{"id":4331,"date":"2023-05-29T11:06:30","date_gmt":"2023-05-29T11:06:30","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=4331"},"modified":"2023-05-29T11:24:54","modified_gmt":"2023-05-29T11:24:54","slug":"swift-payouts-keep-bank-details-updated","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/swift-payouts-keep-bank-details-updated\/","title":{"rendered":"Swift Payouts: Keep Your Bank Details Updated"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Are you someone who prioritizes financial management? Do you appreciate receiving payouts on time or even ahead of schedule? Well, you&#8217;re not alone!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Discover how you can enjoy these benefits from your broker by simply keeping your bank details up to date. But, before we get into the specifics, let&#8217;s first go over the various types of bank accounts you can add to your portfolio with your broker!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can add the following bank accounts:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Default bank account<\/b><span style=\"font-weight: 400;\"> &#8211; <span style=\"font-weight: 400;\">This is your Primary bank account which you have to add during the onboarding process with your broker.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Secondary bank account<\/b><span style=\"font-weight: 400;\"> &#8211; <span style=\"font-weight: 400;\">You can add up to a total of 5 banks with your broker, which translates to <\/span><i><span style=\"font-weight: 400;\">4 secondary banks and 1 default bank<\/span><\/i><span style=\"font-weight: 400;\">. You can then further transact from any of these banks.<\/span><\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Why is it crucial to keep your bank details updated at all times? Let&#8217;s delve deeper into the reasons:<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Seize Opportunities<\/b><span style=\"font-weight: 400;\">: <\/span><span style=\"font-weight: 400;\">When you&#8217;re trading and aiming to lock in a stock at a specific price, having updated bank details is invaluable.<\/span><i><span style=\"font-weight: 400;\"> You wouldn&#8217;t want to miss out on discounted shares, would you?<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><b>Broker-led Payouts<\/b><span style=\"font-weight: 400;\">: <span style=\"font-weight: 400;\">While your broker may offer the convenience of trading and transacting from multiple banks within your portfolio, it&#8217;s essential to note that payouts from the broker are settled only in your Primary\/Default bank account, in compliance with SEBI guidelines. <\/span><span style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To know more about the mandatory monthly &amp; quarterly payouts from your broker as per SEBI guidelines, please check- <a href=\"https:\/\/www.paytmmoney.com\/blog\/monthly-and-quarterly-payouts-the-what-the-how-and-the-why\/\">Monthly and Quarterly Payouts: The What, the How and the Why<\/a><\/span><\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Stock Dividends<\/b><span style=\"font-weight: 400;\">: <span style=\"font-weight: 400;\">Dividends earned on your long-term holdings through CDSL and NSDL are credited to your Primary\/Default bank account exclusively.<\/span><\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Autopay for Hassle-free Investing:<\/b><span style=\"font-weight: 400;\"> Take advantage of Autopay, a stress-free investment solution, across the payments industry.<\/span> <span style=\"font-weight: 400;\">It enables you to invest flexibly in your preferred cycle (weekly, monthly, etc.) by setting it up just once. The funds are automatically invested in your chosen stocks or mutual funds. It&#8217;s a cutting-edge solution that puts automated payments and investments at your fingertips!<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To <strong>update your default bank account<\/strong>, please follow these steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Log in to the Paytm Money App.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Go to Stocks -&gt; Account.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Scroll down and select &#8220;Bank Accounts Linked.&#8221;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Click on the three-dot menu and choose &#8220;Make default.&#8221;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Verify and agree to the presented terms and conditions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sit back and relax! Our team will take care of updating your details not only within the Paytm Money App but also with the exchange and CDSL.<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The second most important detail that requires your attention is: Updating IFSC Details.<\/span><\/p>\n<p><b>Bank IFSC Update<\/b><span style=\"font-weight: 400;\">: <span style=\"font-weight: 400;\">Ensure Fund Security with Simple Steps!<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">Understanding the significance of Bank IFSC and its update with your broker is crucial. The Indian Financial System Code (IFSC) is an 11-digit code that identifies individual bank branches and is used in various online money transfer options like NEFT and RTGS. Failure to update it puts your money at risk of landing in the wrong account.<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">To update your Bank IFSC, please follow these steps:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Login to Paytm Money App.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Go to Stocks -&gt; Account.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Scroll down and select &#8216;Bank Accounts Linked&#8217;.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Click on the three-dot menu -&gt; Update IFSC.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Verify and agree to the presented terms and conditions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enter the updated\/changed IFSC for your bank account.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Upload proof of your bank account, such as a bank account statement, canceled cheque, or bank passbook, clearly displaying the IFSC, account number, and your name.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Sit back and relax! Our team will take care of updating your details not only in the Paytm Money App but also with the exchange and CDSL.<\/span><\/li>\n<\/ol>\n<p><b>Note:<\/b><span style=\"font-weight: 400;\"> Paytm Money empowers its users to conveniently edit their bank&#8217;s IFSC directly from the app*. Once edited by the user, Paytm Money takes responsibility for updating the details with the exchange and CDSL.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, we offer the flexibility to withdraw funds to any bank account added on the app. You can choose your preferred bank, and we will process your withdrawal to that desired account, even if it&#8217;s not set as your default account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In addition, you have the freedom to delete any bank account at any time and add a new preferred bank account. Once successfully added, you can initiate transactions from this bank account.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With Paytm Money, updating your default bank account is also hassle-free. It can be done with a few simple clicks, giving you the flexibility to manage your funds effectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">(*<\/span><span style=\"font-weight: 400;\"> &#8211; <span style=\"font-weight: 400;\">Applicable only in your Equity or Trading Account <\/span><span style=\"font-weight: 400;\">)<\/span><\/span><\/p>\n<p><span style=\"font-weight: 400;\">PML provides its users with the ability to easily set any verified bank as their default option and update the IFSC code, as displayed below:<\/span><img decoding=\"async\" class=\"aligncenter size-large wp-image-4332\" src=\"https:\/\/paytmmoney.wpengine.com\/wp-content\/uploads\/2023\/05\/1-10-783x1024.png\" alt=\"easily set any verified bank paytm money\" width=\"783\" height=\"1024\" srcset=\"https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/1-10-783x1024.png 783w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/1-10-229x300.png 229w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/1-10-768x1004.png 768w, https:\/\/www.paytmmoney.com\/blog\/wp-content\/uploads\/2023\/05\/1-10.png 800w\" sizes=\"(max-width: 783px) 100vw, 783px\" \/><br \/>\n<span style=\"font-weight: 400;\"><b>Disclaimer<\/b>: <span style=\"font-weight: 400;\">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 \u2013 INZ000240532. NSE (90165), BSE(6707) Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi \u2013 110019. For complete Terms &amp; Conditions and Disclaimers visit: <\/span><a href=\"https:\/\/www.paytmmoney.com\"><span style=\"font-weight: 400;\">https:\/\/www.paytmmoney.com<\/span><\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Written by : <span style=\"font-weight: 400;\"><a href=\"https:\/\/www.linkedin.com\/in\/vinny-akkal-8b2486152\"><strong>Vinny Akkal | Product Manager &#8211; Paytm Money Ltd.<\/strong><\/a><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you someone who prioritizes financial management? Do you appreciate receiving payouts on time or even ahead of schedule? Well, you&#8217;re not alone! Discover how you can enjoy these benefits from your broker by simply keeping your bank details up to date. But, before we get into the specifics, let&#8217;s first go over the various<a href=\"https:\/\/www.paytmmoney.com\/blog\/swift-payouts-keep-bank-details-updated\/\">Continue reading <span class=\"sr-only\">&#8220;Swift Payouts: Keep Your Bank Details Updated&#8221;<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":4333,"comment_status":"open","ping_status":"open","sticky":false,"template":"single-classic-ns.php","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-4331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements"],"_links":{"self":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/4331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=4331"}],"version-history":[{"count":0,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/4331\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media\/4333"}],"wp:attachment":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=4331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=4331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=4331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}