Solved: Direct to Local Bank (INR)

Suvendu D · ‎06-09-2017

Hi,

I would soon be withdrawing my first earning & I have an Axis bank (India) A/C which I set up successfully with upwork under "Direct to Local Bank (INR)" method.

Now, I just wanted to know whether there is anything (i.e any formalities, filling up a form or whatever) needs to be done, with my local branch. Just want to make sure before the withdrawl.

Any one who is withdrawing funds to Indian banks (Axis to be specific), kindly let me know about any specifics which I need to know before the withdrawl.

Thanks for your support

Vinit W · ‎06-10-2017

@Suvendu D wrote:
Hi,

I would soon be withdrawing my first earning & I have an Axis bank (India) A/C which I set up successfully with upwork under "Direct to Local Bank (INR)" method.

Now, I just wanted to know whether there is anything (i.e any formalities, filling up a form or whatever) needs to be done, with my local branch. Just want to make sure before the withdrawl.

Any one who is withdrawing funds to Indian banks (Axis to be specific), kindly let me know about any specifics which I need to know before the withdrawl.

Thanks for your support

Suvendu, just make sure your account is KYC compliant, other than that there are no additional formalities. You'll receive the funds via NEFT. In my experience it takes two days to reach the money in the bank account, if you withdraw on Wednesday the money shall reach you on Friday excluding any holidays.

Congratulations on your first earnings! 🙂

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Juvy Ann P · ‎06-10-2017

For direct-to-local-bank transactions, what is necessary is a valid withdrawal method. Debit cards are preferred over cash cards. The bank account must be sound so that the transfer of funds will be smooth.

Vinit W · ‎06-10-2017

@Suvendu D wrote:
Hi,

I would soon be withdrawing my first earning & I have an Axis bank (India) A/C which I set up successfully with upwork under "Direct to Local Bank (INR)" method.

Now, I just wanted to know whether there is anything (i.e any formalities, filling up a form or whatever) needs to be done, with my local branch. Just want to make sure before the withdrawl.

Any one who is withdrawing funds to Indian banks (Axis to be specific), kindly let me know about any specifics which I need to know before the withdrawl.

Thanks for your support

Suvendu, just make sure your account is KYC compliant, other than that there are no additional formalities. You'll receive the funds via NEFT. In my experience it takes two days to reach the money in the bank account, if you withdraw on Wednesday the money shall reach you on Friday excluding any holidays.

Congratulations on your first earnings! 🙂

Suvendu D · ‎06-10-2017

Thank you Vinit, for your reply. My account is KYC compliant, only Adhar is missing I guess. I will check & link that before withdrawing.

Thomas A · ‎04-20-2021

Are there any compliances a freelancer in India should adhere to before receiving funds?
GST
Import Export Code
Sole Proprietorship Registration as Business
Current Business Account