The TPIN is the Transaction Personal Identification Number that investors need to authorise transactions for their Demat accounts. The MPIN is the Mobile Banking Personal Identification Number, which is a 4 or 6-digit code and a password to authenticate transactions for using mobile banking apps or payment platforms.
What Is An TPIN & MPIN Number?
The TPIN & MPIN are both numbers that are used to do & make online financial transactions. The TPIN is the Transaction Personal Identification Number. This number or code is mainly used by the investors who want to make transactions on their share market accounts using their Demat accounts.
The MPIN is the Mobile Banking Personal Identification Number which can be used by the user to make online financial transactions using the smartphone apps & online payment platforms. According to SEBI, a share market regulator can only sell their stocks or shares after confirmation of their TPIN or MPIN.
Likewise, the CDSL has a new e-DIS verification, which is a safety feature that offers the user with the electronic delivery instruction slip. As equities are bought or sold, the verification enables a safe transaction.
Here the TPINs protect the Demat account from unauthorised access. That is why the user must keep their TPIN confidential and not share it with anyone.
Likewise, MPIN is a 4 or 6-digit passcode to authenticate online financial transactions. This also verifies the user’s identity on mobile banking and payment apps. The user can easily create and manage the MPIN by registering on the bank.
The user can then set up the personalised PIN during registration. It helps in processing the different banking services including mobile wallet transactions, fund transfers, and the bill payments.
Uses of TPIN & MPIN
The above segment contained vital information on what is TPIN & what is MPIN. Here some of the main uses of the TPIN & MPIN have been provided.
- The TPIN & MPIN helps the users make online financial transactions simple, and enables them to do online trading. This can be done securely with the help of the online trading platform.
- The TPIN & the MPIN enables the users for verification process to make the next transaction process.
- Only when the user is verified, they are authorised to make the online transaction & trading.
- Online shopping is done easily with the help of the MPIN. Likewise, the user can pay for bills & utilities effortlessly.
Hence, the users & investors using the TPIN & the MPIN need to update their numbers. This way it remains safe from unwanted access, and safeguards their Demat account against any kind of potential security threat.
How to Change MPIN?
Below are some of the steps that need to be done to ensure that the user can change their MPIN.
- The user needs to go to their mobile banking app.
- Now, log in using the credentials or MPIN.
- The user needs to go to the ‘More’ option or navigate to the ‘Settings’ option.
- Inside the settings, there is an option to change the MPIN, it can be used to do the same.
- The user needs to enter the current MPIN, and then enter the new MPIN.
- The MPIN needs to be confirmed for verification.
- An OTP will be sent to the mobile number or the email ID provided at the time of registration.
- The OTP needs to be entered in the specified time to validate the changed MPIN.
The user can also change their MPIN on their UPI app. The above steps can be done using their UPI app.
How to generate TPIN?
Now, let us take a look at how the user can generate the TPIN. It is a simple process that can be done using the CDSL website.
- The user needs to use the CDSL or DP (Depository Participant) website to log into their Demat account using their credentials.
- Click on the generate TPIN option, and the user has to enter the TPIN registration section.
- Now, the DP ID and customer ID has to be entered & verified with the account details.
- Choose the generate TPIN option, and then enter the PAN (Permanent Account Number) along with the bank account details to authorise the transaction.
- When the details have been verified, an OTP is received to the user’s registered mobile number or email ID.
- The OTP can be entered using the 4-digit TPIN of choice.
- The request can be submitted, and the TPIN will be generated, and a confirmation message is sent to the registered mobile number or email ID.
How to use TPIN for selling shares?
Below are some steps to help the user sell shares from their Demat account.
- To access the online trading account, enter the login credentials.
- The user needs to issue a sell order on their Demat account when they have any securities to sell. The sell order appears pending for execution when it is submitted.
- The CDSL sends an email or SMS to authorising the TPIN.
- Then the user needs to click on the provided link.
- The 6-digit TPIN needs to be entered, which has been created.
- Once the authorisation is completed, the pending sell order will be carried out.
- When the shares are sold, they are processed from the Demat account. The funds are transferred to a bank account that is linked to their trading account.
- These transactions can be kept tracked by checking their Demat account activity. This can be done on the stock broker’s platform.
Benefits of TPIN in Demat account
Now that we’ve covered the TPIN meaning, let’s look into the TPIN benefits. TPIN offers several advantages for investors holding securities in a Demat account. Some of these benefits include the following.
- Increased security: When the user has the TPIN, it offers them with an additional layer of security. Since the user is most likely going to be an investor, they can benefit immensely through the number.
- It saves time: The TPIN helps decrease the time taken to complete the transactions for the investors. That is because there is no paperwork to be done. This decreases the time needed for verification.
- There is a reduction in the scams: The TPIN decreases the chances of scams happening because it sees to it that the authorised person, which is the investor can only use the Demat account for selling & buying shares. This helps to reduce the chances of any financial loss due to the scams.
- Convenience: The TPIN decreases the need for visiting the broker’s office to make changes in the orders or the user’s account. Everything can be done online or through a smartphone. Trading has been made quite simple with the help of the TPIN.
- User-friendly: The TPIN is user-friendly as well, which enables the user to work on it flawlessly. Things can be done & managed with ease.
How to change TPIN?
Traders & users may want to know how to change their TPIN. This is a crucial step to know. Below are a few steps provided to help understand & learn how to secure the TPIN account, if at all there has been a breach.
- The user has to first log in to the platform of the broker or depository participant. Then they have to log in to the DPs portal or the CDSL Portal.
- Then the user has to use the ‘reset or generate’ option. This can be found under the security settings or a settings account.
- The identity of the user needs to be verified. It can be done by providing information like the mobile number, email ID, the Demat account number, etc.
- The OTP will be provided on the mobile number or the email ID, and the user can then verify their details.
- Now, the OTP has to be entered to verify the user details & proceed.
- A new TPIN has to be set up. It is best if the user comes up with a TPIN that can be challenging for other users to find out.
- A confirmation message or email is sent to the mobile number or the email ID provided with the new TPIN. Now, the user’s TPIN has been successful.
Summary of TPIN & MPIN
In summary, the MPIN can be used for making safe online financial transactions, the TPIN can be used for verifying transactions while selling securities. This is like an additional layer of security to the user’s Demat account.
This way, scammers can’t access the user’s Demat account, and fraud transactions are efficiently prevented. Only the account holder can make transactions using the trading app. Hence, the TPIN & MPIN should be kept very confidential.
Investors should immediately change their TPIN if it is compromised. Greater security, convenience, defense against unauthorised access, control over transactions, and ease of use are all benefits of having a CDSL TPIN in a Demat account.
The MPIN is important for any user wanting to do a mobile banking transaction. Besides, it also helps in making safe financial transactions online. Likewise, the user’s financial information is also secure from unwanted eyes.
Users may want to regularly update their TPIN & MPIN so that their mobile banking security is improved. This can be effortlessly done with the help of their banking apps or USSD services. It is important to understand the significance of TPINs & MPINs for safe transactions.
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Conclusion
In concluding, the MPIN & TPIN are two crucial personal identification numbers that any user needs to do an online financial transaction. It could be payments, selling shares, and buying shares, and so on.
Besides, the uses, benefits, and how to change the TPIN & MPIN have been discussed in the above blog. Moreover, users can now understand & learn how to effectively manage it for a secure mobile banking experience.
FAQs
How to use the MPIN?
The MPIN can be used if the user wants to make a transaction through their smartphone. The security code is provided to the user by the bank that they have their account in. This is provided to them during the registration process.
How to receive the MPIN number?
To receive the MPIN, the user may want to go to their mobile banking app. Then they have to make use of the ‘Forgot MPIN’ option. It will be there. Then the details have to be filled in. Then they need to make use of the 6-digit MPIN that will be provided to them and confirm the new MPIN.
Is MPIN an ATM PIN?
No, the MPIN is not the same as the ATM PIN. Many users tend to be confused with that. The MPIN can be used only for mobile phone tasks. Whereas the ATM PIN can be used for making ATM card & debit card transactions.
How to reset the MPIN password?
To reset the MPIN password, the user has to go to their bank’s website. Otherwise, they can also make use of their mobile banking app. Then have to go to Profile Settings, and then use the Forgot MPIN option. Then they need to enter the registered mobile number and verify themself with the help of the OTP (one-time password).
Other details may be requested, and then they have to enter a new 4 or 6-digit MPIN passcode. Users may want to make sure that they follow the bank’s instructions to change or reset their MPIN. That is because each bank may have its own methods.
Why do traders need a CDSL TPIN?
A trader may need a CDSL TPIN to help them perform transactions safely. This can be done through their Demat account. Apart from the security, it provides the trader with the ability to only sell or pledge shares. This decreases the risk of unauthorized transactions.
What is the TPIN used for?
The TPIN on the other hand, can be used to perform stock market transactions. When the trader wants to sell or pledge their shares using their Demat account, then they can do so securely. The TPIN offers a secure verification so that the right account holder does the transactions.
What is the TPIN number?
The TPIN number is a unique code that can be offered to the depositories. The TPIN number is used for verification purposes. This is when the user or the trader wants to sell or pledge their shares. Besides, they can also perform other account-related activities.
What happens if somebody else gains access to the TPIN?
When somebody gains access to the TPIN, then the user needs to communicate the same with the customer car, and immediately initiate unauthorised transactions. This can be done through the Demat account. Moreover, the TPIN has to be changed instantly, and suspicious activities can be informed to the broker or depository.
How to change the TPIN?
The TPIN can be changed by logging into the brokerage or depository platform. Then the user has to go to the TPIN management section and request a change. The identity of the user has to be verified using the OTP, and then they can set a new TPIN.
What happens if the user forgets their TPIN?
This is quite simple. The user needs to make use of the ‘Forgot TPIN’ on their smartphone app, and then create a new TPIN. The OTP received needs to be verified on the smartphone. This will be provided to the registered phone number & on the email id.
