Paytm Money will allow Mutual Fund Investments from Banks that support Third-Party Verification.2 min read

February 12, 2020
Third Party Verification

Paytm Money will allow Mutual Fund Investments from Banks that support Third-Party Verification.2 min read

At Paytm Money, we have always followed best in class practices when it comes to ensuring the safety and security of your investments, data, and information. While we strive to build a great investing experience for you and make investing accessible to millions of Indians, we also understand that Mutual Funds investing is an ever-evolving domain where new changes come every now and then that are driven towards ensuring that investors’ interest & investments are always protected from possible misuse or fraud. 

Paytm Money currently supports investments from 200+ bank accounts. Our users can link up to 5 bank accounts to their Paytm Money account and invest from any of these after they are verified (either digitally using penny drop or using the good old method of cheque/statement based proof). 

In our recent discussions with SEBI, AMCs, and RTAs – it has been proposed that investments will be allowed only from Bank Accounts that can be independently verified by the AMCs & RTAs; as a result of this, we have decided to discontinue support for many bank accounts for investments on Paytm Money as the AMCs / RTAs will reject investments that they are not able to verify independently. 

Basis of this, investments in Mutual Funds will be accepted on Paytm Money only when they are made through any of the following bank accounts:

  1. Allahabad Bank
  2. Andhra Bank
  3. AU Small Finance Bank
  4. Axis Bank
  5. Bandhan Bank
  6. Bank of Baroda
  7. Bank of India
  8. Bank of Maharashtra
  9. Canara Bank
  10. Catholic Syrian Bank
  11. Central Bank of India
  12. City Union Bank
  13. Corporation Bank
  14. Dena Bank
  15. Dhanalaxmi Bank
  16. HDFC Bank
  17. ICICI Bank
  18. IDBI Bank
  19. IDFC Bank
  20. Indian Bank
  21. Indian Overseas Bank
  22. Indusind Bank
  23. Karnataka Bank
  24. Karur Vysya Bank Limited
  25. Kotak Mahindra Bank
  26. Lakshmi Vilas Bank Retail
  27. Oriental Bank of Commerce
  28. Paytm Payments Bank
  29. Punjab National Bank
  30. RBL Bank
  31. South Indian Bank
  32. Standard Chartered Bank
  33. State Bank of India
  34. Syndicate Bank
  35. Union Bank of India
  36. Yes Bank

We are actively engaged with all leading AMCs & RTAs to ensure that this transition is smooth. While there is no deadline for this change at this moment, we request all users who are investing from any bank that is not in the list mentioned above to add a new bank account.

 Important Note: These proposed changes not just affect users investing in mutual funds on Paytm Money, but across all channels & platforms – including AMCs, online, offline or through any other channel.