Fanmojo ensures that users can withdraw their winnings quickly and seamlessly. You can withdraw your winnings through Paytm or bank account transfer, basis your minimum and maximum limit and KYC check.
Withdraw your winnings
Open the Fanmojo application and log in to your account. Please ensure you have a minimum of Rs. 200/- as your withdrawable balance, to be able to withdraw funds from your Fanmojo account.
Withdrawable balance is the balance which is added to your fanmojo account post your team wins in any of the fanmojo contest. Do note only the amount won can be withdrawn from your fanmojo account and not the amount that you have added and not played with.
Visit the Wallet page and click on the 'Withdraw' option. You can withdraw the cash prize you won in any of the fanmojo contest into your paytm wallet. This paytm wallet has to be same as the one linked to your mobile number which is verified at fanmojo. If you want to increase your withdrawal limits then you will have to verify your KYC. KYC is verified at fanmojo if your mobile number, email, pan card and bank account statement is verified at fanmojo. Once you submit all these documents, it takes up to 72 hours for fanmojo team to verify the documents submitted by you. If your account is successfully KYC verified your withdrawal limits are increased automatically.
Enter the amount you would like to withdraw in the space provided and press transfer for completion. You will receive a Confirmation SMS from team fanmojo of the amount withdrawn
Withdrawal limit is set at a maximum of Rs9999 from your winning balance till the time your account is not KYC verified. Verification is a one-time process and you don't need to go through it for every transaction. The following bank details need to be furnished for account verification:
Bank name, Branch name, Account holder's name, Account no. and IFSC code. Post verification, you can withdraw the desired amount, and it will be deposited into your bank account within five working days.
Fan mojo complies with regulations laid out by the Income Tax Department and pays out taxes on winnings as per regulations in the Income Tax Act 1961. Thus, if your winnings for a single contest are more than Rs.10,000, a fee of 31.2% will be deducted. The remaining amount (68.80%) will be credited to your winnings balance. E.g., If you win Rs. 2,00,000, Rs.62,400 will be deducted, and your actual winnings are Rs. 137,600.
Relevant TDS certificates will be provided for each deduction in such cases. Users are responsible for any other tax payments such as gift tax, income tax, etc. Please consult a tax expert for any additional questions regarding deductions.