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 13 March 2024:

  • Upstox will no longer accept payments or mandate requests through PPB
  • If PPB is your Primary bank account on Upstox, you will no longer be able to use it to add or withdraw funds
  • If you have a Secondary bank account other than PPB, we will mark your Secondary account as your Primary account
  • Mutual Fund transactions after 13 March 2024 will no longer be processed through your PPB account
  • You will not be able to add PPB as a new bank account on Upstox
  • Existing SIPs till 13 March will remain unimpacted

What You Can Do:

1. If PPB is your current Primary bank account on Upstox:

2. If your Mutual Fund SIPs are via PPB and it’s the only primary account:

3. If your Mutual Fund SIPs are via PPB and you already have a Secondary account:

  • We will migrate your existing SIPs to the Secondary bank account
  • You will receive a mandate approval email. Please approve the mandate by following these steps:
  • Click on ‘Click here’ or ‘Approve Mandate’ as per your email
  • Select a verification method (NetBanking / Debit Card)
  • Agree with the ‘Terms and Conditions’
  • Approve using NetBanking or Debit Card details
  • Your mandate will be approved within 5 working days
  • We will link your SIP to the approved mandate

For more information click here.

These changes are designed to ensure compliance with the latest RBI directives and to maintain the integrity of your transactions on Upstox. For more information, refer to RBI FAQ.