Paytm Money Review 2023

Any Paytm Money user can change default bank account online. Paytm money allows customers to change the primary bank account and add a new bank account as default bank through the below steps;

1. Log in to the Paytm Money App.
2. Go to your “Profile” option.
3. Now go to the “Bank Account” setting option.
4. Here, all the bank account registered on the Paytm Money App will be displayed.
5. Click the bank of your choice to set it as a “Default bank” and confirm it.
6. Once details are verified, your primary bank account will be successfully changed. Now, all the fund transfer request (deposit and withdrawal) will be processed in a new bank account only.

Beginners do not have good trading knowledge and their key requirement is to trade at the lowest brokerage charges and in this regard, Paytm is the best broker. It is because the broker offers trading at just Rs. 20 per order flat brokerage on intraday, delivery, and equity derivative trading. Further, it is the best broker for beginners who want to invest in mutual funds because the brokerage firm offers direct mutual funds at zero brokerage fee and also offers mutual fund advisory services to assist people to invest in the best mutual fund scheme.

Paytm Money Stock Broking is absolutely free for investment in direct mutual funds across asset classes of 40 AMCs. However, the broker does not allow free investment in stocks as delivery, intraday, and equity F&O trading is charged at Rs 20/per order brokerage fee.

Yes, Paytm Money Limited, a subsidiary of Paytm is a SEBI-registered Investment Adviser under SEBI regulation 2013. Both the Paytm Money Web and Paytm Money Mobile app are the SEBI-registered platforms that assure its integrity, safety, and security.

Paytm Money offers the simplest and easy to use online trading platforms to its clients through Paytm Money App and web platform.

Steps to start online trading with Paytm Money:

1. Install the Paytm Money app on Android or iPhone.
2. Complete the digital KYC process and open Paytm account online.
3. Select your favorite stock or mutual fund and start online trading.

In March 2019, Paytm Money launched “Investment Packs” to provide a one-stop solution to meet investor's long-term goals. In this, the broker’s advisory team creates a bunch or portfolio of 3-5 mutual fund schemes that are suitable in line with the client’s risk profile and investment goal. There are two types of Paytm Money Investment Packs that are as follows;

1. Large Packs: Mutual Fund portfolio with a minimum investment amount of Rs. 5,000.
2. Mini Packs: Mutual Fund portfolio with a minimum investment amount of Rs. 2,000.

Any Paytm Money Trading Account holder can add or transfer funds using two different modes, mentioned as follows:

• Zero-cost UPI fund transfer process.
• Net banking based fund transfer process.

Paytm Money offers a free UPI-based fund transfer mechanism to add funds instantly to your trading.

Steps to transfer funds to Paytm Money account using UPI:

1. Login to your trading account on Paytm Money App or web.
2. Click on the “Funds” tab and then the “Add funds” option.
3. Now, select UPI as a preferred fund transfer mode.
4. Enter the amount and your UPI ID, mapped with the linked bank account.
5. Now, accept the fund transfer request received on the UPI app, and funds will be added instantly.

Customers can add money to their Paytm Money trading account using their net banking portal. The discount broker charges Rs. 10 payment gateway charges + applicable GST to transfer funds through the net banking process.

If you have enough margin available in your account, then you can convert intraday positions to delivery trade or vice-versa. Here is the process explained to convert intraday to delivery trade through Paytm Money;

1. Login to the Paytm Money Mobile App.
2. Click on the “Portfolio” tab and slide towards the “position” bar.
3. Click on your intraday position and tap on the “Convert” option.
4. Enter the quantity (no. of shares) you want to convert.
5. Once done, MIS position will be converted into a delivery (CNC) trade.

Note: You can follow the same steps to convert CNC to MIS as well. Position conversion from intraday to carry forward (CNC) and carry forward to MIS is only allowed till 3:15 PM.

KYC (Know Your Customer) is a mandatory process to verify customers’ identities. Paytm Money offers a 100% paperless or digital account opening process by successfully registering KYC. If you want to trade and/or invest in stocks, derivatives, and IPO, then you must complete stock market KYC through its mobile app or trading website. The KYC registration process is fully digital, easy, and takes just a few minutes and once details are verified, your account will be Investment Ready (IR).

Steps to register stock market KYC on Paytm Money

1. Enter mobile no. or email and then OTP to successfully sign-up to the Paytm Money web or mobile app.
2. Provide PAN card details.
3. Add personal details i.e. name, address, and bank details.
4. Next, upload a scanned copy of your photograph.
5. Now, take a few second video of yours with a clear picture to complete the in-person verification process.
6. Upload documents like PAN card, aadhar card, and bank proof to verify your personal details.
7. E-sign the KYC form digitally.
8. Once all the entered details are verified by the Paytm Money representatives, your trading account will be opened instantly.

Yes, Paytm Money is a safe for trading and for investment due to following reasons;

• No proprietary trading and margin funding services.
• Registered with market regulators SEBI, BSE, NSE and CDSL.
• Safe and secure mobile trading app, “Paytm App”.
• 2-Factor Authentication
• Data Privacy & Protection Bank-level security protects
• Fingerprint & Pin-protected App

Paytm Money is one of India’s fastest growing discount brokers that is offering trading and investment in stocks, futures & options, mutual funds, and NPS retirement funds. Traders and Investors can choose broker on various reasons;

• Zero brokerage investment in stocks.
• Lowest intraday and F&O trading brokerage of just Rs. 10 per order.
• Investment in Direct mutual funds for Free.
• Safe and secure trading platform; Paytm Money App and Web.
• Free Demat AMC account at zero AMC charges.
• 100% paperless account opening process.
• Transparent brokerage model with no hidden charges.

Paytm Money Securities is the best online stockbroker for mutual fund investment due to below reasons;

• Fully digital mutual fund KYC for paperless MF investment.
• Offers direct mutual funds of 40+ top AMCs.
• Zero brokerage, commission, or subscription fee.
• No DP charges on Mutual Fund Redemption.
• MF investment through Paytm Money App and web.
• Track all your mutual fund holdings at one place.
• 1-Click switch external investment in regular plans into direct MFs at zero charges.
• Get mutual fund advisory services to select the best scheme for investment.

The position gives a summary of all the executed trade orders. For instance, if you have bought a share today, then it will be shown under the “position” section under the “Portfolio” tab. However, stocks purchased today will be shown in the “Holdings” tab from the next trading day.

Balance used shows the amount used by a user for all the trade orders placed through Paytm Money App or web. It includes the amount of all the orders executed as well as the blocked amount for pending orders.

Ledger statement represents the complete details of all the fund transfer transactions including deposits (payins) and withdrawal (payouts) processed for a particular period. Every day, the ledger gets updated at 10:30 to 11:00 PM. Customers can download the ledger statement from the Paytm Money mobile app or web platform through the below steps;

1. Log in to your Paytm Money Account.
2. Go to the “Statements” tab and click on the “Ledger Statement”.
3. The ledger statement will be downloaded and now you can check all debitable and creditable amounts.

You can check the details of the complete charges in the contract note shows available on the Paytm Money app and website. The contract note shows the complete breakdown of all the charges including brokerage, exchange transaction fee, security transaction charges (STT), GST, Stamp duty, and others.

Unrealized P& L indicates all profits and losses resulting from an increase or decrease in value of the investment, but that is not yet booked means P&L that exists on paper and shares are not yet sold by the user.

As per the market regulator SEBI, each broker has a mandatory obligation to do the funds and securities settlement every quarter and send the retention statement to the client. Under the quarterly settlement process, all the fund balance in the Paytm Money Trading account is credited back to the customer’s bank account.

Paytm Money allows customers to add a maximum of 5 bank accounts that can be linked to the Paytm Money Trading account. Customers can add or withdraw funds through any of these 5 accounts. The broker supports instant bank account verification via IMPS penny drop verification wherein Paytm Money transfers Rs. 1 instantly to your bank account.