In an attempt to provide relief to already ailing investors and revive the dropping volumes, crypto trading platform Bitbns has announced Zero TDS on its SIP investments in cryptos.
The initiative aims to remove the taxation burden from the investors, encouraging them to undertake systematic investment plans (SIP) to leverage the benefits of rupee cost averaging to counter volatility.
Investors availing of SIP for a minimum period of 12 months can invest without worrying about paying the TDS. While there is no minimum tenure for redemption, Bitbns will bear the TDS for SIP investments redeemed after 12 months.
Bitdroplet, an initiative from Bitbns, allows investors to invest in cryptos via SIP in a simplified and secure manner. Bitbns claims to be India’s largest crypto SIP platform.
Bitdroplet platform is a tool that provides an investment calculator wherein investors can calculate the value of their SIP investments for suitable investment tenures.
The platform has more than 2,00,000 active crypto SIP folios. The exchange has announced plans to introduce 19 new tokens on its SIP platform, delivering investors greater flexibility in their SIP investments.
Crypto SIP is similar to regular SIP in mutual funds, allowing one to invest a fixed amount in crypto at regular intervals. Investors can avail themselves of daily, weekly, or monthly installments based on one’s investment appetite.
Gaurav Dahake, Founder & CEO, Bitbns, said, “We strongly believe in innovating and building new lucrative product opportunities for its investors, and we are delighted to introduce TDS-free SIP plans for our customers.
Dahake is a firm believer in the fact that investors should buy the current dips to maximize their profits in the longer run. He sees SIP as an ideal approach for the same, being the most efficient and effective way to persist with this.
The SIP route enables investments as low as Rs 75 while automating and scheduling regular purchases of popular crypto-assets such as Bitcoin, Ethereum and among others.
Systematic investment in regular intervals enables users to avail of better price points, thereby benefiting from rupee-cost averaging to counter market volatility and mitigate risks over time.
This methodology yields compounded returns for the investors to build wealth efficiently through long-term investments and support them in the diversification of the capital and diversify their capital, mitigating the risks.
The new rule of one per cent tax deducted at source (TDS) came into force from July 1 for all crypto transactions. The seller has to bear the entire burden of taxation.
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