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PayTm Money - Mutual Funds in your Pocket!

PayTm has recently launched the PayTm Money app which is aimed at providing the people in India access to Mutual Funds through the comfort of their smartphones. PayTm has partnered with many banks to bring their mutual fund schemes into its portfolio and aims to grow it even more in the future.
PayTm Money - Mutual Funds in your Pocket! | App Review
Source: Paytm Money

Mutual Fund is a savings scheme that allows users to invest some money and earn a healthy interest rate on it. Though it should be known that mutual funds mostly invest in share markets and that the returns do depend on how the share market performs.

However, given the great growth of the Indian Economy and sharemarket in recent years, it's sensible to invest in long-term mutual funds.

And with apps like PayTm Money, it is becoming even more easy to invest in Mutual Funds. In this article, we will take a look at how the PayTm Money app works & how to set it up.

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PayTm Money - App Setup

PayTm Money app is available for both Android & iOS mobile operating systems. After installing the app on your smartphone. You can use the links below to download.

When you open the app, you are greeted with a few splash screens which inform you about the features that this app offers you.

PayTm Money benefits
 PayTm Money benefitsPayTm Money benefits

To get started, you first need to log in using your PayTm account login details. These are the same that you use on the regular PayTm App. You also get an OTP on your registered mobile number for secured login.

PayTm Money

Once logged in, you need to click a button to request access to the mutual funds' option. Since the app has recently been rolled out, you need to request to be added to the waitlist. Once you have requested, it shows the number of people that are ahead of you on the waitlist.

app review
 app review

If you want quick access, then you need to complete the PayTm KYC, if not already done, & check if you are investment ready. For that, there are a few steps.

PayTm Money App

  • Then you need to upload an image of your PAN card. 

  • After that, you need to enter some personal details. These details also include your Photo and signature. You can either upload a photo of your signature or sign digitally on your smartphone screen. The sign has to match the signs you use in your bank that you will link later.
PayTm Money App

  • Then you need to enter your address and upload a screenshot of your address proof. The Aadhaar card works as the address proof.
mutual funds

  • You also need to link a bank account that you will use to invest money from and receive interest in.

  • Finally, you need to upload a 5-second video where you need to say your name. This is done to confirm your identity. Your face and name will be matched with the photo you have uploaded as well as with the PAN card and Aadhar card you have uploaded as proofs. This is done to ensure no one is using a fake id.
mutual funds

And that's it. You are done. Your account will soon be approved and you can start investing in mutual funds from the PayTm Money app.

Benefits offered by the PayTm Money App

PayTm Money boasts of many unique benefits that will surely excite many potential target customers.
Some of the major benefits are as below.

  • It offers all the top rated mutual fund schemes under a single app.

  • It is easy to set up an account and start investing in multiple schemes. And did I mentions that the account opening is free as well!

  • All the account setup and KYC is done digitally. Hence it is all paperless. No need to go to the banks all the time.

  • It offers zero commisions and no hidden fees. Easy investing offered for the users.

  • It offers up to 1% higher returns on investment in direct plans.

I will add more details on how you can invest in mutual funds using the app later when I have tested the app fully. So make sure to visit later for more updates. 

I hope you found this article useful. If you have any suggestions or corrections, please let me know in the comments.

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