In the fight against COVID-19, India’s leading digital payments & financial services platform Paytm is aiming to contribute Rs. 500 Crores to PM CARES Fund. The company has been putting various efforts to encourage fellow Indians to join the cause and make a contribution to the PM CARES Fund. On the first payment through UPI linked bank account, Paytm will give a flat cashback of Rs. 50 to the user. The company has launched this initiative as a gesture to thank fellow Indians who have selflessly come forward to help the country during this crisis.
Users can simply go to UPI Money Transfer and link their bank accounts. Once linked, they can transfer money directly to any bank account free of charge on the Paytm App. They can also send any amount to PM CARES Fund by entering the UPI ID (pmcares@sbi) or the bank account details (A/C: 2121PM20202 & IFSC: SBIN0000691). If this is their first-ever Money Transfer on Paytm app, they will instantly get Rs 50 cashback in their bank accounts.
Amit Veer, Sr. Vice President – Paytm said, “Our fellow citizens have again proved that in the time of crisis, they do not think twice before lending a helping hand. We are overwhelmed by the response to our contribution drive. We are honored to do our duty to aid the government in all the relief measures being taken to fight the Corona pandemic.”
The PM CARES Fund is exempt under the Income Tax Act, 1961 under Section 10 and 139 for return purposes. Contributions towards PM-CARES are notified for 100 percent deduction from taxable income under section 80(G) of the Income Tax Act, 1961.