FREQUENTLY ASKED QUESTION

The users are allowed to withdraw winnings from the “My Winnings” section of their MyTeam11 User Account, only after they complete the verification process. The users can withdraw a minimum of ₹200 and a maximum of ₹1,00,000 in a day wherein the user can request ₹50,000 at a time. Further, the withdrawal amount will be deposited to your bank accounts within 2-3 business days.

The Cash Bonus/MyTeam11 Credits is an amount provided to you by MyTeam11 under various schemes, promotions and offers. Additionally, it comes with an expiry date of 14 days from the time of credit. Thus, you cannot withdraw the Cash Bonus available in your MyTeam11 User Account but you can use it to join contests on MyTeam11 as:

1. A new user can only join the Beginners Battle League for free using signup bonus if they haven't previously joined any paid contest on the MyTeam11 app.

2. For future contests, the usable credit percentage for discount in a particular league shall be displayed on the face of the contest itself

To complete the withdrawal process, the user needs to provide certain information as a part of identity verification. The user must provide the following bank account details:

1. Name of the bank

2. Name of the branch

3. Name of the account holder

4. Account Number

5. IFSC code

TDS stands for Tax Deducted at Source. According to the new section 194BA of the Income-tax Act, 1961, a 30% withholding tax (TDS) will be applied to the positive 'Net Winnings' earned by users from online games on MyTeam11. This TDS will be deducted at the time of withdrawal throughout the year or at the financial year-end. The financial year runs from 1 April to 31 March the following year. The financial year from 1 April 2023 to 31 March 2024 would generally be abbreviated as FY 2023-24, but it may also be called FY 2024 on the basis of the ending year.

Net Winnings are calculated using the following formula:

For withdrawals throughout the Financial Year:

Net Winnings = A - B - C - D, where,
A = Aggregate withdrawals from the user account in the same financial year
B = Aggregate amount deposited in the user account in the same financial year
C = Balance in the user account at the beginning of the financial year
D = Winnings included from earlier withdrawals on which TDS has already been deducted

TDS will be calculated as 30% of Net Winnings of the user. The formula is:
TDS = 0.30 * Net Winnings

TDS will be calculated based on the user's Net Winnings at the end of the financial year. The formula for Net Winnings is:

Net Winnings = E + A - B - C - D, where,
A = Requested withdrawal from the user
B = Aggregate amount deposited in the user account
C = Balance in the user account at the beginning of the financial year
D = Winnings from earlier withdrawals on which TDS has already been deducted
E = Balance in the user account at the end of the financial year

TDS will be calculated as 30% of the Net Winnings:
TDS =0.30 * Net Winnings

Let’s understand this with an example. Let’s say, a user has a balance of ₹2,000 at the beginning of the financial/fiscal year and hasn't deposited any amount in MyTeam11 wallet. The user uses the existing balance to participate in fantasy contests and has accumulated winnings of ₹10,000. Now the user requests a withdrawal of ₹4,000, then the user's account has the following details:

• Requested withdrawal from the user, A = ₹4,000

• The amount deposited in the user account during the financial year, B = 0

• Opening balance in the user account, C = ₹2,000

• Winnings from earlier withdrawals on which TDS has been deducted, D = 0

Then, Net Winnings = A - B - C - D
Net Winnings = 4,000 - 0 - 2,000 - 0
Net Winnings = ₹2,000
TDS on this withdrawal will be calculated as follows:
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 2,000
TDS = ₹600

Amount credited to Bank Account = Requested Withdrawal Amount (A) - TDS
Amount credited to Bank Account = ₹4,000 - ₹600
Amount credited to Bank Account = ₹3,400

In simpler terms, the user has requested to withdraw ₹4,000 from his/her winnings. After considering the account balance and deposits, the Net Winnings amount to ₹2,000. MyTeam11 will withhold 30% of the Net Winnings as TDS, which is ₹600 in this case. The final amount credited to the user's registered bank account would be ₹3,400.

Let’s take the same example as above where the same user has deposited ₹2,000 in his in-app wallet. The user now requests another withdrawal of ₹5,000. In this case:

• Total withdrawal amount requested, A = ₹4,000 (earlier withdrawal amount) + ₹5,000 (new withdrawal amount)

• Total amount deposited by the user, B = ₹2,000

• Opening balance of the financial year, C = ₹2,000

• Withdrawals on which TDS has been deducted, D = ₹2,000

Then, Net Winnings = A - B - C - D
Net Winnings = (₹4,000 + ₹5,000) - ₹2,000 - ₹2,000 - ₹2,000
Net Winnings = ₹9,000 - ₹6,000
Net Winnings = ₹3,000

TDS on this withdrawal will be calculated in the following manner,
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 3,000
TDS = ₹900

Amount credited to Bank Account = Requested Withdrawal Amount - TDS
Amount credited to Bank Account = ₹5,000 - ₹900
Amount credited to Bank Account = ₹4,100

The user has made two withdrawals that sums up to ₹9,000 from his/her winnings before the beginning of next financial year. After considering the account balance, deposits and previous withdrawals, user’s Net Winnings amount to ₹3,000. After the TDS deduction, ₹4,100 will be credited to the registered bank account of the user.

Suppose the same user mentioned in the previous examples, makes no withdrawal for the rest of the financial year, has deposited ₹5,000 since then, taking the total deposit in the financial year to ₹7,000 and has ₹10,000 winnings left in his/her in-app wallet on the last day of the financial year i.e. 31st March. Since, no TDS deduction has been done on these winnings, in such a case, MyTeam11 will automatically deduct a 30% TDS in the following manner: (and will be reflected in MyTeam11 wallet)

• Total withdrawal amount, A = ₹9,000 (earlier withdrawal amount) + ₹10,000 (winnings on which TDS hasn’t been deducted)

• Total amount deposited by the user, B = ₹2,000 + ₹5,000 = ₹7,000Opening balance of the financial year, C = ₹2,000Withdrawals on which TDS has been deducted, D = ₹2,000 + ₹3,000 = ₹5,000

Then, Net Winnings = A - B - C - D
Net Winnings = (₹9,000 + ₹10,000) - ₹7,000 - ₹2,000 - ₹5,000
Net Winnings = ₹19,000 - ₹14,000
Net Winnings = ₹5,000

TDS on this withdrawal will be calculated in the following manner,
TDS = 30% of Net Winnings
TDS = 0.30 * Net Winnings
TDS = 0.30 * 5,000
TDS = ₹1,500

New Wallet Balance = Winnings on which no TDS has been deducted - TDS
New Wallet Balance = ₹10,000 - ₹1,500
New Wallet Balance = ₹8,500

This new wallet balance is the closing balance of the year which will automatically become the opening balance of the following financial year.

In a scenario where a user with an opening balance of ₹3,000 has participated in skill-based contests throughout the financial year and won ₹15,000, deposited ₹5,000 in the wallet but has not made any withdrawal, in such case, Net Winnings and TDS deduction will be calculated in the following manner:

Net Winnings = E + A - B - C - D, where,

• Requested withdrawal from the user, A = ₹0, as user hasn’t made any withdrawal request

• Aggregate amount deposited in the user account, B = ₹5,000

• Balance in the user account at the beginning of the financial year, C = ₹3,000

• Winnings from earlier withdrawals on which TDS has already been deducted, D = ₹0, as no withdrawal has been made

• Balance in the user account at the end of the financial year, E = ₹15,000

Net Winnings = E + A - B - C - D
Net Winnings = ₹15,000 + 0 - ₹5,000 - ₹3,000 - 0
Net Winnings = ₹15,000 - ₹8,000
Net Winnings = ₹7,000

TDS = 30% of Net Winnings
TDS = 0.30 *Net Winnings
TDS = 0.30 * 7,000
TDS = ₹2,100

New Wallet Balance = Balance in the user account at the end of the financial year - TDS
New Wallet Balance = ₹15,000 - ₹2,100
New Wallet Balance = ₹12,900

This new wallet balance is the closing balance of the year which will automatically become the opening balance of the following financial year.

Yes, MyTeam11 reserves the right to amend these T&Cs at any time without prior notice. Users are advised to review the T&Cs regularly to stay updated on any changes.