Get all your Answers - How to Withdraw, Taxes, Fees, how much time will it take and more.
Imagine this : You have an emergency at home. Or you want to buy that latest iphone.
Or you want to go on a solo trip to Himachal you’ve been saving up for. Where will the money come from, you ask?
Your savings in the Jar App!
If you’ve been saving for a while under any of the investment plan that Jar provides (Spare Change Investment, Daily Savings and One time investment), chances are you must be having some emergency money aside to achieve your goals.
There’s no minimum lock-in period on the Jar App, You can Withdraw or Sell your Money after 24 hours of Investment (or even get the Gold Coins delivered to your home).
In this series of Jar 101, we’ve answered all your questions regarding how to withdraw your money or sell your Gold on the Jar app:
Withdrawal Process of Money or Gold in Jar App
1. How can I withdraw Money from the Jar App?
To withdraw money from your Jar App, follow these Steps:
- Open the Jar App
- Tap on the Hamburger Menu Icon at Top Left Corner -> Tap on "Withdraw Saving" Icon
- Enter the Amount of Rupees or Gold you wish to Sell
- Then, tap on the "Withdraw Savings" button
- Then, tap on the "Yes, Sell Anyway" button
- Then Select/Add the UPI ID to which you want to Transfer the Money
- Click on "Withdraw Savings". The gold will be sold and money will automatically be transferred to your bank account
2. After buying from the Jar App, how much time do I have to wait to withdraw my money?
After successfully making a gold purchase, you have to wait for 24 hours to sell the gold and withdraw money into your account.
For example, let's say you purchased 1g of gold on 2nd April at 7:30 PM.
Now if you wish to sell this 1g and withdraw the money into your bank account, you would have to wait for 24 hours, i.e, till 3rd April 7:30 PM.
3. If I wish to Withdraw, how is the money transferred to my bank account?
While withdrawing money from Jar, you have to enter an UPI ID.
The money will be transferred to the bank account which is linked with the UPI ID entered by you in the withdrawal process.
4. Do I have to pay any taxes when I sell gold to withdraw money from the Jar app into my account?
Yes. Capital gains from the sale of gold are taxed based on whether it is short term or long term capital gains.
If you sell your gold assets (which may be gold jewellery, digital gold or coins) within three years from the date of purchase, any proceeds from that sale will be considered Short-Term Capital Gains(STCG).
It will basically be added to your annual income and as a result you will have to pay tax effectively on the highest income tax slab under which your income falls.
On the other hand, if you sell your jewellery, gold coins or digital gold after three years or more from the date of purchase, the proceeds from the sale will be classified as Long-Term Capital Gains (LTCG).
Long-term capital gains from the sale of gold assets are taxed at 20%, with applicable surcharge and education cess.
5. Is there any fees charged by Jar app while withdrawing money?
No. Jar does not charge any fees in the process of withdrawing money by selling digital gold.
Your gold will be sold as per the live sell price, and the value from the sale will be directly transferred to your bank account.
Common Withdrawal Issues but you don't have to Worry.
1. Gold has been deducted from the locker on the Jar App, but money transfer to my bank account failed/is still pending. Why?
Money transfer to bank account could fail or be in pending state due to the following reasons:
- Incorrect/Invalid UPI ID entered
- Issue at Bank server end
If there is an issue at your bank's end, then kindly contact them and retry again after some time.
2. If a Withdrawal Request Fails, how can I Retry on the Jar App?
To Retry a Withdraw Order, follow these steps:
- Open the Jar App
- Tap on the Transactions tab
- Tap on the 'Filter' tab
- Then, check the radio button for "Gold withdrawal"
- Then, tap on the "Apply" button
- This will list only the "Gold withdrawal" transactions
- Then, Select your order and click on the Retry button
3. Error - "Gold Purchased in the last 24 hours cannot be sold." What does this mean?
After successfully making a gold purchase, you have to wait for 24 hours to sell the gold and withdraw money into your account.
There you go. All your Withdraw related queries - answered! In case you have more questions, visit the Jar Website's FAQs Page.
Jar App is an Automated Savings Platform that invests your spare change from online transactions in 99.99% pure Digital Gold, that is totally secured in world-class vaults and insured by top banks of India.
It only takes 45 seconds to set up the account and you can Start Saving & Investing with just Rs 10.
