Sell crypto for INR — offramp, fees, and the 1% TDS explained
Category: Selling Crypto
Answer
Selling crypto for Indian rupees (INR) on Swaps works through IMPS bank transfer. You send crypto to Onmeta, they convert it to INR, and the rupees land in your Indian bank account, usually within 30 minutes. How it works 1. On the Swaps homepage, toggle to Sell, set currency to INR, and choose IMPS as the payout method. 2. Pick the crypto you are selling (USDT, USDC, BTC, ETH or other supported assets). 3. Enter the amount of crypto you want to sell. The widget shows you the INR you will receive after fees + TDS.
4. Click Sell. You will be redirected to the Onmeta widget. 5. Complete identity verification if you have not already (PAN + Aadhaar + selfie + liveness, hosted by Onmeta). 6. Add your Indian bank account details (account number + IFSC). Onmeta verifies via a small auto-debit ping. 7. Send the crypto from your wallet to the deposit address Onmeta provides. Double-check the network — Onmeta will display the exact network and address; sending on the wrong network is irreversible. 8.
Once the network confirms your transaction, INR arrives via IMPS to your bank account, typically within 30 minutes. Fees and the 1% TDS withholding When you sell ₹1,00,000 worth of crypto, the breakdown is: - 1% TDS withheld at source — ₹1,000 sent to the Indian tax authority against your PAN, per Income Tax Act §194S. This is a credit on your tax return, not a Swaps or Onmeta fee. - 1% Onmeta offramp fee — ₹1,000 - 1% Swaps service fee — ₹1,000 - You receive: ₹97,000 to your bank account.
The widget shows the breakdown before you confirm. Network fees for the crypto leg (USDT-Tron is typically a few cents, ETH gas varies) are paid by you when you send. Why TDS, and what to do with it Section 194S of the Income Tax Act 1961 (effective 1 July 2022) requires the payer in any crypto transaction to withhold 1% of the gross sale value as Tax Deducted at Source (TDS). Onmeta does this withholding automatically — it is not optional, and there is no path around it for any India-based crypto offramp.
About this answer
Selling crypto on Swaps means going from a coin you hold back to your local fiat through an eligible off-ramp provider route. Payouts land in your bank account via SEPA, Faster Payments, ACH, or other supported rails depending on your country. Swaps compares final payout amount from each eligible provider before you commit.
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