Want to conveniently transfer your savings from Jar app to your bank account? Here is a fast guide! Jar allows you to change your digital gold into cash, which is then deposited directly to your bank account within 24 hours.
Saving with the Jar App is an excellent method to create a financial safety net, whether you choose Spare Change Investment, Daily Savings, or a one-time investment strategy. As your savings increase, you may need to withdraw funds to cover an emergency or meet a specific objective.
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What is Jar App?
The Jar app provides a unique approach to conserve digital gold by automatically rounding up your transactions to the next Rs. 10 or Rs. 5. This function allows users to quickly keep spare change. The program, developed by Nishchay AG and Misbah Ashraf, works as a digital piggy bank, allowing users to begin earning gold through ordinary spending.
Fortunately, the Jar App makes the withdrawal process simple and hassle-free. Here is the guidance for transferring money from Jar to your bank account.
- Check your balance.
Before making a withdrawal, it’s a good idea to check your deposited balance. This allows you to know exactly how much you have and schedule your withdrawal accordingly.
2. Start the Withdrawal
The Jar App’s home screen features a “Withdraw” button. Click on it to begin the withdrawal procedure.
3. Specify the amount
Enter the amount that you want to withdraw. You can withdraw either a certain sum of rupees or the corresponding amount of gold.
4. Enter your UPI ID.
To make the transfer easier, enter your primary UPI ID. This UPI ID should be linked to the bank account where you wish the funds deposited.
5. Complete the process.
After inputting your UPI ID, click the “Proceed” button. The gold will be sold at current market prices, and the proceeds will be deposited to the bank account associated with your UPI ID.
- Waiting Period
One important factor to consider is the 24-hour waiting period after purchasing gold. For example, if you purchased 1 gram of gold on may 8th at 8:30 PM, you will have to wait until may 9th at 8:30 PM to sell it and withdraw the funds. This waiting period ensures that all transactions are performed securely.
- Tax and Fees: What You Should Know
Good news! The Jar App does not charge any taxes or fees when you sell your digital gold and receive the proceeds. The gold is sold at the current market price, and the entire amount is paid immediately to your bank account, with no deductions.
Common Withdrawal Issues and Solutions.
- Pending or failed transactions.
Sometimes, money transfer requests may fail or remain pending because:
-
- Incorrect or invalid UPI ID enteredÂ
- Isuues with the bank’s server side
If this occurs, please verify your UPI ID or contact your bank immediate assistance. You can retry the transaction later.
- Retrying a Failed Withdrawal Request.
If your withdrawal request fails, please follow these procedures to retry:
- Open the Jar app.
- Go to the “Transactions” tab.
- Find the unsuccessful transaction and tap it.
- Enter your primary UPI ID again and select “Proceed”.
- Your money should have been successfully transferred to your bank account.
- Error: “Gold Purchased in the Last 24 Hours Cannot Be Sold”
This notification indicates that you must wait 24 hours before selling gold and withdrawing monies. Patience is the key here!
Conditions for Withdrawal
- Pan card verification and KYC is mandatory for Withdrawal purpose.
- All kind of UPIs will work in Jar app like Phonepe, Google pay, Paytm and others for withdrawing money.
- There is no minimum lock-in period on the Jar App, and you can withdraw or sell your money after 24 hours of investment.
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Conclusion
Transferring your money from the Jar App to your bank account is simple. With a few taps, you may convert your digital gold into cash, which will be sent directly into your bank account within 24 hours. Whether you use the Spare Change Investment, Daily Savings, or a one-time investment strategy, the Jar App makes managing your finances simple and secure.
There are no hidden fees or taxes, so you get the full value of your savings. Should any problems develop, the app’s simple fixes assure a smooth encounter. Begin saving and transferring conveniently with the Jar App today!
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