Paytm Money mutual fund app is launched yesterday. Paytm claims to have around 300 million customers and is set to enter mutual fund distribution business. There will be an online portal as well as the mobile app through which you can buy mutual funds. Out of these 300 million customers, about half of them are from tier 2 and tier 3 cities. Where the mutual fund is a new subject, and they might not be aware of the risk that involved in buying mutual funds. Buying groceries, movie tickets is ok but when it comes to investing, there is specific knowledge is required as it involves risk. Let’s look at how Paytm money mutual fund app will work.
Before moving ahead, let’s clear some doubts about Paytm money app.
- Paytm Money and Paytm Wallet are two separate apps. Paytm money is mutual fund distribution app
- You will have to do a fresh KYC for paytm money mutual fund app as mutual fund investment is a separate process from the Paytm app or Paytm bank.
- To buy mutual fund via Paytm money, you have to link your bank account. You cannot use the Paytm wallet to buy mutual funds
- Your funds will be in form of a statement of account, the units will lie with the fund house. Paytm money is just a platform for doing transactions
- Only direct plans of mutual funds will be purchased through Paytm money
- Paytm Money will not hold your money or your mutual fund units
- Since it is just a platform, it will not give plan suggestions
- You cannot buy any other stuff like groceries, movie tickets from the Paytm Money
Paytm Money Mutual Fund App – Features
Top rated schemes: The Paytm Mutual Fund App will suggest you the top-rated mutual fund schemes based on their rating done by industry leaders like CRISIL, Morning Star and Value Research.
This gives you the ready reference of the scheme’s performance based on the various parameters. The best part is that you will get the insights from all the 3 industry leader’s rating at one place. So It will become super easy for you to pick the right scheme by yourself.
Top Performed Schemes: The app will fetch you the best-performed scheme in its respective category. So if you are looking for investing in equity schemes, you will get the best performing equity schemes.
You can check their performance over a various time frame like 1 year, 3 years, 5 years etc. This is very much helpful as in direct mutual fund investment you will not get any help from an advisor or intermediatory. In such case, it is good that the app is offering the feature which will help you to choose the best funds in each category.
Tells you, who is managing your money:
So you can also find all the scheme managed by a particular fund manager. It’s like behind the scene view for your investment. Real in-depth analysis and insights provided by the app.
Smart Search: It offers the easy and really smart search option for finding mutual fund scheme by its name or the AMC’s name. You don’t have to fumble to find the particular scheme. It is like google search for mutual fund schemes
Supports Liquid funds: It helps you to invest in liquid funds for a very short period like 2-3 days or weeks. If you some money idle for some time you can invest into ultra-short liquid funds for few days to earn returns on it. Your money would be laying in the account ideally and you will miss an opportunity to earn on that amount.
Performance tracking: The app provides you real-time insights for your portfolio over a different time frame. It helps you to track your portfolio’s performance and will tell you your exact position at that time. You can select a different time frame to check your past and present performance of the individual scheme.
It provides insights for your investment amount, current valuation and returns you have generated from the scheme so far. The interface is easy and intuitive.
Account Statement: It will generate the account statement for you at any time you want. It gives an account statement for portfolio holdings, transaction history, realized gains, tax statement on the go. It also gives you ELSS tax saving statement in a single click.
Easy SIP Management: You have the full control over your SIPs. You can start/stop/pause SIPs as and when you need. It gives you an in-app notification at the right time when your SIP is due for debit to your account. You can simply stop the SIP by toggling the button on the screen.
The good thing is you can pause the SIP for the time period you want to. Simply pause the SIP and give the end date for that pause. Once that date is crossed, your SIP will again start from the next due date. This is the feature only Zerodha provides.
Simple Tracking: You can track the transaction at the different stages like you have made a payment, your order is placed with the AMC, your investment confirmation and unit allocation to your account. Just invest and relax! The app will manage the rest of the thing for you. It is as simple as that.
Track your Goal: Having financial goal is important, but it is more important to track it on a regular basis. With Paytm money mutual fund app you can track goal in real time. The app makes sure that you are on the track to achieve your financial goal.
Once you set the financial goal, the app will track it automatically and updates the status on a daily basis.
There are other features like:
- Updated NAV on a daily basis
- Historical performance of the scheme
- Fund category performance
- Risko meter to alert you about the scheme’s risk
- Scheme’s investment in the sector and even into companies
- Suggested SIP dates so that you can get the maximum returns
- No charges for investment and no hidden cost
- Provides digital KYC on mobile for faster account activation
- Know your risk appetite for free
- Login with 2-factor authentication
- Fingerprint and PIN enable login
How to open an account for Paytm Money Mutual Fund App?
Let’s go step-by-step for the account activation process and start investing into direct mutual funds.
Open the app, it will ask you to log in. Use your Paytm ID and password for login into the app. You can use your Paytm’s registered email ID or mobile number.
Once you enter the login details and logged in, it will ask you to provide your PAN number for KYC. Remember you need to do a fresh KYC even if you have already done it for Paytm app or Paytm Payments bank.
Enter the PAN number and go to the next page, It will automatically take you to the next screen where it will ask you to provide certain personal details. At this stage, you can add the nominee details
Enter the relation with the nominee, name, and date of birth of the nominee.
Then the next step is to link the bank account to the app. You are required to add the bank account number twice, the second one will confirm that you enter the account number correctly. Select the account type you want to link. Enter the IFSC code.
If you don’t know the IFSC code, no need to worry. Just click on the “Don’t know IFSC” link. It will take you to the next screen where you can easily find the IFSC code by just selecting the bank name, state, city, and branch.
Once this process is completed you are good to go. start investing into the direct plan of mutual funds via Paytm money mutual fund app.
Which AMC’s are available on Paytm Money Mutual Fund App?
The app has all the major AMCs linked and ready for you to invest into direct plans of mutual funds.
Here is the list of the AMCs Paytm Money Mobile App is offering to start with. These 25 AMCs are handling the 90% of the mutual fund investment share. So in a nutshell 90% of the industry is covered by Paytm Money at the launch day.
- Aditya Birla Capital
- Axis Bank Fund
- Baroda Pioneer Mutual Fund
- Canara Robecco Mutual Fund
- DHFL Mutual Fund
- DSP Mutual Fund
- Edelweiss Mutual Fund
- HDFC Mutual Fund
- HSBC Global Asset Management
- ICICI Prudential Mutual Fund
- IDFC Mutual Fund
- Indiabulls Asset Management
- Invesco Mutual Fund
- Kotak Mutual Fund
- L & T Financial Service
- LIC Mutual Fund
- Mirae Asset Mutual Fund
- Motilal Oswal Mutual Fund
- Principal Mutual Fund
- Quantum Mutual Fund
- Reliance Mutual Fund
- SBI Mutual Fund
- Tata Mutual Fund
- Tauras Mutual Fund
- Uti Mutual Fund