Bitbns introduces ‘zero TDS’ on SIP investments

Bitbns, cryptocurrency exchanges and crypto systematic investment plans (SIP) platform, has announced zero tax deducted at source (TDS) on its SIP investments in cryptocurrency.

The initiative is to remove the taxation burden from the back of the investors whilst encouraging them to undertake SIP to leverage the benefits of rupee cost averaging to counter volatility.

“Bitbns strongly believes in innovating and building new lucrative product opportunities for its investors, and we are delighted to introduce TDS-free SIP plans for our customers. Our TDS-free SIP plans will encourage investors to avail the benefits of an efficient wealth creation model while evading the burden of TDS,” Gaurav Dahake, founder and CEO, Bitbns, said.

“It will also aid in portfolio diversification and reinvestment of returns, to leverage the power of compounding and generate attractive yields through long-term lock-in of investments,” Dahake stated.

Bitdroplet is a platform by Bitbns that allows investors to invest in cryptocurrencies via SIP in a simplified and secure manner. Investors availing of SIP for a minimum period of 12 months can now invest seamlessly 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, the company claimed.  The exchange also announced the introduction of 19 new tokens on its SIP platform, delivering investors greater flexibility in their SIP investments.

Bitdroplet platform also provides a one-of-a-kind investment calculator, wherein investors can calculate the value of their SIP investments for suitable investment tenures.