Withdrawing Money

Wallet with money and gold Sixer Coins

Key Facts

You can withdraw a minimum of Rs.25 and a maximum of Rs.1,00,000 in a day.
You are only allowed to request 10 withdrawals per day.
To complete a withdrawal, you need to verify your account on the Unallocated Balance Wallet page
This verification process can take between 1-3 days, so make sure you do it soon

Verification Process

To verify your account, you will need to complete our KYC process from the Unallocated Balance Wallet page. The process requires 3 bits of information: personal details, PAN Card, and Bank details. Check it out below:

Step 1: Verify Personal Information

  1. 1. Enter your Email Address, State, and Date of Birth (As on your PAN Card)
  2. 2. Verify your email address

Step 2: PAN Verification

  1. 1. Enter your PAN and Name (As on your PAN Card)
  2. 2. Upload a clear photo of your PAN Card
  3. 3. Note that the PAN cannot be unlinked once you’ve verified one Sixer account

Step 3: Bank Details Verification

  1. 1. Enter your Bank Account Name, Number, Branch Name, and IFSC Code
  2. 2. Upload Bank documentation such as a Bank Statement or Passbook front copy or a cancelled cheque with your name and account number clearly visible
  3. 3. Note the following restrictions:
    • a. Digital Payment Banks are

      not

      allowed for verification and linking of Sixer accounts for withdrawals based on the latest compliance rules
    • b. NRE Accounts are

      not

      permitted
    • c. No bank account belonging to Meghalaya, Andhra Pradesh, Assam, Odisha, Telangana, Nagaland, and Sikkim can be verified
After those three steps, give our team 1-3 days to verify your documentation. Once that’s done, you can withdraw a minimum of Rs.25 and a maximum of Rs. 1,00,000 per day. Most transactions are completed on the same day. However, sometimes banks can take 3-4 business days to make the payment. For extremely rare circumstances, we reserve the right to pause withdrawals.

Tax Deduction at Withdrawal

What has changed?

The new Govt. Tax (TDS) law, as defined in the Finance Act, 2023, has been in effect since 1 April 2023. According to the law, 30% of your taxable amount (net winnings) is deducted as TDS on withdrawal.

How is taxable amount calculated for the financial year (FY)?

The taxable amount is defined as the difference between your withdrawals and deposits in the FY. Here’s how the taxable amount is calculated:

Taxable Amount (Net winnings)

=

A

-

B

-

C

-

D

A

Total withdrawals (including current withdrawal amount)

B

Total deposits

C

Opening balance (Unallocated Balance Wallet + amount invested) at FY beginning

D

Amount on which TDS was deducted till date

Did you Know?

Did you know?

1 April to 31 March is considered a financial year (FY).
Did you Know?

Did you know?

1 April to 31 March is considered a financial year (FY).

Let’s take a look at a few examples:

Example 1(a): You have ₹0 opening balance, deposited ₹2,000 during this FY and make the 1st withdrawal of ₹1,000 in this FY

Total withdrawals A

₹1,000

Total deposits B

₹2,000

Opening balance (Unallocated Balance Wallet + amount invested) C

₹0

Amount on which TDS was deducted till date D

₹0

Taxable amount A - B - C - D

₹0

30% Govt. Tax (TDS) applicable

₹0

Withdrawal after Govt. Tax (TDS)

₹1,000

Note: Taxable amount will be ₹0 until a withdrawal amount of greater than ₹2,000 is requested

Example 1(b): You have ₹500 opening balance, deposited ₹2,000 during this FY and make the 1st withdrawal of ₹1,000 in this FY

In this case you have a opening balance (Unallocated Balance Wallet + amount invested) of ₹500 at the start of the financial year i.e. 1st April

Total withdrawals A

₹1,000

Total deposits B

₹2,000

Opening balance (Unallocated Balance Wallet + amount invested) C

₹500

Amount on which TDS was deducted till date D

₹0

Taxable amount A - B - C - D

₹0

30% Govt. Tax (TDS) applicable

₹0

Withdrawal after Govt. Tax (TDS)

₹1,000

Note: Taxable amount will be ₹0 until a withdrawal amount of greater than ₹2,500 is requested

Example 2(a): You have ₹500 opening balance, deposited ₹2,000 during this FY and make the 1st withdrawal of ₹3,000 in this FY

In this case you have positive net winnings and you are withdrawing more than your deposits and opening balance combined

Total withdrawals A

₹3,000

Total deposits B

₹2,000

Opening balance (Unallocated Balance Wallet + amount invested) C

₹500

Amount on which TDS was deducted till date D

₹0

Taxable amount A - B - C - D

₹500

30% Govt. Tax (TDS) applicable

₹150

Withdrawal after Govt. Tax (TDS)

₹2,850

Example 2(b): You deposited another ₹2,000 and are now making a subsequent withdrawal of ₹5,000

In this case you have positive net winnings and you are withdrawing more than your deposits and opening balance combined

Total withdrawals A [₹3000 (previous) + ₹5000 (current)]

₹8,000

Total deposits B

₹4,000

Opening balance (Unallocated Balance Wallet + amount invested) C

₹500

Amount on which TDS was deducted till date D

₹500

Taxable amount A - B - C - D

₹3000

30% Govt. Tax (TDS) applicable

₹900

Withdrawal after Govt. Tax (TDS)

₹4,100

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