Important: INR Transactions Update
Complete report on future INR transactions flow
As a leader in digital assets trading in India, we introduced Instant Deposits and Instant Withdrawals with the help of smart payment mechanisms. However, owing to circumstances beyond our control, we have decided to halt the instant payment option for our users. This is a temporary arrangement, and we are committed to restoring the easiest payment channel for our users as soon as possible.
INR Transactions Update
Spread over the next few days, INR deposits and withdrawals will not be instantaneous. There are a few pointers to note regarding INR transactions which will ensure that users can fund their accounts or withdraw earnings to their linked bank accounts. The same have been highlighted below.
- As communicated to us by our payments partners, INR deposits will only be possible via Payment Gateway (which carries 2% charge, inclusive of GST). IMPS, NEFT, RTGS transactions will not be entertained. We request our users not to deposit money via these methods and only use the Payment Gateway.
- As communicated to us by our payments partners, INR withdrawals will only be processed via NEFT channel. Thus, users need to expect a standard delay in receiving funds to their bank accounts.
- With a certain upper cap on the amount which can be withdrawn from Koinex, the withdrawals will only be processed in the first come, first serve basis. Every user can withdraw up to INR 5,00,000 per day and only INR 50,000 per transaction.
- INR withdrawals (which were initially free) will be now be charged at 2.36% (inclusive of GST) for all withdrawal transactions.
- Users need to double check and ensure that their bank account details saved with Koinex are absolutely correct before initiating a withdrawal. For reversed or failed transactions, the recovery process of the funds will take extraordinarily long time periods.
- Until further notice, INR deposits and withdrawals will be highly structured, monitored and controlled.
We are working consistently at our end to restore the original instant deposits and instant withdrawals system on the platform. With multiple payments and banking partners, we strive to achieve the seamless trading experience which Koinex is known for. Request your patience and cooperation in this situation.
INR deposits and withdrawals will be processed in batches and will be credited to Koinex INR wallets with standard delay. INR deposits (only via Payment Gateway) and INR withdrawals (only via NEFT) will be charged. INR withdrawals will only be processed on a first come, first serve basis due to an upper cap.