How to Add a Bank Account and Deposit INR on WazirX

0


Dear Tribe!

I am glad that you are considering WazirX for your crypto journey. Please be assured that we are here for you if you need any assistance. In case you have any concerns, even after reading our guides, you can always reach out to us here.

WazirX Guides

  • How to open an account on WazirX?
  • How to complete the KYC procedure on WazirX? 
  • How to add a bank account and deposit INR on WazirX?
  • How to buy crypto with the WazirX QuickBuy feature?
  • How to buy and sell crypto on WazirX? 
  • How to deposit and withdraw crypto on WazirX?
  • How is the trading fee calculated on WazirX? 
  • How to place a stop-Limit order?
  • How to download the trading report on WazirX?
  • How to use WazirX P2P?
  • How to use the WazirX Convert Crypto Dust feature?
  • What are the benefits of the WazirX referral feature?
  • Which are the official WazirX channels, and how to reach WazirX Support?

How to add a bank account on WazirX?

After creating your WazirX account and completing the KYC process, you can add your bank account (for IMPS transactions) and UPI details. Please note that to undertake any crypto trade, you will have to add your bank details first. However, you can remove and add new details whenever you wish to do so (a maximum of 5 times). When a new account is added, the verification process will be reinitiated. 

You can also add multiple bank accounts and UPI IDs. The default Bank/UPI account can be then selected as per your preference (from the payment options). 

Important: In order to facilitate smooth deposits and withdrawals of INR transactions, we verify the Bank account and UPI ID so that the transactions don’t get stuck/fail at the banking end.

Here is how you can add a bank account on WazirX:

Step 1: 

Mobile: In the ‘Settings’ menu, select ‘Banking & Payment options 🏦 ‘ 

Web: Click on the icon highlighted in the image below and then on ‘Account Settings. Then click on ‘PAYMENT OPTIONS’.

Step 2 (Mobile & Web): Under ‘BANK ACCOUNT’, click on ‘ADD A NEW PAYMENT OPTION’

Step 3 (Mobile & Web): Fill in the details requested and click on submit.

Once you have submitted the bank details, our teams will verify the same.

How to add UPI details on WazirX?

Step 1 remains the same as mentioned above for both mobile and web users.

Step 2: Under ‘UPI’ click on ‘ADD A NEW PAYMENT OPTION’

Step 3: Fill in the details requested and click on submit.

Once you have submitted the UPI details, our teams will verify the same.

Note: 

  • Bank account and UPI verification are done automatically as soon as you link your Bank account with your WazirX account. 
  • Kindly ensure that you have only linked the bank account and/or UPI ID, which is in your name. The WazirX account name and the Bank account name need to match for successful verification.

Once your details are verified, you will be notified via email immediately. 

How to deposit INR on WazirX?

You can start depositing funds (INR) into your WazirX wallet once your bank account is verified. Furthermore, you can add INR to your WazirX account not only through Net Banking but also from your Mobikwik wallet.

Here are the steps you can follow:

Step 1(Mobile & Web): On the WazirX app, click on funds.

Mobile

Web:

Step 2: Select ‘INR’.

Mobile:

Step 3: Click on Deposit.

Mobile:

Web:

Step 4: Select your preferred mode to deposit INR – Instant Deposit (Net Banking) or Instant Deposit (Wallet Transfer)

Step 5: Deposit funds!

  • If you chose to deposit funds via Instant Deposit (Net Banking) option:
    • Step 1: Enter the amount you wish to deposit and click on Continue.
    • Step 2: You will be redirected to your bank’s Net Banking login page. Enter the net banking User ID and Password. After a successful login, you can proceed by approving the transaction.
    • Please Note
      • Transferring funds via the net banking option is possible only through a supported bank. You can find the list of supported banks here. We are working on adding more banks to this and will keep you posted.
      • After a successful fund transfer, it may take up to 24 hours for the deposit to get successfully credited to your WazirX account. Most deposits happen in a much shorter time (even 1 hour).
  • If you wish to deposit funds from your Mobikwik wallet, select the Instant Deposit (Wallet Transfer) option. Here:
    • Step 1:Enter the amount you wish to deposit and click on Continue followed by Make Payment.
    • Step 2: Enter your registered mobile number and confirm the OTP.
    • Step 3: You will now be redirected to the Mobikwik payment page, where your wallet balance will be visible.
    • Step 4: Proceed with the transaction, and your deposit will reflect within a maximum of 24 hours.
    • Please Note:
      • It’s important to top up your Mobikwik wallet (using UPI/Bank account/Debit card only) before initiating the transaction. Wallet top-up via credit card is not supported.

Points to remember

  • There can be cases when your INR deposits can take a little longer than usual to reflect in your WazirX account. Please be assured that you will not lose these funds. We have a track record: In 100% of the reported cases, the users have got back their money (either to their WazirX wallet or bank account). WazirX charges a deposit fee alone and keeps nothing else.
  • In case you have long pending issues unresolved (pending for more than 7 working days), you can directly reach out to our dedicated support team here

Frequently Asked Questions

Why can’t I deposit funds into my WazirX wallet?

There could be multiple reasons for this. You can’t add funds probably because:

  • The bank account number or IFSC linked is incorrect.
  • There is a Name mismatch though the bank details are correct. This means: Your name registered with WazirX, and the name on the Bank account is not matching.
  • You are not using your verified bank account to make the deposit.
  • The bank account is not of a supported bank.
  • The login credentials entered on the bank site are not correct.
  • The platform is under maintenance. We do notify our users when maintenance is scheduled.

Can the payment details (bank account and UPI) belong to someone else?

No. The bank & UPI account must be in your name. You may, however, be a joint account holder.

Is there a deposit fee?

Yes! In order to facilitate instant deposits, we use payment processors so that the amounts are credited near instantly. The deposit fee is different for different payment modes and is shown on the INR deposit page. The deposit fee is inclusive of all taxes.

Is there a minimum/maximum INR deposit limit? 

Yes! You can deposit a minimum of ₹100 and a maximum of up to ₹4.99 Lakhs via Net Banking per deposit transaction. However, you can make multiple transactions in a day – No maximum limits apply!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn’t represent any investment advice or WazirX’s official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.



Source link

Leave A Reply