One of the best cryptocurrency exchange in India, Bitbns has started accepting INR deposits via debit card, credit card and net banking.
After the supreme court has recently lifted the banking ban imposed by the Reserve bank of India in 2018, most of the exchanges started implementing the changes to smoothen the INR deposit, withdrawal workflow.
Reserve bank of India released a circular in 2018 to all its entities asking to stop the services to crypto-related business including the exchanges. As a result of this, Indian cryptocurrency exchanges have struggled to run the exchanges as normal as earlier.
Most of the exchanges integrated the P2P service to the exchange to enable the fiat workflow. However, many traders and investors have left the crypto ecosystem as a result of fear generated in the industry after the RBI circular.
The volume in the Indian exchanges has been reduced tremendously and as a result, few exchanges such as koinex, coinome, coindelta, etc. are announced the shutdown of their service.
The long battle win against RBI on the supreme court has opened opportunities for the Indian cryptosystem.
Most of the exchanges running on the P2P deposit and withdrawal model started implementing the direct INR deposit and Withdrawal to the bank account.
BitBns has already implemented the direct deposit of INR and withdrawals. The INR deposit via UPI, IMPS, NEFT and RTGS has started couple of days after supreme court has set aside the RBI circular.
You can deposit Indian rupee to bitbns and can purchase any cryptocurrency listed on the bitbns exchange without any restriction.
Though there is no daily limit on INR deposit to the bitbns exchange, the single transfer limit will be applied as below for INR Transfer to exchange from your bank account.
The UPI transfer limit is 1 lakh, 2 lakh per transfer limit is applicable for IMPS, using NEFT you can transfer up to 10 Lakh per transfer and can transfer up to 25 lakh using the RTGS payment.
Bitbns exchange has started processing the INR withdrawals a couple of days after starting the INR Deposits with certain limits.
Though the fiat deposit has started with a higher limit, bitbns has started the INR withdrawal request with a lower limit. At the time of writing the article, the limit for INR withdrawal is one lakh per day. This can be requested in two separate requests as the maximum withdrawal amount per request is 50000.
Buy BTC using Debit Card on BitBns
Bitbns has tied up with mobile wallet provider MobiKwik to enable the INR deposit using a debit card, credit card and net banking. Mobikwik is one of the popular mobile wallet providers in India which is familiar among Indian users. Mobikwik has more than 70 million active user base in India!
By integrating Mobikwik into BitBns wallet, the easiness of INR deposit increased. As it is an automated process, the INR deposit reflects on the Bitbns exchange wallet within a couple of seconds after the user confirms the payment with MobiKwik.
As the MobiKwik wallet loading have the option to make payment via multiple sources including debit card, the integration of MobiKwik with BNS extends the same to bitbns as well.
In short, the user can deposit to bitbns wallet by using a debit card or credit card by the use of Mobikwik deposit option.
Deposit using Debit card or Credit card or Netbanking to Bitbns
Below we are explaining the workflow of depositing INR to bitbns wallet with the use of MobiKwik wallet.
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We will show you how to deposit using debit card/credit card or net banking using MobiKwik wallet to bitbns by depositing a small amount to our wallet.
Please follow the below steps to deposit INR to BNS wallet.
- Login to BitBns account and navigate to the Wallet section
- If you are using bitbns website, a drop-down will appear with Deposit INR’ menu, please click on this menu to load the available deposit options.
If you are using mobile app, click on the wallet menu on the bottom right corner of the app and click on the ‘Add Money’ button
- The following option will appear on the website. A pop-up screen will appear with deposit options in case of the mobile app.
- To deposit INR using a debit card or credit card or net banking, Please select Mobikwik.
- A text box to enter the deposit amount will appear where you can enter the amount you wish to deposit.
- The minimum deposit amount is 1 rupee. As there is a deposit fee involved in the MobiKwik deposit, the actual wallet deposit amount will be displayed right below the Submit button after deducting the gateway fee.
- Once you are ready to make a payment, click on the Submit button which will take you to Mobikwik payment gateway.
- Mobikwik will ask you to log in to the MobiKwik account.
- If you have wallet balance, the payment will be processed from your MobiKwik wallet balance. If not, you will be able to select the payment options. You can either select Debit/Credit card or the net banking option.
- If you are willing to make payment via debit or credit card, enter the card details. or choose your bank from net banking tab if you wish to proceed with net-banking payment. Please note that only certain banks are available to make payment via net banking.
- You will receive an email as like below from MobiKwik upon debiting the money from your account
- After a couple of seconds, the money will be credited to your bitbns wallet. You can verify it by visiting the wallet. The transaction history is available in BNS wallet.
Fee for Debit Card/ Credit Card Deposit
If you have gone through bitbns deposit option via MobiKwik, you might have seen the fee charged for deposit.
Not like other deposit methods, MobiKwik deposit will be levied a transaction charge of 1.5% + GST. The effective fee for Mobikwik deposit will be 1.77% including GST. That is, for a deposit of one lakh rupees, you need to pay 1770 as transaction fee.
Why Deposit Via Mobikwik
There are a couple of advantages using the Mobikwik deposit method for depositing INR to bitbns wallet. The most important advantage is the speed of crediting the deposit amount to the wallet. It won’t take more than one minute to credit the deposit amount to your bitbns wallet upon making payment via MobiKwik.
The other advantage is the option to make payment using a credit card. Even if you are running out of money in your bank account, you can use the credit card to fund your wallet.
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