Now, traders can withdraw instantly on INDmoney
The UPI-based platform allows investors to instantly withdraw upto Rs1 lakh from their trading accounts to their bank accounts on the same day, regardless of their trading activity
Now, traders can withdraw instantly on INDmoney
The service is initially made available from 8am to 5pm on trading days and may operate 24x7 in coming months. In May, Zerodha announced to let customers instantly withdraw up to Rs1 lakh daily between 9 am and 4 pm, at no additional cost
Mumbai: Money management startup INDmoney on Thursday announced UPI-based instant withdrawals for investors from their stock trading accounts on its platform.The feature enables users to withdraw their funds into their savings accounts instantly, even if they are trading on the same day, addressing a key problem for stock investors while boosting liquidity by ensuring real-time trade settlements.
The feature allows investors to withdraw money up to Rs1 lakh on the same day. Investors will get instant withdrawals in their bank accounts regardless of their trading activity. Ashish Kashyap, Founder of INDmoney, said: “Instant Withdrawals aligns with our commitment to simplifying financial management and ensuring our users have immediate access to their funds when they need it the most.”
The ‘Instant Withdrawal’ service is initially made available from 8 am to 5 pm on trading days. In the coming months, the startup plans to extend this service to operate 24x7.In May, online brokerage platform Zerodha announced to let customers instantly withdraw up to Rs1 lakh daily between 9 am and 4 pm, at no additional cost.
The government has been promoting UPI as a global payment platform. Merchants in the United Arab Emirates (UAE) are now accepting payments via UPI in rupees to attract Indian customers. One of the biggest retail companies in the UAE, Lulu has started giving customers the option to accept payments through UPI in all its stores in the country.
Indian citizens and NRIs in the UAE can easily pay through QR codes through Point of Sale (POS) machines.According to the NPCI, the number of Indian travellers in the Gulf Cooperation Council (GCC) is estimated to reach 98 lakh in 2024. Around 53 lakh Indians are likely to reach UAE alone.
