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How to Complete Transfer of Holdings to Paytm Money Account?
Are you using a demat account with another broker and looking to transfer your existing stocks to your Paytm Money account? When you open a new Paytm Money trading account, you will also get a new Demat account. Find out about the process to transfer your holdings from the old Demat account to the new Paytm money account.
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How to Complete Transfer of Holdings to Paytm Money Account?
Transfer of holdings is a necessary step to track all stocks in the Paytm Money app or
Paytm Money website. The process depends on your existing broker.
Some brokers enable online transfers via CDSL easiest, while others require a submission of a DIS (Delivery Instruction Slip) offline.
It is essential to inquire with your previous broker about the specific process that it supports for transferring holdings to Paytm money account.
As you read on Transfer of Stocks to Paytm Money account, you will also find our post on How to Register for CDSL Easiest quite useful.
Online method
This involves transfer to the Paytm money account through the CDSL Easiest Website.
If your broker supports CDSL Easiest mode for transferring holdings, like Zerodha, you can utilize this method to transfer shares from another broker’s DEMAT account to the Paytm Money DEMAT account.
To register for CDSL Easiest, follow the steps below:
- Go to the Easiest Registration portal.
- Provide the Client ID as well as the 8-digit DP ID. DP ID represents the depository participant member (Broker).
- Click on “Continue” after entering the IDs.*
- After clicking “continue,” you will receive an OTP on your registered number.
- Once you enter the OTP, you will be prompted to answer a security question.
- Fill in the required details and click “continue” to go to the following step.
Make sure to ask your broker to process the simple request for transferring shares to the Paytm Money DEMAT account. Reach out to the broker for fast assistance. Also, remember to provide your Paytm Money Demat Account Number (BO ID) under ‘Trusted Details.’ - Upon adding your Demat Account Number, you will receive another OTP for confirmation.
- Once you add your trusted account, the registration process will be finalized.
The process of creating a CDSL easiest account thus comes to a finish. Next, you will need to wait for your broker’s approval on the transfer request, which usually takes around 24 hours. Keep an eye on your email for updates from CDSL after the approval, and then you can proceed with transferring shares.
To transfer the required holdings from another DEMAT account to your Paytm Money Account, follow these steps:
- Log in to the CDSL easiest portal.
- Click on Transactions Setup, and then select Bulk Setup.
- Fill in the necessary details as given under.
- Choose the ISINs (Stocks) that you wish to transfer one after the other.
- After adding the desired stocks, click “Commit” to initiate the transaction. You’ll receive an OTP on your registered phone number for verification.
- Once the OTP is verified, enter the PIN provided by CDSL via Email. If required, you can reset the PIN through the “Change PIN” option.
After entering the PIN, CDSL considers the request as accepted. Your broker will receive the Off-Market Paytm money account transfer request and typically authorize it within 24-48 Hrs. If the request is not authorized, please get in touch with your Broker’s customer care for further assistance.
*NOTE: The Beneficiary Owner Identification Number (BO ID) or Demat Account Number is a 16-digit number. The first 8 digits of the Demat Account Number represent the DP ID. The remaining 8 digits of the Demat Account Number represent the Client ID.
Offline method (via DIS)
Most brokers only allow offline share transfers to Paytm money account using a process called DIS.
You will need to fill out a form with Paytm Money’s Demat account number and the stocks you want to transfer in person at your previous broker’s office.
You will receive a paper-based Delivery Instruction Slip (DIS) from your prior broker, the one holding the Demat account from which you wish to transfer shares to Paytm Money account.
Your former broker might request the CMR copy of Paytm Money, which would be already provided when you open your account.
To find the CMR document, search for ‘CMR Paytm money’ in your email inbox. If you cannot locate it, you are requested to submit a request via the support portal.
You have to follow your previous broker’s instructions and fill the DIS booklet with Paytm Money’s 16-digit Demat account number and the list of shares you wish to transfer. If the transfer is not completed within 24-48 working hours, contact your broker for assistance.
When you transfer stocks to your Paytm money account, the investment values will not be displayed in your portfolio at first. However, you can update them.
That is how you can transfer existing Stocks to your Paytm Money account. You are requested to transfer only ETFs, Stocks, REITs and SGBs. It is recommended that you avoid transferring existing mutual fund holdings (if any) to the Paytm Money Demat account, as tracking MFs in Demat under Paytm Money Stocks Portfolio will not be possible.
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Check our article on Zerodha CDSL TPIN – Benefits, Generation Process, Changing Process and more.
Conclusion
The online method to transfer stocks to Paytm money account is the preferred method, as it is faster and more convenient. However, if your broker does not support CDSL Easiest, you will need to use the offline method. The offline method is a bit more time-consuming, but it is still a relatively easy process.
Make sure you have the CMR copy of Paytm money account. This document will be needed by your old broker to process the transfer request. If you are using the online method, make sure you have registered for CDSL Easiest. If you are using the offline method, make sure you fill out the DIS form correctly.
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