Local Local Banking Solution is an instant interbank electronic fund transfer service that allows you to fund your account in local currency (INR).
|
|
Deposit |
Withdrawal |
|---|---|---|
|
Currency: |
INR |
INR |
|
Fees / Commission: |
No commission |
No commission |
|
Processing Time: |
30 minutes |
1 business day |
|
Minimum amount per transaction: |
₹ 850 |
₹ 500 |
|
Maximum amount per transaction: |
₹ 100,000 |
₹ 50,000 |
Steps to deposit with Local Banking Solution
- Log in to your MyFXTM Dashboard
- From the left-hand menu navigate to 'My Money' > 'Deposit funds' > 'Local Banking India'.
- Check the pre-selected trading account or wallet and enter the local currency amount 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 Solution"
- Enter your bank account number and then click "Confirm".
- Please recheck your deposit details and click "Submit". You will be redirected to the payment page with a list of available banks for payment.
- Enter the UPI ID and complete the deposit.
- 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.
Documents required for Local Banking Solution verification
In order to verify the Local Banking Solution Payment method and enable it for withdrawals, you need to upload the bank statement showing your name, account number, and the transfer made to us. Upload it on the Verify your Payment Method | MyFXTM Dashboard page. Once it is uploaded, our Back Office officers will check and process it within 24 hours.
How to withdraw with a Local Banking Solution?
Once your payment method is approved, you can proceed to place a withdrawal, by following these steps:
- Log in to your MyFXTM Dashboard
- From the left-hand menu navigate to 'My Money' > 'Withdraw funds'
- Selected trading account or wallet and enter the amount you'd like to withdraw. You will see the equivalent in INR that will be sent to your bank account.
- Enter the banking account number to which you want to withdraw funds.
- Provide IFSC code connected to your bank account. You can check with your bank if you have any questions.
- Click the "Submit".