Paytm Money, which was launched in the first week of September, has already become a preferred option among Indians for investments into mutual funds. Within a month of its launch, Paytm Money has over one million users currently registered for access. Henceforth, it seems like the popularity of the platform is only set to grow.
Due to the unprecedented response Paytm Money received, the company now grants access to over 10,000 users to register and start investing with the company every single day. Initially, the company had planned to give access to only 2,500 or more users per day as it had over 850,000 users in waitlist. However, the platform now has over 100,000 downloads and claims to have more than 100,000 users who have requested for faster access and submitted their details for KYC to get started, according to a blog post.
Salient Features and Benefits of Paytm Money
What seems to be impressing consumers is that Paytm Money offers investments in direct plans of mutual fund schemes at no hidden commissions. Some of the benefits of using the platform are: opening an investment account at zero fees; maximum returns on money at zero commissions; schemes from over 25 asset management companies (AMCs) covering over 90% industry assets under management (AUM); fully digital know your customer (KYC), payments, investment and tracking on the app; and insights, statements and track performance can be viewed anytime for free.
Registering with Paytm Money
Since Paytm Money is a separate legal entity and different company operating independently from Paytm, Paytm Payments Bank and Paytm Mall even though they are associated, said the company via a blog post. So even if a user has already done KYC for Paytm Wallet or Payments Bank, they are required to the KYC once again for Paytm Money.
“Paytm Money Limited is an investment & wealth management company, which serves as a platform to help you invest in Mutual Funds. Paytm Money follows the KYC process that is mandated for investments in Mutual Funds as prescribed by Securities and Exchange Board of India, Prevention of Money Laundering Act PMLA other relevant regulations. Also, when you make investments, your KYC details are updated/verified with KRA (KYC Registration Agencies) and processed by the AMCs and RTAs (Registrar and Transfer Agents) in accordance with respective guidelines and regulations,” says Paytm Money in the blog.
How to Register with Paytm Money
Existing investors who are already investing in mutual funds usually have their KYC complete, therefore all they have to do is submit their bank account details, communication details, and make nominee and FATCA declarations.
First time investors, however, need to submit the following documents: PAN details, address proof, photo, signatures, bank account details, in person verification video and make nominee and FATCA declarations.