{"id":4666,"date":"2023-10-14T09:29:07","date_gmt":"2023-10-14T09:29:07","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=4666"},"modified":"2024-10-15T10:14:45","modified_gmt":"2024-10-15T10:14:45","slug":"transact-faster-safer-and-easier-on-paytm-money","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/transact-faster-safer-and-easier-on-paytm-money\/","title":{"rendered":"Transact Faster, Safer, and Easier on Paytm Money"},"content":{"rendered":"

Sometimes we love the supporting actors more than the heroes themselves, Don\u2019t we?<\/span><\/p>\n

In today\u2019s era where UPI is our hero Product in the Payments world, Bank Transfer via VAN (Virtual Account Number)\u00a0 still continues to be more reliable and projects a higher success rate.<\/span><\/p>\n

What is Bank Transfer via VAN and why is it a recommended payment method?<\/strong><\/h3>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

Fun fact: Your VAN is always your mobile number, prefixed with PPSL2233!
\nAnd IFSC code is: UTIB0CCH274
\nWe didn\u2019t want you to memorize yet another bank\u00a0account\u00a0number!<\/p>\n

How can you enable and start transacting via Bank Transfer?<\/b><\/h3>\n

Step 1:<\/strong> Navigate to the Equity Profile section -> Select Bank Transfer(NEFT) details in the \u2018My Account\u2019 sub-section.\u00a0<\/span><\/p>\n

\"\"
\nStep 2:<\/strong> Click on the CTA – <\/span>\u2018Enable Bank Transfer\u2019<\/span><\/i>.<\/span><\/p>\n

\"\"<\/p>\n

Step 3:<\/strong> Once enabled, add the combination of generated Virtual Account Number(VAN) and IFSC as a beneficiary (Payee) in your internet banking portal\/app.<\/span>
\n\"\"<\/span>Step 4:<\/strong> Once approved via your bank, you can start your transactions immediately*. <\/span>
\n<\/span>*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.<\/span><\/i>
\n<\/span><\/p>\n

Note:<\/strong> Use the accounts that are verified on PML to transfer the funds.<\/span><\/p>\n

Benefits of using Bank Transfer via VAN(Virtual Account Number):<\/b>
\n<\/span><\/h3>\n