I believe this is the right time to update the INR deposit and withdrawal status on the Indian crypto exchanges.
Well after struck down the RBI banking ban on crypto services by Indian supreme court, All the Indian exchanges are rushing up to restore their INR deposit withdrawal workflow as normal as earlier.
As you know, there were many exchanges in the Indian crypto space with the option to credit INR deposits and withdrawals instantly before the banking ban were imposed. Coinome, koinex, coindelta, etc were few of them.
#TryCrypto #IndiaWantsCrypto
Click to Tweet
After the banking ban imposed on the Indian crypto system by Reserve bank of India, the operation of these exchanges disrupted and lead to the closure of these exchanges.
However, during these difficult times, there are few exchanges who struggled and survived. Some of them are Giottus, CoinDCX, BitBns, PocketBits, Wazirx etc.
Update on 3/May/2020
BitBns enabled instant withdrawal. A maximum of one lakh INR can be withdrawn per day. A small fee is charged for withdrawals depends on the withdrawal amount!
The maximum amount that can be withdrawn in a single transaction is 50000 and per day is 100000
Withdrawal charges :
Up to 1000 – Rs 4
Up to 25000 – Rs 6
Up to 50000 – Rs 9
Update on 23/April/2020
PocketBits enabled instant INR deposit 24×7. However, the withdrawals are not instant and will be processed as like earlier.
The fee for deposit will be free for first 10 days as a introductory offer and will be charging Rs 10 per transaction after the offer period
Update on 18/April/2020
CoinDCX enabled the instant deposit and withdrawal of INR with Zero Fee!
Update on 16/April/2020
Giottus enable the option to bind multiple bank accounts to the Giottus account. This integration enables the option to deposit and withdraw to up to 5 different bank accounts!
Update on 15/April/2020
Giottus also integrated MobiKwik payment gateway to process INR deposits via netbanking.
INR Deposit and Withdrawal Status on Exchanges During Banking Ban
As I told in the earlier paragraphs, few exchanges survived during the banking ban.
The Fiat deposit and withdrawal work flow is the back bone of cryptocurrency exchanges in India as the cryptocurrencies are not widely used in the country as like the Fiat currency.
Some may need to enter the crypto space by depositing INR and converting it into crypto. Where as some may need to exit the crypto and need to collect INR to use in their day to day life.
To enable the INR workflow, most of the Indian exchanges integrated the P2P system to their exchanges. This system matched the person who needs to withdraw INR from the exchange with the one who needs to deposit INR to the exchange. The transfer between the person to person is monitored by the exchange and the same will be updated on the user database of exchange upon completion.
This was the working model of few exchanges such as BitBns, Wazirx and PocketBits. However, the exchanges such as Giottus, CoinDCX followed a different way to handle the deposit and withdrawal workflow on exchange.
Giottus invited deposit and withdrawal partners from their userbase itself. For each deposit or withdrawal processed by the partners will get a commission of 0.2%, the same is charged from the one who deposit or withdraw to or from exchange.
The similar method was followed by the CoinDCX to process INR deposits and withdrawals on exchange with few peer accounts.
How Smooth was the INR Deposit and Withdrawal Workflow on Exchanges during Banking Ban
The INR deposit or withdrawal was not smooth as earlier during the banking ban. The problem with the P2P system was the time taken to confirm the payment by the peer partner.
Until unless the peer confirms the deposit request, the money will not be credited to the exchange wallet. In case of withdrawal, even after matching with the peer, some hesitate to make payment and which will, in turn, go for a dispute. It takes time to settle the dispute.
Also, there were tip system or fuel to improve the deposit or withdrawal speed which went to a big problem with the exchange link BitBns. Some times the tip offered by the withdrawer gone beyond 30%!!!
While we analyze the flow, the Deposit or withdrawal processing time for CoinDCX was better who were processing it in six hours.
The best exchange in terms of INR deposit and withdrawal processing speed were Giottus. They used to process the INR deposit and withdrawal within a few minutes even during the difficult times.
INR Deposit and Withdrawal Status on Indian Crypto Exchanges as of 05/April/2020
Since supreme court of India has set aside the banking ban circular by RBI, many Indian crypto exchanges started reverting back their INR deposit and withdrawal work flow to the earlier one which was available before the ban is imposed.
The INR deposit and withdrawal status on Indian exchanges are changing day by day as new deposit methods are being integrated into the exchanges on a daily basis.
Few exchanges started the direct deposit and withdrawal of INR, a couple of days after the banking ban has been lifted by the Supreme court of India. These deposit and withdrawal requests are being approved manually and as a reason taking time to process.
Later on, exchanges started integrating payment gateways such as PayU, MobiKwik etc with the exchange to speed up the deposit or withdrawal process.
The first exchange that started instantaneous withdrawal was Wazirx. Giottus also implemented almost instantaneous withdrawal which was processed within 10 minutes or they were compensating the user with free 10 XRP!
All INR deposit requests and withdrawals are processed by the Giottus team within 10 minutes. Later on, Wazirx also implemented the instant deposit on exchange.
PocketBits comes up with the offer to process INR deposit within 59 minutes. BitBns also restarted the INR deposit via direct bank transfer. Hovewer, they are bit lazy on processing the INR withdrawals by limiting the per day withdrawal amount to as low as 1 Lakh rupees that too take 24 – 48 hours to process.
CoinDCX doesn’t implement any change to the system and the deposits and withdrawals are being processed in 6 hours as usual with a fee of 0.2%.
Giottus has recently implemented the instant INR deposit and withdrawal option with zero processing fee.
We have listed the exchanges and their current INR deposit and withdrawal status in the following section.
| Exchange Name | INR Deposit | INR Withdrawal | Comment |
|---|---|---|---|
| Giottus | Instant | Instant | 24x7 - Zero Fee |
| Wazirx | Instant/Standard | Instant/Standard | Instant Fee- Rs 10 Standard is free But it takes time to process |
| PocketBits | Instant | Not Instant/1 Business Day | Withdrawal takes up to 1 business day |
| BitBns | Instant | Instant/Standard | There is a small fee for withdrawal depends on the withdrawal amount.maximum limit of 1 lakh per day. Standard withdrawal is free |
| ZebPay | Instant or Standard | Two business days | Use Payment Gateway to deposit in 15 minutes. Withdrawal takes up to 2 working days Withdrawal Fee - Rs 10 |
| CoinDCX | Instant | Instant | 24x7 - Zero Fee |
These are the list of major exchanges in India that have enabled INR deposits and withdrawals.
Recently BitBns and ZebPay have enabled deposit via Mobikwik. Learn how to deposit to BitBns using debit or Credit card
ZebPay integrated GoCashFree and Mobikwik to process deposits within minutes without any fee.
Conclusion
I could see that few new exchanges are about to launch in the Indian market as the banking ban has been lifted. Do you know any recently launched exchange or the old one other listed above which works perfectly?
Do you think the INR deposit or withdrawal status on the above-listed exchanges are changed?
Join the community of subscribers & get exclusive Crypto tips & tricks
