Stock Market Trading at Affordable Prices introduced by Paytm Money
Launched in 2017, Paytm money has helped consumers invest in Mutual Funds with just a click on its android or iOS app. It has now enabled its users to invest in stocks as well.
With this move, Paytm is hitting two birds with one stone. It is competing against developed players like HDFC Securities, ICICI Direct, Kotak Securities along with apps like Zerodha, Groww and Sharekhan. Intraday trading charges as low as Rs 10 will offer great competition to the competitors.
To get a Demat Account, users would have to first download the app. IOS version is not here yet. Till then, users can use the web version.
They would have to create a Paytm Money Account and do KYC verification. They would also have to link the bank account through which they would add funds to the Demat Account.
The charges are as low as Rs. 10 on intraday trades. A brokerage fee of Rs. 0.01+ GST per executed order would also be charged. Rs. 10 per scrip per day is set as DP charges for Delivery sell Orders. An initial Digital KYC Charge of Rs. 200 would be charged along with an annual fee of Rs. 300.
“With the addition of equities, Paytm Money seeks to drive financial inclusion among investors by removing information gaps and facilitating stock penetration in the country.” said CEO of Paytm Money, Varun Sridhar.
SEBI approved the stockbroking service in April 2019. Mutual Fund and National Pension System investments are also offered by them.