As a beginner, you’ve probably heard a lot about Paytm Money. This is because it’s one of the best platforms for investing in mutual funds, stocks, NPS, IPOs & many more. In this article, I’ll give you some information on Paytm Money, what it is and why they’re so popular.
A detailed overview of its features & advantages over its competitors:
Paytm Money’s Best Features
- Trading on the equity market is completely free.
- Direct mutual funds that charge no fees.
- The most that can be charged in brokerage is Rs 10 per trade.
- There are no upkeep costs.
- New accounts can be opened electronically.
- External ordinary mutual funds can be switched to direct funds using this feature.
What is Paytm Money?
Bengaluru-based discount broker Paytm Money Limited (often referred to as “Paytm Money”) operates under the brand name “Paytm.” Paytm Money is a wholly-owned subsidiary of One97 Communications Ltd, India’s largest and most prominent digital products and mobile platform.
You can open up Paytm Money by visiting paytmmoney.com or clicking on the “Open Paytm Money” button on their homepage. You’ll need to provide your name, email address and phone number before creating an account with them (and yes: they’ll ask for your PAN card details as well).
Once you’ve completed this step successfully, they’ll send out a verification SMS message containing a code that needs to be entered into their platform before proceeding further along this process (this helps verify who owns which device at any given time). Once entered correctly into their system, they will ask for additional verification information like Aadhaar Card Number & Address Proof Type(s) – like Voter ID Card/Driving License/Aadhaar Card/Passport etc., these should be valid proof IDs issued by the government agencies in India only!
Paytm Money Advantages and Disadvantages
Pros and Cons of Paytm Money (Advantages)
It has the following advantages over other payment methods. Before registering a Paytm Money account, you should study the pros and cons of the service. The benefits and drawbacks of investing in Paytm Money can help you make an informed decision.
- Trading systems that are easy to use and reliable.
- They have a simple, zero-maintenance pricing approach with the lowest trading fees and free equity delivery trading.
- This can be done in less than two minutes.
- MF platform that enables you to earn an extra 1% of your money back
- Online investment options include digital gold, NPS, stocks, derivatives, and money market funds.
- Calculator for in-house brokerage.
- An application for an IPO can be submitted online.
- To raise investor awareness, the company publishes blogs.
- Advisors on mutual fund investments.
- Bracket and Cover Order options are available.
There are a lot of issues with Paytm money (Disadvantages)
Listed below are some drawbacks to utilising Paytm Money. There are a few things to keep in mind when using Paytm Money.
- There is no branch support.
- There isn’t a way to fund margin.
- There is no option to borrow money against the value of your stock.
- Not possible to trade commodities or currencies.
- GTC (Good Till Cancelled), CO, BO, and Basket Order are not supported.
- NRI Trading Accounts should not be offered.
- There are no plans that allow for unlimited monthly trading.
Paytm Money App
Paytm Money’s mobile trading platform allows you to trade anytime and from any location. The trading platform for the Cash category costs Rs 300 per year. Among the many useful features of Paytm Money are real-time market data, a watchlist, Stock SIPs (stock systematic investment plans), price alerts, a wealth of market data and complex charts.
Paytm Money Account Open
Customers of Paytm Money can only open a digital account with the service. An easy, instantaneous and paperless process. The company charges an account opening fee of Rs. 200, but there are no ongoing fees. Download the Paytm Money mobile app or sign up for an account on the Paytm Money website to start a trading and Demat account.
Paytm Money is a single-branch internet broker. Therefore, there is no way to open an account with this business in person.
If you have a Paytm money account, then the next thing to do is to link it with NPS. This way, your savings can be used by you at any time.
First of all, download the Paytm Money App from here.
Once you’ve downloaded the app and installed it on your phone or tablet, open it up and create an account using your email address and mobile number as credentials. Alternatively, you could also login using your existing Paytm wallet credentials if they are already linked to your Paytm Money account (Make sure that they are linked by opening up “Security Settings” in their respective apps).
Paytm Money NPS open
Paytm Money NPS account is a smart way to invest for your retirement. The government has introduced National Pension Scheme (NPS), which is a tax-saving instrument that offers you many benefits. You can open an NPS account in this Paytm Money app, but first, let’s understand what Paytm Money NPS is all about and then we will tell you how to open an account.
What is Paytm Money NPS?
The central government of India introduced National Pension System (NPS) in 2004 to provide for old age income security of citizens above 60 years of age through pension schemes based on a defined contribution system. In addition, it offers various investment options like small savings schemes such as public provident fund (PPF), mutual funds, etc.
As compared with traditional pension plans like EPF or PPF, it has some benefits, such as better returns on investments due to lower charges levied by insurance companies who manage these funds on behalf of subscribers, as well as other perks like flexibility in terms of withdrawal amount & frequency etc., making it one unique scheme which everyone must consider investing their money into if they want their retirement savings goals achieved quickly & easily!
Paytm Money is a digital financial services platform owned and operated by Paytm Payments Bank. It offers various services, including savings accounts, loans, and insurance.
Paytm Money was launched on April 18th 2018, as an online-only personal financial management tool for its parent company’s customers. On August 29th 2018, it was announced that Paytmmoney had been granted a full banking license by the Reserve Bank of India (RBI).
Paytm Money Charges 2022
Paytm Money follows a fixed brokerage model wherein it charges a flat Rs 10 or 0.05% (whichever is lower) per executed order. The maximum brokerage chargeable per order is Rs 10.
Paytm Money Brokerage Plan
- Equity Delivery: Rs 0 (Free) (minimum Rs 0.01 per executed trade)
- Equity Intraday: Rs 10 per executed order or 0.05%, whichever is lower
- Equity Future: Rs 10 per executed order
- Equity Options: Rs 10 per executed order
You must also pay other transaction and regulatory charges, Demat charges, in addition to the brokerage.
Other charges levied by Paytm Money include:
- Physical Statement and Document: Rs 300 per request + Rs 300 per courier
- Payment gateway charges (Net banking): Rs 10 for each fund addition
- Payment gateway charges (UPI): Rs 0 for each fund addition (Free)
- Auto square-off charges: Rs 20
- Delayed Payment Charges: 1.5% per month on the outstanding bill amount
- Annual Platform Fees: Rs 300 per annum
I hope this Paytm Money review was helpful. If you have any questions, feel free to leave them in the comments below or on my Youtube channel!