceeds the monthly limit of Rs 20,000/-
- Will be limited only to online payment. Such as apps/websites.
- Cannot send money to a friend’s or family’s Paytm wallet.
- Will not be able to transfer money to a bank.
- Cannot keep the balance of Rs 1 Lakhs.
- Cannot open Paytm Payment Bank or saving accounts.
Who are KYC Users In Paytm
When a Non KYC user upgrades his/her Paytm account by providing their valid identity proof they become verified users in Paytm.
What KYC verified Customer Can Do Through Paytm:
Verified customers come under the category of full KYC customers. List of things a KYC varied user can do are:
- There is no spending limit.
- Can get special offers such as cashback.
- Eligible to open the Paytm Payments Bank account.
- Can keep the balance up to Rs one lakh.
- Will be able to transfer money from the wallet to their bank.
- Can easily send money to their friends and family.
I hope you have understood the basic difference between a non KYC user and a KYC verified user in Paytm and also what is minimum KYC and full KYC. Now we will know how you can become a Paytm Kyc customer.
How To Complete KYC In Paytm?
Given below is the list of details that you have to follow in order to become a Paytm KYC customer. It means full KYC in Paytm. Follow the given below steps and you will be able to know how to complete KYC in Paytm.
- STEP 1: Get your KYC (Know your customer) done with your valid identity and address proof.
- STEP 2: The required documents for identity and address proof are Passport, PAN card, Voter Id card, driving license, aadhar card, NREGA job card with valid photo. Any of the given documents can be submitted For Paytm KYC.
- STEP 3: For Paytm, savings account or Paytm Wallet initial deposit of Rs 200 is mandatory at the time of KYC or saving account opening.
- STEP 4: You can start the verification process in two ways. These are:
- Request a visit from a Paytm agent at your home or office.
- Verify documents at your nearest Paytm KYC center. Follow the link https://bit.ly/2RH0wE6 ย to start your KYC verification for Paytm.
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- Request a visit from a Paytm agent at your home or office.
How much Time Does Paytm take to Complete verification
Now, you must be wondering about how much does it take time to complete your KYC. Right?
Let me tell you if you do through the biometric route, then your KYC will be done instantly.
If you are verifying through a non-biometric route, it will take up to 2 working days to verify your documents and complete your KYC.
Conclusion on how to complete KYC in Paytm
So, the above-given steps are the valid steps of completing full KYC in Paytm. On the other hand, it is essential for you to know that when you will complete your KYC then the balance on your upgraded wallet cannot exceed more than Rs 1,00,000/-. Also, full KYC users, the monthly Paytm to Paytm (P2P) limit is 1 Lac whereas for Paytm to Bank (P2B) is rs 25,000/-.
