PhonePe is a versatile mobile payment app that supports UPI functionality, and you can add multiple bank accounts. It is one of the most used apps in India for bill payments, fund transfers, and many more. But sometimes users also use this app for self-account transfer, so if you do not know, this article is for you.
To use the PhonePe app, you must verify your registered mobile number, which should be linked to your Aadhaar and bank account.
Once you have verified your mobile number, you must link your bank account for transactions in PhonePe. To send money to someone or receive it, we have to link a bank account, similarly for self-transfer, we need to link two bank accounts.
Therefore, you need to link two or more bank accounts with PhonePe, and adding a bank account to PhonePe is very easy, but if you don’t know how to add a bank account to PhonePe, check here.
Not only can you transfer but also pay utility bills like electricity, mobile recharge, DTH, credit card bills, education fees, etc. So, if you have no idea how PhonePe self-account transfer works, this article will help you.
What is PhonePe Self Account Transfer?
PhonePe self-account transfer is a feature where you can transfer money from one bank account to other bank account. So, first, you need to link your bank accounts with the PhonePe app. Once the bank account is linked, you will then need to create a UPI PIN to complete the transaction.
Steps for Self-account Transfer in PhonePe
PhonePe Self-Account Transfer is a transfer of funds from one of your bank accounts to another. Make sure you have linked at least two of your bank accounts to PhonePe. Also, it will be displayed after the link.
Following are the steps to transfer from one bank account to another bank account in PhonePe:
Step 1: Open your PhonePe app, and tap “To Self-Account“.
Step 2: You will find your linked bank account on the next screen. Select the bank account where you want to send money. Here, we have selected the HDFC Bank Account, but, it may be other banks for you.
Step 3: Enter the amount you want to send to your (HDFC) bank account. Tap on “Proceed to Pay“. The amount will be debited from the “Union Bank of India”.
See also – Remove bank accounts from PhonePe
Step 4: On the next screen, the total payable amount will be displayed; tap on “Pay“.
Step 5: Enter UPI PIN and submit. The amount will be transferred from the Union Bank of India to the HDFC bank account.
See also – Add multiple accounts in Phonepe
FAQs
A: You need to add more than one bank account in Phonepe. Select “To self Account“, and choose the bank account to which you want to transfer. Enter the amount and tap on proceed to pay. Enter your UPI PIN and submit.
A: Yes, you can add multiple bank accounts in PhonePe. Because the Unified Payments Interface (UPI) supports multiple bank accounts in a single application.
A: The daily self-transfer limit is Rs 100000/- per day in PhonePe. But, it does not depend on PhonePe; it depends on the bank. The per-day limit for UPI transfers may vary from bank to bank.
Conclusion
PhonePe Self Account Transfer is an excellent option for users. Here, users do not need to use other payment apps, net banking, or mobile banking services. In addition, the PhonePe self-transfer feature works very fast, and transfers are done instantly without any error. Your SIM card, i.e. phone number, should be verified with your bank account and smartphone.
