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Withdraw Cash

How do I withdraw cash?

You can Withdraw Cash at any time by going to My Account page and clicking on Withdraw Cash.
You are then asked to enter an amount you would like to withdraw.
You can only withdraw an amount less than or equal to your Withdrawable Balance. This will be shown to you on the Withdraw Cash page
For making a withdrawal, you need to be ID verified. If you are not ID verified, then on placing a withdrawal request you shall be prompted to upload the latest copy of ID proof. Our customer service team will review and verify your uploaded document. You can also get yourself ID verified by uploading ID proof document from Profile section under My accounts.

What is the minimum amount I can withdraw?

Minimal withdrawal amount is ₹ 100.

What is the maximum amount I can withdraw?

You can withdraw all the money in your Withdrawable Account at any time. The balance in your Withdrawable Account includes all your cash winnings, any bonuses you earned as a cash player as well as any deposited amount you have used for playing cash games.

What are Deposit and Withdrawable Accounts and how is the balance in each account calculated?

If you are a cash player on My11Circle, your cash account balance is divided into two Accounts - Deposit Account and Withdrawable Accounts.

Your Deposit Account balance consists of all the amount you have deposited but have not yet played cash games for. Your Withdrawable Account balance includes all your cash winnings, as well as any deposited amount you have used for playing cash games. Every time you play a cash game, the amount used to play that game is credited to your Withdrawable Account.

The Deposit Account balance and the Withdrawable Account balance together make your total Cash balance. You can play cash games on My11Circle with any amount up to your total Cash balance.

Let us see some examples. Assume that your Deposit Account balance is ₹ 100 and your Withdrawable Account balance is ₹ 400 (total balance = ₹ 500) . You make a deposit of ₹ 50 in My11Circle.

The entire deposit is credited to your Deposit Account. Thus, your Deposit Account balance is now ₹ 150 ( ₹ 100 + ₹ 50) and your Withdrawable Account balance remains at ₹ 400. Your total balance is ₹ 550.

You play a contest

Let us say you play a cash contest with an entry fee of ₹ 100 and win ₹ 500. The ₹ 500 that you won becomes a part of your Withdrawable Account. ₹ 100 is deducted from your Deposit Account as entry fees. Thus, your Deposit Account balance will now be ₹ 0 ( ₹ 100 - ₹ 100) and your Withdrawable Account balance will now be ₹ 900 ( ₹ 400 + ₹ 500). Your total Balance is ₹ 900.

You claim a Bonus

Let us say you claimed a Bonus Chunk of ₹ 50. This will be credited to your Withdrawable Account. Thus, your Withdrawable Account balance is now ₹ 450 ( ₹ 400 + ₹ 50) and your Deposit Account balance remains at ₹ 100. Your total balance is ₹ 550.

How can I view my Deposit and Withdrawal Account balance?

You can see your Account Balances in Account Overview under My Accounts.

All payments are sent through Online Transfer facility

In case of payments through the Online Transfer facility:
- You just need to provide your Bank Account Number and MICR code in order to enable us to process your withdrawal by the online transfer facility. In addition to these if you also provide your IFSC code, Bank Name and Branch Area, we will be able to process your withdrawal much faster. All these details are only to be provided once as from your next withdrawal request, these details shall be auto-filled.
- We process Online Transfers on all days except Sunday and Bank Holidays. In case you have provided your IFSC code, Bank Name and Branch Area while placing a withdrawal request, you will receive the withdrawn amount credit within 1-3 days of placing your withdrawal request else it may take up to 5-7 days to credit into your bank account.
Minimal withdrawal amount:
The minimum amount you can withdraw at any time is ₹ 100.

TDS Deductions:

As per the Finance Act 2023, all Real Money Gaming Apps are mandated to deduct tax at the rate of 30% on users' Net Winnings at the time of withdrawal or on 31st March (i.e. end of Financial Year).

What is 'Net Winnings'?

Net Winnings is the difference between the total amount withdrawn and the total amount deposited in a financial year. Example -

Total Deposit	Total Withdrawal
₹ 2000	₹ 3000

Here, Net Winnings= Total Withdrawal - Total Deposit
= ₹ 3000 - ₹ 2000
= ₹ 1000

How is tax calculated on 'Net Winnings'?

Tax is calculated at the rate of 30% of cumulative Net Winnings at the time of Withdrawal. Let's take the above example for reference. Here, the Net Winnings is ₹ 1000. Tax = 30% of ₹ 1000 = ₹ 300

When will the tax be deducted?

The tax will be calculated on the Net Winnings and deducted when a player makes a withdrawal or on 31st March (i.e. at the end of the Financial Year). The total tax liability on the net winnings during the year will be calculated and deducted from the player's wallet.

Will tax be deducted if I withdraw an amount lesser than my total deposits?

If your total withdrawal is less than your deposit, no tax will be deducted. Example -

Total Deposit	Total Withdrawal
₹ 4000	₹ 2000

Here, Net Winnings= Total Withdrawal - Total Deposit
= ₹ 2000 - ₹ 4000
= - ₹ 2000

As Net Winning is negative, there will be no tax deduction.

Will my Opening A/c Balance be considered if I want to make a withdrawal at the start of the new Financial Year?

Let's consider the following table as an example -

Opening A/c Balance as on 1st April 2023	Total Deposit	Total Withdrawal
₹ 1500	₹ 2000	₹ 3000

Tax is deducted on Net Winnings.

If at the start of the Financial Year, there's an Opening Balance, Net Winnings is calculated as
= (Total Withdrawal) - (Total Deposit) - (Opening Balance)
= ₹ 3000 - ₹ 2000 - ₹ 1500
= - ₹ 500

As the Net Winnings is negative, there will be no tax deduction. And so, your withdrawal amount post TDS deduction would be ₹ 3000 - ₹ 0 = ₹ 3000

What will happen if there is some amount remaining in my My11Circle A/c at the end of the Financial Year?

At the end of the Financial Year (i.e. 31st March 2024), if you have any amount remaining in your My11Circle A/c, tax will be deducted on that amount considering it as “withdrawal”. The remaining amount will be carried forward to the new Financial Year (i.e. 1st April 2024). Let's consider the following table as an example -

Opening A/c Balance as on 1st April 2023	Total Deposit	Total Withdrawal	Closing A/c Balance as on 31st March 2024	Opening A/c Balance as on 1st April 2024
₹ 1500	₹ 2000	₹ 3000	₹ 4000	₹ 3850

Let's start by calculating the Net Winning
= (Total Withdrawal) + (Closing Account Balance) - (Total Deposit) - (Opening Account Balance )
= ₹ 3000 + ₹ 4000 - ₹ 2000 - ₹ 1500
= ₹ 3500

30% Tax on above Net Winnings = ₹ 1050

Of ₹ 1050, ₹ 900 tax already paid earlier

And so, the remaining tax to be deducted is ₹ 150

The remaining tax would be deducted from the Closing A/c Balance & carried forward to the new Financial Year: ₹ 4000 - ₹ 150 = ₹ 3850

If my 'Net Winnings' go down during the year, can I get a refund of the TDS already deducted?

Tax on Net Winnings at the time of the withdrawal that are deducted are paid to the income tax department for the credit of the player. Players can file their returns with the income tax department and claim refunds subject to the Player's overall tax liability. Games24x7 will be issuing the tax deduction certificates showing the tax deducted for the player. However, Games24x7 will not be able to refund the excess TDS from our end directly to any Player.

How can I get my Tax Certificate to file IT Returns?

Tax Certificates will be issued within 1 month from the last date of filing TDS returns for every quarter.

I play on both RummyCircle & My11Circle. How will this impact me?

Players playing any games offered by Games24x7 have a common wallet across games. So, for taxation, the entry fee paid for all games will be deducted from the winnings from all games. The balance amount will be considered for taxation at the rate of 30%.

Why did the method of calculating Tax on Net Winnings change?

The previous method to calculate Net Winnings was (Total Winnings) - (Total Entry Fees).

We have simplified the Net Winnings calculation. The revised method calculates Net Winnings as (Total Withdrawals) - (Total Deposits).

This method of calculating Net Winnings will apply from 1st April 2023.

In case you have any queries, please contact our customer support team at support@rummycircle.com or through raise a ticket (for My11Circle).