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FAQ - Withdrawals

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Withdrawals

  • What are Deposit and Withdrawable Accounts and how is the balance in each account calculated? Arrow

    If you are a cash player on My11Circle, your cash account balance is divided into two Accounts - Deposit Account and Withdrawable Accounts.

    Your Deposit Account balance consists of all the amount you have deposited but have not yet played cash games for. Your Withdrawable Account balance includes all your cash winnings, as well as any deposited amount you have used for playing cash games. Every time you play a cash game, the amount used to play that game is credited to your Withdrawable Account.

    The Deposit Account balance and the Withdrawable Account balance together make your total Cash balance. You can play cash games on My11Circle with any amount up to your total Cash balance.

    Let us see some examples. Assume that your Deposit Account balance is ₹100 and your Withdrawable Account balance is ₹400 (total balance = ₹500) . You make a deposit of ₹50 in My11Circle.

    The entire deposit is credited to your Deposit Account. Thus, your Deposit Account balance is now ₹150 ( ₹100 + ₹50) and your Withdrawable Account balance remains at ₹400. Your total balance is ₹550.

    You play a contest

    Let us say you play a cash contest with an entry fee of ₹100 and win ₹500. The ₹500 that you won becomes a part of your Withdrawable Account. ₹100 is deducted from your Deposit Account as entry fees. Thus, your Deposit Account balance will now be ₹0 ( ₹100 - ₹100) and your Withdrawable Account balance will now be ₹900 ( ₹400 + ₹500). Your total Balance is ₹900.

    You claim a Bonus

    Let us say you claimed a Bonus Chunk of ₹50. This will be credited to your Withdrawable Account. Thus, your Withdrawable Account balance is now ₹450 ( ₹400 + ₹50) and your Deposit Account balance remains at ₹100. Your total balance is ₹550.

  • What are the Withdrawal T&C? Arrow
    • Mobile Number Verification is mandatory for availing of Instant Withdrawals. This can be done in the Profile section under 'My Account'.
    • Some withdrawal requests may be flagged for manual review. In these scenarios, you will receive the withdrawn amount credited within 3 working days if all checks are passed. During the review period, your withdrawal will show the status as 'Request Undergoing Checks'.
    • IMPS transfers are not accepted at some Cooperative Banks. In such cases, withdrawals will be processed within 3 Bank Working days.
    • IMPS transactions sometimes fail if the receiving bank is conducting maintenance or having downtime when the transaction is initiated. If this happens, the withdrawal may go through later or may get reversed.
      If your withdrawal shows the status as 'Request Placed with Bank' but you haven't received the credit, then this is the case. The final status of the transaction is only known after 72 hours. You don't need to worry - if the transaction is reversed, the funds will be credited back to your RummyCircle account. Downtime periods vary from bank to bank.
  • Are there any restrictions on placing withdrawals? Arrow

    You can place unlimited withdrawals in a day. However, there are certain restrictions on the amount per transaction. Please log in and refer to the withdrawal page for more details.

    • Withdrawals will not be processed to bank accounts based in the states of Assam, Odisha, Telangana, Andhra Pradesh, Nagaland and Sikkim.
    • Withdrawals will only be processed if valid identity & address proofs in the name of the player who created the account have been submitted.
  • How do I provide the UPI ID details for withdrawal? Arrow
    • When you place a withdrawal request, you will see an option to provide your UPI ID. Please ensure that the UPI ID is correct. My11Circle will not be responsible if you provide incorrect details. Examples of UPI ID: roha78.verma@oksbi, shekhar8739@ibl, 9876543210@ybl
    • You can change your UPI ID on the Withdrawals Page, after verifying your identity by entering the OTP sent to your registered email ID or phone number.
    • If you want to update your UPI ID on My11Circle, delete the existing UPI ID and then add a new one.
  • How do I provide the Bank Account details for withdrawal? Arrow
    • When you place a withdrawal request for the first time, you will be required to provide your Bank A/c Number & IFSC Code. These details will be auto-filled in your subsequent withdrawal requests.Please ensure these details are correct. My11Circle will not be responsible if you provide incorrect details.
    • You can change your Bank A/c Details on the Withdrawals Page, after verifying your identity by entering the OTP sent to your registered email ID or phone number.
    • Your name on the Bank Account should be the same as on the KYC document submitted to My11Circle during KYC Verification. My11Circle will not be responsible if the player's bank rejects the withdrawal in case of a name mismatch.
  • Once I submit a withdrawal request, how long will it take for me to get my money? Arrow

    You have a specified number of instant withdrawals available everyday along with an unlimited number of normal withdrawals. The processing time for a withdrawal is mentioned on the withdrawal page. Please log in to check the withdrawal processing time.

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Tax deducted at Source- TDS

  • Will my Opening A/c Balance be considered if I want to make a withdrawal at the start of the new Financial Year (April 2023)? Arrow

    Let’s consider the following table as an example - 

    Opening A/c Balance 

    as on 1st April 2023

    Total Deposit Total Withdrawal
    ₹ 1500 ₹ 2000 ₹ 3000

    Tax is deducted on Net Winnings. 

     

    At the start of the Financial Year (1st April 2023), if there’s an Opening Balance, Net Winnings is calculated as

    = (Total Withdrawals) - (Total Deposits) - (Opening Balance)
    = ₹ 3000 - ₹ 2000 - ₹ 1500
    =  - ₹ 500

    As the Net Winning here is negative, there will be no tax deduction. And so, your withdrawal amount post tax deduction would be ₹ 3000 -  ₹ 0 =  ₹ 3000

  • Will tax be deducted if I withdraw an amount lesser than my total deposits? Arrow

    If your total withdrawal is less than your deposit, no tax will be deducted. 

    Example - 

    Total Deposit Total Withdrawal
    ₹ 4000 ₹ 2000

    Here, Net Winnings = Total Withdrawal - Total Deposit

                                       = ₹ 2000 - ₹ 4000
          Net Winnings     = - ₹ 2000

     

    As Net Winning is negative, there will be no tax deduction. 

  • How is tax calculated on 'Net Winnings'? Arrow

    Net Winnings is the difference between the total amount withdrawn and the total amount deposited in a financial year. Example - 

    Total Deposit Total Withdrawal
    ₹ 2000 ₹ 3000

    Here, Net Winnings = Total Withdrawal - Total Deposit

                                       = ₹ 3000 - ₹ 2000

              Net Winnings  = ₹ 1000 

     

    Tax is calculated at the rate of 30% of Total Net Winnings at the time of Withdrawal. Let’s take the above example for reference.


    Here, the Net Winnings is ₹ 1000. Tax = 30% of  ₹ 1000 = ₹ 300

  • What is ‘Net Winnings’? Arrow

    Net Winnings is the difference between the total amount withdrawn and the total amount deposited in a financial year. Example - 

    Total Deposit Total Withdrawal
    ₹ 2000 ₹ 3000

    Here, Net Winnings = Total Withdrawal - Total Deposit

                                       = ₹ 3000 - ₹ 2000

              Net Winnings  = ₹ 1000 

  • What are the latest changes to TDS (Tax Deducted at Source) on online gaming apps? Arrow
  • How can I get my Tax Certificate to file IT Returns? Arrow
    • Tax Certificates will be issued within 1 month from the last date of filing TDS returns for every quarter. 
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Special Instant Withdrawals

  • Do Special Instant withdrawals have an expiration date? Arrow

    Yes, every Special Instant Withdrawal comes with an expiration date. To know the expiry date please refer to your withdrawal page and click on the (i) icon. You can also view any Special Instant Withdrawal expiring within the last 7 days shown in the same space at the end of the list. 

    Please note that the Special Instant Withdrawal which is about to expire will be used first.

  • Is there a limit on how much I can withdraw via Special Instant Withdrawal. Arrow

    The same maximum limit which is applicable on your regular withdrawals would apply on Special Instant Withdrawals too. 

  • Which withdrawal did I use just now? Arrow

    If you have a Special Instant Withdrawal & click on “Withdraw” then you will see a message on the confirmation popup as seen below:

    “You are using a Special Instant Withdrawal”

  • I want to use my daily/Weekly/Monthly withdrawal first and save my Special Instant withdrawals. Arrow

    Special instant withdrawals will be used first once available (regardless of any other type of withdrawal available for you). Once special instant withdrawals are used, only then your regularly available withdrawals will be used. 

     

    Example: If you have:

    Special Instant Withdrawal: 1

    Daily Instant Withdrawal: 1

    then Special Instant Withdrawal will be used first

     

    Similarly, if you have:

    Special Instant Withdrawal: 1

    Daily Instant Withdrawal: 0

    then also Special Instant Withdrawal will be used first

  • How can I earn special withdrawals? Arrow

    There would be multiple opportunities across cash games / challenges / tournaments etc where you can earn Special Instant Withdrawals. This would be clearly communicated on the application. Keep an eye out for  these offers! 

    Please note that you can check the special instant withdrawals earned at any time under the Special Withdrawals section on the withdrawal page.

  • What are special withdrawals? Arrow

    Special Instant Withdrawals are extra free instant withdrawals over & above your daily/weekly/monthly free instant withdrawals. You can view special instant withdrawals earned in a new section “Special Instant Withdrawals” introduced on the withdrawal page.

New Tax Rules

  • I play on both RummyCircle & My11Circle. How will this impact me? Arrow

    Players playing any games offered by Games24x7 have a common wallet across games. For taxation, deposits and withdrawals of both the platforms would be added to determine Net Winnings.

  • How can I get my Tax Certificate to file IT Returns? Arrow

    Tax Certificates will be issued within 1 month from the last date of filing TDS returns for every quarter.

  • If my 'Net Winnings' go down during the year, can I get a refund of tax already deducted? Arrow
    • Tax on Net Winnings at the time of the withdrawal that are deducted are paid to the income tax department for the credit of the player. Players can file their returns with the income tax department and claim refunds subject to the Player's overall tax liability. Games24x7 will be issuing the tax deduction certificates showing the tax deducted for the player. However, Games24x7 will not be able to refund the excess tax from our end directly to any Player. 

  • What will happen if there is some amount remaining in my My11Circle A/c at the end of the Financial Year? Arrow

    If there is some balance remaining in your My11Circle a/c on 31st March 2024, the tax will be deducted on that amount (considering it a withdrawal), and the remaining amount will be carried forward to 1st April 2024 i.e. the New Financial Year.

    Example - Mr. Rao plays games & wins cash prizes on 31st March 2024 and does not make a withdrawal until 11:59 PM. Below are some more details - 

    * Closing Balance = Deposit Balance + Winning Balance as on 31st March, 11:59 PM

    To understand the tax deducted, we will have to determine the Net Winnings 

    = (Total Withdrawal) + (Closing A/c Balance) - (Total Deposit) - (Opening A/c Balance )

    = ₹ 3000 + ₹ 1000 - ₹ 2000 - ₹ 1500

    = ₹ 500

    30% Tax on above Net Winnings = ₹ 150

    Let’s say, out of ₹ 150, ₹ 100 tax already deducted earlier 

    And so, the remaining Tax to be deducted is ₹ 50

     

    The remaining Tax would be deducted from the Closing A/c Balance & carried forward to the new Financial Year: ₹ 1000 - ₹ 50 = ₹ 950

  • Will my Opening A/c Balance be considered if I want to make a withdrawal at the start of the new Financial Year (April 2024)? Arrow

    Let's consider the following table as an example -
    Opening A/c Balance as on 1st April 2024 = ₹ 1500
    Total Deposit = ₹ 2000
    Total Withdrawal = ₹ 3000
    Tax is deducted on Net Winnings.
    At the start of the Financial Year (1st April 2024), if there's an Opening Balance, Net Winnings is calculated as
    = (Total Withdrawals) - (Total Deposits) - (Opening Balance)
    = ₹ 3000 - ₹ 2000 - ₹ 1500
    = - ₹ 500
    As the Net Winning here is negative, there will be no tax deduction. And so, your withdrawal amount post tax deduction would be ₹ 3000 - ₹ 0 = ₹ 3000

  • Will tax be deducted if I withdraw an amount lesser than my total deposits? Arrow

    If your total withdrawal is less than your deposit, no tax will be deducted. Example -

    Total Deposit = ₹ 4000

    Total Withdrawal =  ₹ 2000

    Here, Net Winnings = Total Withdrawal - Total Deposit
    = ₹ 2000 - ₹ 4000

    Net Winnings = - ₹ 2000

    As Net Winning is negative, there will be no tax deduction.

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Bank Account Validation

  • What is Bank Account Validation? Arrow

    Bank Account Validation is a legal mandate which ensures that your money is secure. We do a validation by comparing your name in the KYC document with the name of the bank account holder.

  • How can I update my Bank Account? Arrow

    You can update your Bank Details from the Withdrawal Page. Click on Bank Account followed by the ‘Edit’ button. Alternatively, you can add up to 5 UPI Accounts. Please note that the UPI ID must belong to you and not someone else.

  • Why is Bank Account Validation Mandatory? Arrow

    Bank Account Validation ensures that your money is not transferred to any other person even by mistake. This helps us in making My11Circle even more secure.

  • Can I provide a Bank Account of my relatives like parents, spouse, kids etc.? Arrow

    No, the Bank Account must belong to the same person whose KYC documents are uploaded in the system.

  • The bank account I have shared is the only one I have. What can I do now? Arrow

    You can explore other payment banks that can be created online. Some of the commonly used apps are Airtel Payments Bank, Paytm Payments Bank, India Post Payments Bank, Jio Payments Bank etc. Please note that this is only a sample list and is not exhaustive or suggestive in any manner.

  • I am the sole owner of a business, can I use the bank account of my business? Arrow

    No, business accounts cannot be used for transactions on our platform.

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