Ready to Trade? Verify your Bank Account First3 min read
Rules are everywhere! And they come along with all the more restrictions!
While none of us enjoy being restricted in any way, it is critical to understand that when it comes to money, you must be extremely cautious!
When adding a bank account to your trading account with your broker, there are a few essential points to keep in mind:
- Active and Verified Account: Ensure that your bank account is active, non-dormant, and that its details are verified.
- Valid Account Number: Check that the account number is not invalid, frozen, or closed.
- PAN and Bank Account Match: As per SEBI regulations, the bank account added should belong to the same user whose PAN has been submitted during KYC.
- Avoid NRE/NRO/NRI Accounts: Do not add NRE/NRO/NRI bank accounts to your trading account.
- Exchange Regulations: Ensure that you understand that this addition of a bank account not only happens at Paytm Money but also at the Exchange, as it also undergoes scrutiny at the Exchange, and they reserve the right to reject accounts not complying with regulations.
In case Paytm Money Limited couldn’t verify your bank account, you can submit your bank account proof (Bank statement/Canceled cheque) with clear details such as account number, IFSC code, and the user’s name. The details are then internally verified and approved, adhering to regulations.
You may be wondering why you should consider adding multiple banks to your portfolio. Here are some of the advantages:
- Managing Funds with Ease: Paytm Money allows you to add up to five banks to your portfolio, making it convenient to manage your funds across different accounts.
- Flexibility in Transactions: You can payin and withdraw funds from any selected bank account in your portfolio, providing flexibility and better account management.
- Backup for Digital Transactions: In this digital age, relying on IT systems for banking transactions can sometimes lead to issues. Having multiple bank accounts acts as a backup, ensuring smooth transactions even if one account encounters a problem.
- Money Protection: Paytm Money notifies you via in-app and email notifications if your IFSC becomes inactive or the bank account details are no longer valid. This ensures your money is safe and avoids landing in the wrong hands.
Fun fact: The most common mistake when adding a bank account is having an ‘Invalid Account’. Be cautious when adding your bank account to your broker!!
Adding your bank account is simple – just input your account number and IFSC code, and Paytm Money will take care of the rest. Relax and let us verify and update the details across our systems, including the exchange and CDSL.
So, go ahead and add multiple banks to your portfolio for hassle-free and secure transactions with Paytm Money!
Disclaimer: Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for information purpose only and in no way to be considered as an advice or recommendation. Paytm Money Ltd SEBI Reg No. Broking – INZ000240532. NSE (90165), BSE(6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi – 110019. For complete Terms & Conditions and Disclaimers visit: https://www.paytmmoney.com.
Written by : Vinny Akkal | Product Manager – Paytm Money Ltd.