Giottus, a Tamil Nadu based Indian cryptocurrency, announced free INR deposits and withdrawals with a guarantee of withdrawal in 10 minutes.
As the Banking Ban from RBI has been quashed by the Supreme Court, it has been reported by Giottus in an announcement that crypto exchanges will be free to open bank accounts and provide INR deposits and withdrawal services to their users.
However, the exchange is offering Zero Fee INR deposits and withdrawals. For the next two days, until March 7, the exchange is also waving off trading fees.
On asking why they removed the fees, Vikram Subburaj, the Co-founder of Giottus, said that it is time to celebrate.
“Supreme court has removed a big obstacle today and we are trying to do our bit to make customers feel that the golden days are back. Time is money in Crypto. By enabling instant deposit and withdrawal, we believe that we are not just giving back time but money.”
It has been analyzed that Giottus is still using a partner-based deposit, thereby they are giving bank accounts of their INR partners where users can deposit the money after opening a request.
Once the amount and form of payment are set up, users will be matched with a deposit partner. They can only send money from the registered and verified bank account set up with the exchange. If they don’t set up their UPI, they can choose the IMPS deposit.
Likewise, Giottus says that the INR withdrawals are processed in 10 minutes, and if they are not processed in 10 minutes, then the user gets 10 XRP as a reward.
Earlier, Giottus took up to 30 minutes to process these transactions. So, this is a vast improvement.
Thus, users can take advantage of the opportunity.