WazirX: How to Connect Your Bank and Make INR Deposits

Dear Tribe

I'm happy to hear that WazirX is on your list of possible crypto solutions. If there is anything you need, you can count on us to be here for you. Please don't hesitate to contact us if you still have questions after reading our guides.

The WazirX Manuals

WazirX: Adding a Bank Account

You can link your bank account (for IMPS transactions) and UPI details to your WazirX account once you have completed the KYC process. Keep in mind that before you can make any cryptocurrency trades, your bank information must be added. However, information can be edited up to five times (removed and replaced) as needed. The authentication procedure will need to be started again whenever a new account is created.  

Multiple UPI identifiers and bank accounts can be added. Then, from the available payment methods, you can choose your preferred default Bank/UPI account.  

To ensure that your INR transactions go through without a hitch at the bank's end, we double-check both the bank account and UPI ID you use.

To link your bank account to WazirX, follow these steps:

Step 1: 

On your mobile device, go to "Settings" and then "Banking & Payment options."

On the web, access the settings by selecting the image's highlighted button and then clicking "Account Settings." Select "PAYMENT OPTIONS" when prompted.

Step 2 (Mobile & Web): Select "ADD A NEW PAYMENT OPTION" under "BANK ACCOUNT."

Third, provide the requested information and send the form (on mobile or desktop).

Our teams will double-check the submitted banking information.

WazirX: Adding Your UPI Information

The first step is the same for those accessing the site via mobile device or desktop computer.

Second, select "ADD A NEW PAYMENT OPTION" under "UPI."

Step 3: Provide the information required and send the form.

When you give us your UPI information, we'll double-check it.

Note: 

• When you connect your Bank account to your WazirX account, we will immediately verify your Bank account and UPI.  
• Please double check that you have only connected the bank account and/or UPI ID that is in your name. For verification purposes, both your WazirX account name and your bank account name must be identical.

You will receive an email as soon as your information has been confirmed.  

WazirX INR Deposit Instructions

Once your bank account is confirmed, you will be able to begin making deposits to your WazirX wallet in Indian Rupees (INR). In addition to Net Banking, the Mobikwik e-wallet can be used to deposit Indian Rupees into your WazirX account.

The procedure is as follows:

First (Mobile & Web), open the WazirX app and go to the Money section.

Mobile: 

Web:

Secondly, pick the 'INR' option.

Mobile:

Third, hit the Deposit button.

Mobile:

Web:

In the fourth step, decide whether you want to make an instant INR deposit via net banking or a wallet transfer.

Step 5: Put money in the bank

• With the Instant Deposit (Net Banking) option, you can:
  • First, select Continue after entering the deposit amount.
  • Second, your browser will take you to the Internet Banking section of your bank's website. Put in your username and password for online banking. Approval of the transaction is required before proceeding after a successful login.
  • As a reminder,
    • Only banks that are compatible with the net banking feature can be used to transfer funds. Here is a rundown of the accepted financial institutions: We are working to add more financial institutions and will keep you updated.
    • Your WazirX account will be credited with the deposit within 24 hours of a successful fund transfer. Most deposits are completed in much less time (sometimes within an hour).

• Choose the Instant Deposit (Wallet Transfer) option if you'd like to transfer money directly from your Mobikwik wallet. Here:
  • First, enter the amount you want to deposit, then click Continue, and finally Make Payment.
  • Second, confirm the OTP by entering the mobile number you used to register.
  • Your wallet balance can be viewed on the Mobikwik payment page that loads in Step 3.
  • Step 4: Complete the transaction; your deposit will show up in your account within 24 hours.
  • Nota bene:
    • Before making a purchase, make sure your Mobikwik wallet has sufficient funds (via UPI/Bank account/Debit card only). Inability to add funds to a wallet using a credit card

Key Takeaways

• There may be rare occurrences where it takes a little longer than usual for your INR deposits to appear in your WazirX account. Don't worry; these funds are safe with us. We've proven ourselves trustworthy, with 100% of users who reported receiving their funds back (into their WazirX wallet or bank account) receiving those funds. WazirX only collects a deposit fee and does not retain any of the funds.
• Please contact our dedicated support team here if you have any issues that have been open for more than 7 business days.  

Frequently Asked Questons

How come I can't add money to my WazirX wallet?

Quite a few factors might be at play here. You probably can't add money because:

• There was a mistake in the IFSC or bank account number.
• The bank information is correct, but there is a mismatch in names. This means that the name on your bank account does not match the name you used when signing up for WazirX.
• You are not making the deposit from a verified bank account.
• An unsupported bank was used for the account.
• Invalid username or password used to access the bank's website.
• The server is currently being serviced. When we plan to perform maintenance, we do let people know.

Can a different person's bank account and UPI be used for the transaction?

No Your name must be on the bank and UPI account. However, you can be a joint account holder if you so choose.

Is a down payment required and if so, how much?

Yes We utilize payment processors to ensure that deposits are reflected almost immediately after they are made. On the INR deposit page, you can see the deposit fee that applies to each payment method. All applicable taxes are included in the deposit fee.

Have you set a minimum or maximum limit on deposits in INR?  

Yes You can make a deposit of at least 100 and no more than 4 99,000 Indian Rupees per online bank transfer However, there are no limits on the number of transactions you can make per day.

Change Log:

Currently, UPI and Net Banking deposits in INR cannot be processed. WazirX P2P now supports purchasing USDT with INR, allowing our users to participate in the USDT market. To read further, visit this link.

Wazirx has made a video that provides a good overview, which you can watch if you like.

Cryptocurrency is not backed by the government and is not regulated by any government at this time. Due to their volatile prices, traders in cryptocurrencies should carefully weigh the potential downsides of their investments. The views and opinions expressed here are not those of WazirX or should be considered investment advice. WazirX may, at any time and for any reason, alter or update the contents of this blog post without prior notice.