Monday, March 4, 2024 3:21 pm
As per a recent update from the Reserve Bank of India (RBI) regarding customers with a Paytm Payments Bank (PPB) account, here are a few important things you must keep in mind which will come into effect from 10 March 2024:
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Upstox will no longer accept payments or mandate requests through PPB
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If PPB is your Primary bank account on Upstox, you will no longer be able to use it to add or withdraw funds
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If you have a Secondary bank account other than PPB, we will mark your Secondary account as your Primary account
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Mutual Fund transactions after 10 March 2024 will no longer be processed through your PPB account
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You will not be able to add PPB as a new bank account on Upstox
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Existing SIPs till 10 March will remain unimpacted
What You Can Do:1) If PPB is your current Primary bank account on Upstox:
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Add a new bank account by following these steps: How do I add a new bank in my Upstox account?
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Make the newly added bank account as your Primary bank account by following these steps: How do I change my Primary bank account linked to my Upstox account?
2) If your Mutual Fund SIPs are via PPB and it’s the only Primary bank account:
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Add a new bank account by following these steps: How do I add a new bank in my Upstox account?
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Stop your existing SIP by following these steps: How do I stop my mutual fund SIP at Upstox?
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Create a fresh SIP with the new bank account.
3) If your Mutual Fund SIPs are via PPB and you already have a Secondary bank account on Upstox:
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If you have any other bank mandate available, we will migrate your existing SIP to that mandate
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If you don’t have any bank mandate available, we will transfer your SIPs to your Secondary bank account and you will receive a mandate approval email. Please approve the mandate by following these steps:
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-> Click on ‘Click here’ or ‘Approve Mandate’ as per your email
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-> Select a verification method (NetBanking / Debit Card)
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-> Agree with the ‘Terms and Conditions’
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-> Approve using NetBanking or Debit Card details
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-> Your mandate will be approved within 5 working days.
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-> We will link your SIP to the approved mandate.
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These changes are designed to ensure compliance with the latest RBI directives and to maintain the integrity of your transactions on Upstox. You can refer to the RBI FAQs here: Reserve Bank of India - Frequently Asked Questions.
