PhonePe wallet is monitored by the RBI and after RBI Guidelines it is necessary to complete the PhonePe KYC. Completing the KYC will not harm us in any manner although it will give us some additional benefits for being a verified user by completing the KYC.
Pro Tip: You can also read our step by step guide on Sell PhonePe Gold- Everything You Need To Know and PhonePe ATM | How To Withdraw Cash From PhonePe ATM
What Is KYC
KYC stands for Know Your Customer. The aim of doing KYC is to prevent banks from being used unintentionally or for the wrong purpose. So it is necessary to complete our PhonePe KYC to use various features of PhonePe.
PhonePe is going to start doorstep KYC verification(offline KYC) for their users just like Paytm KYC center, now we will see PhonePe KYC center near me after some time. The deadline for completing the full KYC for Digital wallets users like Paytm, PhonePe, etc is extended by 6 months from February to the end of August 2019.
You can also watch this video to complete the KYC.
Step By Step Guide To Complete PhonePe KYC
As of now, there are several steps needed to complete PhonePe KYC. It is a completely online process and will activate in a minute. As of now, there is no KYC center available, you can complete your KYC while sitting at your home, office. No need to pay any charges for completing your KYC. Here is our step-by-step guide to completing PhonePe KYC online.
Step 2: After that, you will see an option named my money, click on it.
Step 3: After this, you need to tap on the PhonePe wallet under the wallets/ gift vouchers.
Step 4: After that, you can see that there will be a pop-up that says that complete your KYC tap on Continue.
Step 5: Now you can see there will be some information regarding KYC. read this and proceed to the next step.
Step 6: Select the documents which you want to enter. There will be various ID proofs which you can select and enter the details of that ID Card.
Step 7: Now you can see your KYC is successfully completed after providing your basic details.
List Of Documents Required To Complete PhonePe E KYC
There are some standards documents or id proofs that are valid for completing the KYC whether it is Online KYC or Offline KYC.
PhonePe KYC Benefits
There are lots of benefits to completing KYC. You can check out here all the benefits of e-KYC.
- By completing the minimum KYC you will get a monthly limit of ₹10,000.
- You will be able to Withdraw Money From PhonePe Wallet to your Bank Account.
- Increase payment limits to the merchant.
- You can increase limits for Top-up(add money in PhonePe), Purchase, and withdraw wallet balance.
- You will get all the benefits of KYC users.
PhonePe Transfer Limit
The PhonePe app supports various payment methods so the minimum and maximum limits are different for each payment method.
- UPI Transactions: The UPI limit is the same as the limit of UPI transactions.
- Wallet To Wallet: You can send Rs 10,000 in a single transaction while your monthly top-up limit is Rs 10,000.
- Debit/Credit: Same limit according to bank/card norms.
- Balance Withdrawal: You can withdraw a maximum of Rs 5000 per month (If PhonePe KYC is completed or not).
FAQ (Frequently Asked Questions)
Yes, as per the guidelines of RBI (Reserve Bank Of India) all customers of any digital wallet needs to complete their KYC to use their features properly. Also, PhonePe is going to start doorstep KYC verification for their users just like Paytm KYC center. You can opt for doorstep KYC verification(physical KYC) for completing the PhonePe KYC.
You can send money to anyone from PhonePe directly to their bank account. Basically, there are two ways from which you can receive money on PhonePe from someone directly into your bank account.
1. From your mobile number
2. From PhonePe VPA(Virtual Payment Address)
3. From PhonePe QR Code
No, you cannot transfer PhonePe cashback to your bank account directly. But there is an alternate way from which we can do this.
Firstly you need to buy gold from your cashback or wallet balance.
Secondly, you need to sell that gold by the above-described methods. After selling the gold your cashback will be credited to your bank account.
Note: There will be some loss of your money. This is due to the buying rate of gold being higher than the selling rate. Approximate you will lose Rs 4 for selling the gold amount of Rs 100.