Did you know you can change the primary bank account in PhonePe for various purposes?
The primary account is the account that is used to send and receive money in PhonePe by default. In simple words when you have added more than one bank account in PhonePe then you can select one bank accounts a primary bank account in which you will receive the payment.
However, you can switch from one bank account to another bank account in a simple way. Just stay here you will be going to know each and everything in this guide.
How To Set Primary Account In PhonePe
There is a quite simple way to change the primary account in PhonePe but there is a condition that you have at least two bank account added in your PhonePe account. So for this first, you need to Add Two Bank Account In PhonePe to change your primary account in PhonePe.
Step By Step Guide To Set Primary Account In PhonePe
There is only one way from which you can change your PhonePe primary accounts. By selecting the primary account your will credit and debit from your selected bank account which is the primary account by default. You can switch from one bank account to another bank account in an easy way.
Step 2: Now you have to tap on my money at the bottom of your screen.
Step 3: At this step, you have to tap on Bank Accounts under the Payment service to select your primary bank accounts from the available bank account which is linked with PhonePe.
Step 4: Now you can see the bank accounts which are already added to your PhonePe account. Simply you need to tap on checkbox to change your primary bank accounts. The checkbox will appear in green color for the primary bank accounts.
That’s it! Now you can change primary bank accounts in PhonePe from the above-described method. It’s an easy way to switch from one bank accounts to another for multiple purposes.
Note: A primary account is an account that is associated with your BHIM UPI Id.
FAQ (Frequently Asked Questions)
PhonePe is not charging a single amount transferring from your Wallet to your Bank account. However, there is a limit of transferring Rs 5000 per month.
There are two ways of sending money to the bank account.
1. Send money to your own bank account. One is from PhonePe wallet to bank account and the other is from one bank account to another bank account from PhonePe (in case of multiple bank accounts).
2. Send money to someone’s bank account.
No, PhonePe gives the cashback in the PhonePe wallet. And you can use that cashback for availing many services available in PhonePe.
The PhonePe wallet cashback cannot be withdrawn to your bank account. If you want to withdraw that cash back into your Bank account then you have to follow the below steps.
Buy gold from that cashback.
Sell Gold and receive money directly in your Bank Account.
You can make some profit from PhonePe gold by purchasing at a low price and when the price will be a hike you can sell that. You can see our guide to Buy PhonePe Gold and then sell PhonePe gold at higher rates to make some profit.
Pro Tip: Feature of PhonePe Gold