How To?

How to Link Your Bank Account on PhonePe

Personal Finance

PhonePe is a digital payment and finance tech company started in India. It is a safe and secure online money transaction application, and its demand is increasing daily among the public. This is because of the ease with which it can be used. The application helps transfer money to a vendor or a second person without much hassle, unlike bank transfers or credit and debit cards. All one has to do is type the amount to be paid, followed by the PIN of their account. This app helps with everyday transactions, paying bills, data cards, recharging money, DTH, etc.; this can be enabled by linking the Bank Account on PhonePe, which creates a Unified Payment Interface (UPI). More than one bank account can be linked for the sake of convenience. An additional recharge on your wallet is unnecessary, as all the money from the bank account will be directly transferred.

Is PhonePe secure?

PhonePe is an end-to-end application needing no third party. This Vouch for the security and safety of the app. Also, the UPI generated is unique for every single bank account. Thus, it cannot be forged or duplicated without the user’s permission.

Here is an easy guide on how to link the bank account to the PhonePe app:

  1. Download the app Play Store for android or Apple store, in case of an iPhone user.
  2. Open the app and verify the phone number
  3. Enter the required details such as name, email, and address.
  4. Set a password or activate a fingerprint for safety purposes.
  5. Go to My Money Page
  6. Select the bank with which the account is active.
  7. The app will fetch all the necessary details and initiates creating a PhonePe account.
  8. Feed all the necessary details as asked, such as the last sex digits of the ATM card and the expiry date.  Now, an OTP will be sent to the registered mobile. Using this, a new UPI pin can be created
  9. Now, a successful Bank Account on PhonePe has been created.

Can the account be revived upon forgetting the PIN?

Yes, an account can be revived or restored by resetting a new PIN. The app will prompt the user to reset the password by tapping on the forgot password feature. An OTP will be sent via SMS or another enabled permission upon entering the registered mobile number. This OTP will be auto-fetched, and now one can set a new PIN.

Does PhonePe allow investment options?

Many investment applications have tie-ups with mobile wallets to unlock easy investment modes for users’ comfort. As a money transaction app, PhonePe allows funding and investing in mutual funds enabling the user to create a robust investment portfolio. Link the Bank account on PhonePe and proceed with the investment journey. Here is a list of funds one can invest using PhonePe

  • Tax saving funds – It is the kind of fund where the money is collected from many investors and invested in an equity market
  • Liquid funds – These funds are debt funds invested in assets such as certificates of deposit, government securities, treasury bills, etc.,
  • Equity funds – Also known as stock funds. Investing assets in different companies after going through the various objectives and finding the best option.
  • Debt funds – These are also called bond funds. It is a mutual scheme where the investments are based on government and corporate bonds
  • Super funds- These are long-term investments. Typically starts when an employee joins the work where a small part of their money will be allotted for super funds.
  • Hybrid funds – These are the kind of funds where a mix of different funds is used to invest, hoping it reduces the risk involved.
  • Gold and silver investment – By connecting the Bank Account on PhonePe, it is safe to invest in gold and silver. 

Does PhonePe allow multiple Bank account access?

This user-friendly app allows users to link more than one account to smoothly send and receive money between two people or organisations. 

  • Open the app. Tap on the My Money page
  • Click on the bank accounts under payment methods.
  • Now, tap on ‘Add new bank account’ and proceed to fill in the requirements for another bank

What is the Transaction limit for PhonePe?

The app allows a maximum of Rs. 1 lakh per day. A user can make about 20 transactions per day. These transaction limits are enabled so that the user does not put themselves in fraud situations. 

What makes PhonePe stand out among other online transaction apps?

This is one of the famous Indian digital wallets. The features are similar to other wallets but better than their rivals. It has fewer technical glitches, safe from cybercriminals, and the details provided by the customers are kept secure. By linking one’s Bank Account on PhonePe they are up for credible and trustworthy services. 

PhonePe has one standout feature in particular: transferring money between two bank accounts. And the app does not demand the card’s IFSC code, card details, etc.; this ease of use is to reach out the app to every Indian possible ranging from educated to uneducated.

Key features of PhonePe:

  • Safe and secure
  • Easy to use by anyone
  • Made paying bills and recharging your account considerably convenient
  • Do not demand recharging the wallet
  • Generous transaction limit
  • Available in multiple Indian languages 
  • You can open numerous Bank Accounts on PhonePe.
  • Popular among Indians of all classes indicating easy transactions.


The use of mobile wallets has become inevitable with every passing day. In such a case, linking one’s Bank Accounts on PhonePe and adopting this application is wise. The article covered everything there is to know about PhonePe but to get more views on the same, reference the links given below. Piramal finances offer more insights into how one can perform smooth day-to-day transactions using PhonePe.