Why Paytm Money requires a different KYC even if you are KYC verified on Paytm

Fully Paperless KYC for Mutual Fund Investments

Soon after we launched Paytm Money, we received a question from many of our users.

“Why am I required to do KYC once again when I have already done KYC for Paytm (for Wallet or for Payments Bank)?”

For starters, Paytm Money is a different company and a separate legal entity operating independently of Paytm, Paytm Payments Bank & Paytm Mall. While these companies are associated with Paytm, they are unique and separate from one another.

Please note that companies have to operate in full compliance of the respective regulations and have different guidelines for the KYC (Know Your Customer) processes depending on the products & services that are offered to their users. This is why even if you have completed your KYC for Paytm Wallet or Paytm Payments Bank, at Paytm Money we do not have access to these details as they belong to a different company and you are required to do your KYC for investing through 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 SEBI (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 (Asset Management Companies) & RTAs (Registrar and Transfer Agents) in accordance with respective guidelines & regulations.

At Paytm Money we have completely digitized this onboarding process, so that you can get started with the KYC process without any paperwork and become investment ready faster.

If you are an existing investor — meaning that you have been investing in mutual funds, this implies that your KYC is already complete. In that case, you only have to submit the following details:

1. Bank Account Details
2. Communication Details
3. Nominee & FATCA declarations

However, for first-time investors this process requires few more additional details.

List of Documents Required

1. PAN Details
2. Address Proof Details
3. Signature
4. Photo
5. Bank Account Details
6. In-Person Verification Video
7. Nominee & FATCA Declarations

(Here’s a quick video to help you with the same: How to Complete your KYC if you are a First Time Investor)

It takes approximately 3 to 4 working days for us to verify your details. If your verification has taken longer than this, you may email your registered mobile number or email ID to priority.kyc@paytmmoney.com to expedite your verification process.

If any of the details or documents submitted by you are not as per specifications, the information is likely to be rejected. But that’s no reason to worry, as you can simply re-submit the correct details or documents. You can know the rejection reason by tapping on ‘View’ besides the field which is rejected. You will also be notified about the reason via email & app notification.