Important Note: For Paytm Money users who invest via Punjab and Maharashtra Cooperative Bank (PMC Bank)
As you all know, there are restrictions imposed on the account holders of Punjab and Maharashtra Cooperative (PMC) Bank regarding withdrawals from their bank accounts (and that these limits have also been revised in the past few days).
We understand that given the circumstances, affected users of the PMC Bank may have important priorities with regards to withdrawing their balance from the bank as quickly as possible.
For PMC bank account holders who invest in Mutual Funds on Paytm Money, we have made some important changes that they are requested to take note of:
- We have disabled all Auto Pay mandates for users of PMC Bank; hence, your SIPs will not be triggered on the scheduled dates automatically
- We have also disabled other payment options (Net Banking and UPI) for users who have linked PMC Bank to their Paytm Money accounts
- Users are requested to now link an alternative bank account to their Paytm Money account (we support over 200+ banks); your new bank account will be verified in less than 30 minutes
- You can continue to invest via SIP or Lumpsum mode post this, using Net Banking or UPI from your new bank; you will also be able to set up new Auto Pay against this account.
Paytm Money team