How to buy Bitcoin in India with NEFT/IMPS/RTGS

How to buy Bitcoin in India with NEFT/IMPS/RTGS?

You can buy Bitcoin from exchanges that deal in cryptoassets like Unocoin in India. Before buying Bitcoins, you are required to register and submit some documents online. Here’s how you can buy Bitcoins with Unocoin, a leading cryptoasset exchange in India:

  • Download the Unocoin app on your smartphone.
  • On opening the app, you are asked to sign up. Fill in your email ID and set a password. You are then asked to set a six digit passcode that is required to enter the app and transact.
  • After you’ve signed up, you need to verify your profile. The verification process requires you to give your name, address and phone number. In addition, you have to upload pictures of your PAN card, Aadhaar card and a recent passport sized photo of yourself.
  • After you’ve given out the required details and submitted the pictures through the app, an agent from Unocoin might call you before your account is verified.
  • Once your account gets verified, you can now buy and sell Bitcoin or any of the other five cryptoassets that are supported by the app (Bitcoin Cash, Ripple, Ether, LiteCoin and Bitcoin Gold).

Buying Bitcoin

  • Load your account with money from the bank. You can add money via a net banking facility offered by your bank.
  • You can also add money to your Unocoin wallet at the time of buying Bitcoin.
  • Once you enter the amount of Bitcoin you want to buy, a deposit order specifying the amount of money you need to transfer will be created.
  • Go to your bank’s net banking facility and transfer the required amount to Unocoin’s bank account via IMPS/NEFT/RTGS transfer.
  • Enter the reference number generated by the bank after the transfer of money against the deposit order in the Unocoin app. After validation of the transfer by Unocoin, the money will be added to your Unocoin wallet.
  • After adding money to your Unocoin wallet, you can now buy Bitcoins. Transactions are processed in less than a minute and Bitcoins are added to your Bitcoin wallet maintained by Unocoin. You can also transfer these Bitcoins to another Bitcoin wallet outside Unocoin. Bitcoins can be bought any time, any day of the week on Unocoin.
  • You can also buy five other cryptoassets (Bitcoin Cash, Ripple, Ether, LiteCoin and Bitcoin Gold) with the money in your Unocoin wallet. Buying other cryptoassets on Unocoin is no different from buying Bitcoin and cryptoassets bought are stored in their respective wallets maintained by Unocoin.
  • You can also withdraw money from your Unocoin wallet to transfer back to your bank account.

If you are adding money to your Unocoin wallet through net banking, here’s how the different modes of fund transfer (NEFT/RTGS/IMPS) differ from each other:

  • National Electronic Funds Transfer (NEFT) — You can choose NEFT as the mode of payment when transferring funds to your Unocoin wallet. NEFT payments are processed in batches (every half an hour) during bank’s working hours. Thus, this facility is unavailable beyond bank working hours or on Sundays, 2nd and 4th Saturdays and public holidays. A nominal amount ranging from 2.5 rupees (for less than 10000 rupee transactions) to 25 rupees (more than 5 lakh rupee transactions) is charged as service fee with added GST (Goods and Services Tax). NEFT is suitable for low-to-mid value transfers that don’t have to be executed on priority. Banks have differing caps on the maximum amount that can be transferred using NEFT.
  • Real Time Gross Settlement (RTGS) — Transfers using this mode of payment are initiated as soon as the request is received. Recommended for large money transfers (minimum value — 2 lakh rupees). This transfer is done by the RBI (Reserve Bank of India). Working hours are from 9 a.m. to 4:30 p.m. on weekdays and from 9 a.m.-2 p.m. on Saturdays.
  • Immediate Payment Service (IMPS) — This service is provided by the National Payments Corporation of India (NPCI). Funds can be transferred any time any day of the week at very low charges (maximum of 3 rupees + GST). Transfers take place in real time. A maximum of 2 lakh rupees can be transferred in one transaction.

Transfers are validated by the Unocoin team in less than three to four hours, though on occasion, it might take up to twenty four hours, due to a large number of transfers. If deposits are done in the evening or on the eve of bank holidays, it might take a day before the transfer is reflected in your Unocoin wallet balance.

If you have trouble depositing money in your Unocoin wallet, email [email protected] or call the toll free number 1800–103–2646 (7am-11pm, Mon-Sat). Other enquiries can also be directed to the email ID or the toll free number. Any requests for changes in transactions can also be sought through these channels before being carried out by Unocoin. For more on how to buy Bitcoins, visit Unocoin. You can also have a look at FAQs here.

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