Swift Payouts: Keep Your Bank Details Updated

Are you someone who prioritizes financial management? Do you appreciate receiving payouts on time or even ahead of schedule? Well, you’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’s first go over the various types of bank accounts you can add to your portfolio with your broker!

You can add the following bank accounts:

1. Default bank account – This is your Primary bank account which you have to add during the onboarding process with your broker.
2. Secondary bank account – You can add up to a total of 5 banks with your broker, which translates to 4 secondary banks and 1 default bank. You can then further transact from any of these banks.

Why is it crucial to keep your bank details updated at all times? Let’s delve deeper into the reasons:

• Seize Opportunities: When you’re trading and aiming to lock in a stock at a specific price, having updated bank details is invaluable. You wouldn’t want to miss out on discounted shares, would you?
• Broker-led Payouts: While your broker may offer the convenience of trading and transacting from multiple banks within your portfolio, it’s essential to note that payouts from the broker are settled only in your Primary/Default bank account, in compliance with SEBI guidelines. To know more about the mandatory monthly & quarterly payouts from your broker as per SEBI guidelines, please check- Monthly and Quarterly Payouts: The What, the How and the Why
• Stock Dividends: Dividends earned on your long-term holdings through CDSL and NSDL are credited to your Primary/Default bank account exclusively.
• Autopay for Hassle-free Investing: Take advantage of Autopay, a stress-free investment solution, across the payments industry. 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’s a cutting-edge solution that puts automated payments and investments at your fingertips!

To update your default bank account, please follow these steps:

1. Log in to the Paytm Money App.
2. Go to Stocks -> Account.
3. Scroll down and select “Bank Accounts Linked.”
4. Click on the three-dot menu and choose “Make default.”
5. Verify and agree to the presented terms and conditions.
6. 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.

The second most important detail that requires your attention is: Updating IFSC Details.

Bank IFSC Update: Ensure Fund Security with Simple Steps!

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.

To update your Bank IFSC, please follow these steps:

1. Login to Paytm Money App.
2. Go to Stocks -> Account.
3. Scroll down and select ‘Bank Accounts Linked’.
4. Click on the three-dot menu -> Update IFSC.
5. Verify and agree to the presented terms and conditions.
6. Enter the updated/changed IFSC for your bank account.
7. 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.
8. 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.

Note: Paytm Money empowers its users to conveniently edit their bank’s IFSC directly from the app*. Once edited by the user, Paytm Money takes responsibility for updating the details with the exchange and CDSL.

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’s not set as your default account.

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.

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.

(* – Applicable only in your Equity or Trading Account )

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: