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 of PhonePe by completing the KYC.
Note: You don’t need to visit anywhere to complete your KYC just like we need to visit the KYC Center Near Me to complete the Paytm KYC. There is no such PhonePe KYC near me or PhonePe KYC center near me.
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 are extended by 6 months from February to the end of August 2019.
Need Of KYC
As per the guidelines of RBI (Reserve Bank Of India) all customers of any wallet or bank who want to use for higher balance (Limit will increases) for sending money or for another purpose.
After completing the KYC, your KYC status will reflect in your PhonePe wallet instantly. You can also check your KYC Is Completed Or Not. Normally it will activated in a minute.
You can also watch this video to complete the KYC.
How 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. Just follow the below steps to see how one can complete PhonePe KYC online.
Step 1: First of all launch the PhonePe App on your phone. Ensure that you have logged into your PhonePe Wallet.
Step 2: Now tap on My Money.
Step 3: After that, you can see various wallets available. Tap on the PhonePe wallet.
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 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 complete KYC. You can check it 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 Bank Account.
- Increase payment limits to the merchant.
- You can increase limits for Top-up, Purchase and Withdraw.
- 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 KYC is Completed).
Although PhonePe is sending a push notification to all users whose KYC is going to expire. If your KYC will be expiring soon you will get a notification on your PhonePe Application about this.
It is a great initiative by PhonePe to aware of its customers about their KYC status. But the major problem is that you cannot complete the KYC again due to some problems. But KYC will be available soon for all of its users. Also, the doorstep KYC(offline KYC) will begin soon.
Note: There are no charges for doing PhonePeKYC. It is totally free of cost to complete the PhonePe KYC. Due to some reasons, PhonePe KYC is not live. We will update you once it has gone live.
As per The Economic Times, PhonePe CEO said that they will use their existing network of 8000 to complete the Physical KYC of PhonePe.
PhonePe KYC Update 2019
According to the latest updates by Reserve Bank of India (RBI) on 30 August 2019, the deadline for mobile wallets like Paytm, PhonePe, Amazon, etc to get KYC done for their wallet users increased by 29 February 2020. If the users will fail to complete the KYC then the central bank will block all the accounts.
The Previous deadline for completing the KYC is February 2019, but the date is extended to 31 August 2019 and again the date increased after the request by mobile wallet giants. But this time RBI has clarified that they will not be going to increase the date after this. So complete your KYC as soon as possible.
Also, PhonePe is going to start doorstep KYC(KYC at home) verification for their users just like Paytm KYC center. You can opt for doorstep KYC verification(physical KYC) for completing the PhonePe KYC or simply you can go through this to Complete PhonePe KYC.
FAQ (Frequently Asked Questions)
Can we send money from PhonePe to bank accounts?
PhonePe is a BHIM UPI based app to provide digital payments or cashless. PhonePe is a mobile wallet, we can use it for availing the available services. Some of the services are Send Money, Electricity Bill Payment, Water Bill Payment, Buy Gold, Sell Gold, Metro Recharge. There are two ways of sending money to the bank account.
- Send money to your own bank account.
- Send money to someone bank account.
Just follow the steps to send money from the PhonePe wallet to Bank Account.
How can I receive money through PhonePe?
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.
Can I transfer PhonePe cashback to bank account?
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 is higher than the selling rate. Approximate you will lose Rs 4 for selling the gold amount of Rs 100.