Dear Investors & Traders,
We have some important updates regarding those using Paytm Payments Bank (PPBL) as their registered and verified bank on Dhan. In accordance with the RBI directive issued on February 23, 2024, effective Mar 15, 2024, no further deposits, credit transactions, or top-ups will be allowed in any customer accounts of PPBL. The only exceptions are for interest, cashbacks, or refunds, which may be credited at any time.
Accordingly, to ensure uninterrupted trading & investing in stocks & mutual fund investments on Dhan, going forward we will NOT allow users to register their PPBL accounts. For existing users who already have PPBL registered on Dhan, we request you to ADD/CHANGE your primary bank account to a non-PPBL bank account. You can easily do this directly from the banks page on Dhan app or website:
For Stocks:
- To Add Bank: Money > Banks > Add Bank Account
- To Change Primary Bank: Money > Banks > Select the other registered bank > Tap on ‘Select as Primary Bank’
For Mutual Funds :
- First follow the same process as above & update your bank on Dhan. Please remember you will need to add the bank on Dhan in order to update it on Mutual Funds.
- Send us a bank statement / cheque copy of the bank that you wish to update on Mutual Funds via email on help@dhan.co with subject line “Updated Bank Proof for Mutual Funds on Dhan”
- To ensure redemptions happen in the newly registered bank account, also update the new bank details in the existing folio from MF Central. Follow this process on MF Central: Service Request > Change Bank Account Details > Pick the Folio > Add new Bank Details > Upload Current & New Bank Proof
Please Note: If you have an existing mandate set with Paytm Bank on Dhan for Mutual Funds, that will also be deleted by 10th March 2024. Please ensure you update your mandate with another bank for seamless investing via SIPs.
All of these activities must be completed before 10th March 2024 failing which you may not be able to trade further & your lumpsum & SIP mutual fund investments on Dhan may also be impacted.
We hope you have a smooth transition. For any questions, you can write to us on help@dhan.co.
Thanks,
Saurav Parui