How to Change the Default Bank Account in Paytm Money?

Do you want to change your default bank account in Paytm Money, but can’t figure out how? Don’t worry. We’ll show you the exact steps in the simplest way. Whether you switched banks, opened a new account, or want smoother transactions, updating your bank in Paytm Money is easy. Here we will learn how to change the default bank account in Paytm Money.

Your default bank account is where your money comes from and goes to when you buy or sell stocks, mutual funds, or ETFs on Paytm Money. If you opened a new bank account, like HDFC or Axis, and want all your payouts and redemptions to go there, this blog is for you.

Why Change Your Bank Account in Paytm Money?

There are many reasons why people change their bank account linked to Paytm Money. Here are the most common ones:

Old bank account is closed: Maybe you don’t use that account anymore.
Your bank merged with another bank: For example, Oriental Bank merged with PNB, so you may want to update your details.
New bank has better netbanking or UPI: You switched to a bank that gives faster or smoother online transactions.
Your new bank has fewer charges: Some banks charge less for fund transfers or other services.
You want to keep all your investments in one bank: To make it easier to manage your money in one place.

Steps to Change the Default Bank Account in Paytm Money?

Here are the steps to change the bank account:

Open the Paytm Money app.

Tap on the profile icon.

Tap on the My Account.

Click on the Bank account.

Tap on the Equity Bank Accounts.

Now you can change, add, and update your account.

Common Mistakes to Avoid When Changing Your Bank in Paytm Money

Many people make small mistakes that delay their bank change request. Here’s what not to do:

Uploading the wrong document: For example, people upload a screenshot of netbanking or a passbook photo instead of a cancelled cheque or bank statement.
Typing the wrong IFSC code or account number: Even one wrong digit means your bank won’t get linked.
Adding someone else’s bank account: Paytm Money only allows accounts in your own name.
Not setting the new bank as the default before removing the old one: If you try to delete your old bank first, the app won’t let you.

Also Check: How to Buy Stocks in Paytm Money?

Conclusion

In conclusion, changing your default bank account in Paytm Money is simple if you follow the steps carefully. Add the new account, upload correct documents, set it as default, and remove the old one if needed. No confusion, no delays. Just like updating your UPI app, do it once and enjoy smooth transactions.

About the Author

Saniya

I'm a finance content writer with a BBA in FinTech, passionate about simplifying money matters for everyday Indians. I break down complex topics like investments, savings, and digital finance into easy, relatable content. My goal is to help you in a way that’s easy to understand, jargon-free, and actually useful in real life.

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