Product Updates

Transact Faster, Safer, and Easier on Paytm Money4 min read

October 14, 2023


Transact Faster, Safer, and Easier on Paytm Money4 min read

Sometimes we love the supporting actors more than the heroes themselves, Don’t we?

In today’s era where UPI is our hero Product in the Payments world, Bank Transfer via VAN (Virtual Account Number)  still continues to be more reliable and projects a higher success rate.

What is Bank Transfer via VAN and why is it a recommended payment method?

This is a product curated by PML exclusively for our users. Any amount transferred to your VAN via NEFT/IMPS/RTGS will be credited directly to your PML ledger and you can then utilize it further for trading.

Once you enable Bank Transfer from the PML App, your Virtual Account Number(VAN) is generated as a prerequisite. This VAN belongs to you and essentially acts as usual as the account number of any bank.

Fun fact: Your VAN is always your mobile number, prefixed with 112233!
And IFSC code is: PAYTM0123456
We didn’t want you to memorize yet another bank account number!

How can you enable and start transacting via Bank Transfer?

Step 1: Navigate to the Equity Profile section -> Select Bank Transfer(NEFT) details in the ‘My Account’ sub-section. 

Step 2: Click on the CTA – ‘Enable Bank Transfer’.

Step 3: Once enabled, add the combination of generated Virtual Account Number(VAN) and IFSC as a beneficiary (Payee) in your internet banking portal/PSP app(Paytm/ PhonePe/ GooglePay, etc.)
Step 4: Once approved via your bank, you can start your transactions immediately*.
*The beneficiary approval might take upto 24 hours, depending on your bank timelines. In addition to this, Banks have imposed a transfer limit on the first day for newly added beneficiaries, please refer to the same before initiating a Bank transfer within 24 hours.

Note: Use the accounts that are verified on PML to transfer the funds.

Benefits of using Bank Transfer via VAN(Virtual Account Number):

  • Unlike UPI, payment modes(NEFT/RTGS) offered by Bank transfer have no limit per transaction and can be initiated instantly.
  • Since this VAN belongs to you, which is your registered phone number, the risk is for incorrect transactions is reduced effectively. 
  • The funds are transferred directly via NPCI – hence we see an uptick in the success rates, reducing the dependency on other hops.
  • All the transactions made via Bank Transfer can be tracked via the Funds History section.

The time taken for the respective method along with the charges and limits of transfer is mentioned below:

Time taken Within 2 hours depending on your bank Within 2 hours depending on your bank 5-10 minutes during market hours
Charges Rs 10/- + 18% GST per transaction Rs 10/- + 18% GST per transaction Rs 10/- + 18% GST per transaction
Limits Min : 1/-

Max : No maximum limit

Min : 2,00,000/-

Max : No maximum limit

Min : ₹1/-

Max : ₹ 5,00,000/-

Funds will be transferred instantly* once received through the selected payment mode.
₹10 + 18% GST will be charged for each transfer. Bank charges may also apply.

Want to reduce the chances of payment failure? Here are some tips :

  • Fund transfers only from the PML-linked bank accounts will be accepted. You can also have more than one bank account linked to your PML account. Click here<> to view/add your linked bank accounts.
  • Only transfer funds to your own VAN bank account which has your mobile number as the bank account number.
  • We expect Fund transfers for more than the value of ₹1 only.
  • In case you do not see the funds reflected within 24 hours, you will need to send a soft copy of the bank statement with the bank account and transaction reference number visible, which shows a debit towards the PML account by creating a support ticket for the funds to reflect in your PML account.

Disclaimer : Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purposes only and in no way to be considered as an advice or recommendation. Paytm Money Ltd SEBI Reg No. Broking – INZ000240532, Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL – 12088800, NSE (90165), BSE (6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: