Economy

With LIC IPO, Paytm Money gives HNIs in Maharashtra ₹5 lakh limit for IPOs through UPI; offers free demat accounts to new investors

With LIC IPO, Paytm Money gives HNIs in Maharashtra ₹5 lakh limit for IPOs through UPI; offers free demat accounts to new investors
With LIC IPO, Paytm Money gives HNIs in Maharashtra ₹5 lakh limit for IPOs through UPI; offers free demat accounts to new investors
  • Becomes the first among discount brokers in the country to launch this service
  • Offers free demat accounts for lifetime to enable new retail investors in Maharashtra to start their wealth management journey

One97 Communications Limited (OCL) that owns the brand Paytm, India’s leading digital payments and financial services company, today shared that its wholly-owned subsidiary Paytm Money Limited (PML) is enabling high networth individuals (HNI) in Maharashtra to place higher bids of upto ₹5 lakh for Initial Public Offerings (IPOs) effortlessly through UPI. The platform is growing organically, with the lowest prices in the country, as it charges zero fees for delivery, ₹10 for intraday trades and ₹10 for F&O orders.

To enable new retail investors to start their wealth management journey, Paytm Money is also offering free demat accounts for lifetime to all. Paytm Money was the first platform to offer pre-open IPO applications and it is also available for LIC IPO.

Varun Sridhar, CEO, Paytm Money, said, “We are the super app of wealth management, giving users the power of investing. The addition of the HNI investor category will allow retail investors in Maharashtra to place higher IPO bids through NPCI UPI in a convenient and seamless manner. This new service has been launched in view of the growing appetite for high-value IPOs among Indian investors and comes at an ideal time, right ahead of the much-awaited LIC IPO.

He further added, “We have seen immense growth on the platform organically in such a short period of time. Our aim is to enable new investors in their wealth management journey and so ahead of LIC IPO, we are offering free demat accounts for lifetime.”

The platform has achieved a rapid growth rate organically with over 8.5 lakh trading accounts along with 9 million registered direct Mutual Fund investors. Over 75% of users on the platform are below the age of 35. Paytm Money has a total AUM of ₹11,000 crore, with an average daily turnover of over ₹70,000 crore. In the last one year, the platform has processed over 16.2 million mutual funds transactions and over 31 million equity orders. The platform is also among India’s Top 3 digital distributors of NPS on fintech apps with 1L+ registered users. The Paytm Wealth Community has over 1.3 lakh unique users, has hosted 390 Live Events which have made way for 3,000 Hours of content viewed. In the last year, most popular IPOs on the platform were Zomato, Glenmark Lifesciences, Paytm while the top stocks held by the users were Tata Motors, Tata Power, ITC.

Steps to apply for LIC IPO through Paytm Money

● Go to the IPO section on Paytm Money’s home screen.

● Select the investor type as per preference. Individuals who are looking to place bids upto Rs 5 lakh can do so by opting for the HNI category. Allotment in HNI investor type will be done proportionately on the basis of subscription numbers in this category for IPO.

● If you are a policyholder, on the IPO details page, under the ‘Investor Type’ select Policyholders. Additionally, your PAN should be linked to LIC policy and this PAN should be the same as the one linked to Paytm Money’s demat account. If you meet these criteria, you can choose the policyholder option.

● The LIC IPO option will be available in the ‘Current & Upcoming’ tab within IPOs.
● Once you click on the option you will see the ‘Apply now’ button which will take you to the bid page. On this page, you can update the price and quantity for your application.
● In the ‘Add UPI Details’ section, update your UPI ID and click on ‘Apply’.’
● Once the allotment happens, you would be notified about your allotment status.
Optimum Way to Apply for LIC IPO on Paytm Money across different categories
About Paytm:
Paytm is India’s leading digital payments and financial services company, which is focused on driving consumers and merchants to its platform by offering them a variety of payment use cases and then cross-selling them higher margin financial services products. Paytm offers a) payments to consumers and merchants, b) financial services, particularly lending, and c) other merchant services (Commerce and Cloud). The company provides consumers with services like utility payments and money transfers, while empowering them to pay via Paytm Payment Instruments (PPI) like Paytm Wallet, Paytm UPI, Paytm Payments Bank Netbanking, Paytm FASTag and Paytm Postpaid – Buy Now, Pay Later. To merchants, Paytm offers acquiring devices like Soundbox, EDC, QR and Payment Gateway where payment aggregation is done through PPI and also other banks’ financial instruments. To further enhance merchants’ business, Paytm offers merchants commerce services through advertising and Paytm Mini app store. Operating on this platform leverage, the company then offers credit services such as merchant loans, personal loans and BNPL, sourced by its financial partners.
This article was shared with Prittle Prattle News as a Press Release.
Must Read – AstraZeneca 
Follow Us: Facebook Instagram | Twitter YouTube | LinkedIn Pinterest Tumblr
Skip to toolbar