Since there are several channels available to withdraw funds from your Fyers Trading Account, I wanted to write a step-by-step guide on how to withdraw funds without getting confused by the additional functionality provided in our trading platforms.
Currently, you can withdraw funds (Funds Payout) in 3 different ways:
1. Fyers Markets
2. Fyers WebTrader
3. Fyers Back Office
I will explain in detail how to use each of the above (trading platforms & back office) to withdraw funds without any hassles. An important point to note is that we do not accept offline requests for the purpose of safety & efficiency. Further, the funds you withdraw will get credited into your bank account within 24 hours (It depends on bank settlement – NEFT/RGTS/Intra-bank settlement).
1. Withdraw funds using Fyers Markets (Mobile App):
When you log into Fyers Markets, just click on header icon “Dashboard” on the top left. You will get this Side Menu as shown above. Click on “Fund Transfer” and you will be redirected to the page below.
At the top of the page, observe that there are two options. “Payin” & “Payout”. Click on Payout and enter the desired amount and click on “Request Payout” to initiate the transaction to withdraw funds.
Once the payout request has been submitted, we will process the amount at the end of the day. Please note that, the request will be processed after checking the balance amount in your trading account. In the event that the amount entered is incorrect/inapplicable, the payout request will be rejected. So kindly check your ledger balance accurately to withdraw funds without any hassles. I repeat this for the sake of clarity, the payout is only successful after you get a credit in your bank account. The message displayed above is merely an acknowledgement of the receipt of the payout request. The process is just a few clicks using our mobile app.
2. Withdraw funds using Back office: The first step is to login to the back office. To access the page you will have to click on the image below.
Select the “Sign In” icon and click on “Back Office” to start the process.
Upon clicking the link above, you will be redirected to a login page where you will have to enter you login credentials to enter the back office.
Select “Admin” from the Main Menu and click on “Pay Request”.
In this window, click on the highlighted icon “Payout Request Add / Edit” to withdraw funds.
In the highlighted section in this window, enter an amount that you want to withdraw and click on “Save”. You can also withdraw the entire amount by clicking on “Maximum Request Amount” check box. If you enter payout requests more than once, you will know how much funds you have already requested a payout for and each request amount will be added in the total. Once you click on “Save”, your work is done. We will process your payment at the end of the day.
3. Withdraw funds using Fyers WebTrader: To withdraw funds from this portal is easy too.
Click on “Sign In” and then click on “Web Trader” to be able to do the transaction.
Once you are logged in using your credentials, you will need to select “Limits” from the main menu and then click on “Payout Request”. Just enter the amount and click on “Submit” to initiate the transaction.
Once you click on “Submit”, you will get this acknowledgement. Click on “OK”. Please not that this is merely an acknowledgement that you have placed a payout (withdrawal) request. The transaction will be processed depending on the funds available in your trading account. Hence, we insist that you confirm your ledger balance before initiating the transaction just to ensure that it happens successfully.
In this portal, you can also view your previous payout requests. You can track them based on the Request ID and status. However, you must check your ledger account in the back office or your bank account statement to confirm the transaction. As long as the amount you have entered is available in your trading account, withdrawal of funds will be successful. Hence, just double check so it is hassle-free.
Time period for funds to reach your bank account: If you request to withdraw funds (payout) before 6:00 PM, we will process the payment at the end of the same day. However, if you request to withdraw funds (payout) after 6:00 PM, the amount will be processed the next working day.
The timing depends on NEFT/RTGS settlements but typically, you will receive funds with 24 hours if you request before 6:00 PM and up-to 48 hours if you do it after 6:00 PM.
Reasons why the funds withdrawal can get delayed:
• Bank Clearing Holidays.
• Bank Holidays on Saturdays.
• Delay from the stock exchange in sending us files.
• Global Indices Expiries on the 3rd Friday of every month – This is because stockbrokers receive the trade files very late on such days as the settlement price is dependent on the opening prices of the US Stock market.
If you need any further clarifications, do ask me in the comments section below.
Tejas is the Co-Founder & CEO @ www.fyers.in, the youngest team to get NSE’s broker license. FYERS was started as a mission to enhance the terrain for traders and investors in India. He previously worked at Zerodha, Futures First & has been a professional trader for several years.