No. You can withdraw your winnings only to your bank account.
Note: The name in your bank account should match with the name in your My11Circle account in order to ensure the successful processing of your withdrawals.
FAQ - Withdrawals
Withdrawals
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How do I withdraw my winnings into my bank account?
To withdraw your winnings, make sure your KYC and PAN are verified and that your bank account is validated. Once done, follow these steps:
- Tap the 'More' button (☰)
- Select 'Withdrawals'
- Tap 'Request Withdrawal'
- Enter the amount
- Enter your bank details (this is a one-time setup)
How to withdraw your winnings successfully in 2 minutes
Note: You can only withdraw up to the balance shown on the 'Withdraw Cash' page.
Refer to the GIF above for guidance.
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When does the withdrawn amount get credited to my bank account?
There are two types of withdrawals:
- Instant Withdrawals: You have a set number of withdrawals per day, and these withdrawals are usually processed within 15 minutes.
- Regular Withdrawals: These are regular withdrawals, and processing time for Regular Withdrawals is shown on the "Withdrawal" page.
Click here to check the processing time for your withdrawals.
Here's how your withdrawal will be handled:
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Once I submit a withdrawal request, how long will it take for me to get my money?
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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Can someone else's bank account be used to withdraw cash?
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My withdrawal was processed to the wrong bank account number? Can I cancel the withdrawal?
As the withdrawal is already processed, we can cancel it only if it gets declined at your bank's end. It might take up to 72 hours for us to receive the final update. If the withdrawal goes through and is acknowledged by the bank, you will have to get in touch with your bank for any further course of action.
We would also urge you to update the new bank account details on priority so that your future withdrawals are not affected as well.
Tax deducted at Source- TDS
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What is TDS?
TDS stands for 'Tax Deducted at Source' which we are legally obliged to deduct tax at source (“TDS”) at the time of withdrawal or the end of the Financial Year.
As per the Finance Bill passed by the Govt. of India, new tax laws are applicable on Online Gaming apps from April 1st, 2023. As per the law, Platforms offering Online Games are required to deduct tax at source (“TDS”) at the time of withdrawal or the end of the Financial Year. TDS shall be levied at the rate of 30% for all the net winnings of a Player.
Here, net winnings is the difference between the total amount withdrawn and the total amount deposited in a financial year.
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What is ‘Net Winnings’?
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
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How is tax calculated on 'Net Winnings'?
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 -
If my ‘Net Winnings’ go down during the year, can I get a refund of the TDS already deducted?
- 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 TDS from our end directly to any Player.
Bank Account Validation
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Why is Bank Account Validation Mandatory?
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.
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How can I update my Bank Account?
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.
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Can I provide a Bank Account of my relatives like parents, spouse, kids etc.?
No, the Bank Account must belong to the same person whose KYC documents are uploaded in the system.
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The bank account I have shared is the only one I have. What can I do now?
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.
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I am the sole owner of a business, can I use the bank account of my business?
No, business accounts cannot be used for transactions on our platform.
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There is a typo in my KYC document. How can I correct this?
Minor spelling errors usually should not cause rejection of Bank Account Validation.
However, if you wish to update your KYC, you can visit our Help & Support and 'Raise a Ticket' on the same page, and our support team will assist you.