Investment Packs Discontinued2 min read
We started our journey by simplifying Mutual funds investments for our users 2 years back, offering direct plans of all schemes saving up to 1% in commissions for our customers. We also introduced the National Pension System (NPS) and Stock Broking services on the platform last year, with ease of investing, transparency at the core of offerings, and our commitment to bring wealth creation opportunities for millions of Indians.
In our continuous endeavor to revamp our offerings for good and serve investor needs better, we shall be discontinuing our advisory led investment packs offerings, & move towards a more holistic approach of aiding personalized advisory services for our clients on the platform, and hence enhancing it to something even better.(More on that later).
We introduced Investment Packs on March 1st 2019 as Paytm Money Limited’s advisory offering to customers. While the investment packs have done well, we would like to offer a greater choice of advisory options to our customers. Hence, we will discontinue existing Paytm Money and AMC/Morningstar packs on our app w.e.f March 31st 2021, and eventually move to a platform which allows multiple advisory providers to offer their products so that you have a choice of selection of the advisor.
We would like to reassure all our valued investors that we are with you in every step and Paytm Money will make sure your existing investments are taken care of appropriately.
Here is an outline of the planned timelines.
We will discontinue these packs on our app on 25th Feb 2021 (i.e. investors will not have the option to make fresh investments in investment packs starting Feb 25th 2021). From Feb 25th to March 31st 2021 – invested investment packs continue as is and Paytm Money will continue to provide advice, basis the current monitoring process at our end. By March 31st 2021, investors can either choose to continue the underlying SIPs in their investment packs, pause or redeem.
In case of Tax saving Investment Packs, please note that your investments are locked for a period of 3 years from the date of investment. Once the lock-in is over, please evaluate the schemes carefully to remain invested or not.
Additionally, in case of any AMC or Morning Star investment packs, we recommend reviewing the individual schemes in the packs and make an informed decision about continuing or not.
We will be transitioning to an advisory platform model so in the near future you will have multiple choices from advisory services providers on Paytm Money. We believe this will drive innovation and bring more choice to our customers.
Do contact us in case of further information at investmentadvisory@paytmmoney.com
