Local Online Banking is an instant interbank electronic fund transfer service that allows you to fund your account in local currency (INR).
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Deposit |
Withdrawal |
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Currency: |
INR |
Your withdrawals will be processed via other payment channels. |
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Fees / Commission: |
No commission |
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Processing Time: |
30 minutes |
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Minimum amount per transaction: |
₹850 |
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Maximum amount per transaction: |
₹100,000 |
A flat $3 commission will be charged for any deposit or withdrawal below $30 or equivalent. However, deposits or withdrawals equal to or exceeding $30 will not be subject to this fee. More information here: Low transaction fee: 3$ commission on transactions below 30$
Steps to deposit with local online banking in India
- Log in to your MyFXTM Dashboard and navigate to 'My Money' > 'Deposit Funds' > 'Local Banking India'.
- Check the pre-selected trading account or wallet and enter the amount in INR you'd like to deposit. You may also enter the amount in your trading account currency (e.g. USD) and it will show the amount in local currency automatically.
- Click the "Deposit" button next to "Local Banking India"
- Please check your details and enter your bank account number, then click "Confirm".
- Check all details and click "Submit". You will be redirected to the payment page with a list of available banks for payment.
- You will have 60 minutes to complete the transaction through your banking application. Once it is done you need to put the UTR code / Reference No. / Transaction ID and click "Submit" to complete the deposit transaction. If you do not know how to find a UTR code, make sure to check out our What is a UTR number and where to find it? article.
Important:
- It's strictly forbidden to write in-app messages when sending money. Payment execution won't be guaranteed.
- The transfer amount should be the same as on the application form (MyFXTM dashboard) with all decimal places. No crediting of underpaid or overpaid funds will be made.
- Funds are sent by intrabank transfer or according to the rules of the selected payment system. For bank transfers, the funds must be sent from the bank selected in the order.
- Never use previously generated account details again. Each transfer requires new account details.
- We don't accept payments from third parties. The bank account needs to be in your name.