Why are we charging the fee?
We thought long and hard about whether to establish this fee.
We calculated the cost of maintenance and we decided to institute a monthly wallet fee of 0.0001 BTC + GST (18%) (or its equivalent in any other cryptocurrency or INR). This wallet fee covers a fraction of our total maintenance cost. ZebPay will continue to pay for the rest.
This fee is only applied to inactive accounts ( accounts in which there have been NO trades done or any active lending terms in the previous month).
We cannot comment on the wallet security procedures or fee schedules of other exchanges, but ZebPay’s 6 million customers have never suffered a loss of their coins and our wallet security continues to be among the best available anywhere. This fee helps us maintain the security required to keep your crypto safe.
How will this fee be applied?
For each month without trading activity or an active lending contract, a fee will be charged on the 1st of the following month based on the balance at that time. It will be 0.0001 BTC + GST (18%) (or its equivalent in any other cryptocurrency or INR) and will be deducted from your crypto or INR balance.
For fee calculation purposes, the month is determined based on the period from the 1st of a month at UTC 12:00 AM to the 1st of the next month at UTC 12:00 AM. This timing convention is used to determine the duration for which fees are assessed or calculated. This in Indian Standard Time will be from 5:30 AM on the 1st of the month to 5:30 AM of the 1st of next month.
For eg: The month of Jan starts on 1st Jan at 00:00:00 AM UTC ie 5:30:00 AM Indian time and ends on 31st Jan at 11:59:59 PM UTC ie 1st Feb 05:29:29 AM Indian time. If you make any trades or have active lending in this period, the membership fee will not be charged.
If your balance on the 1st is zero, you won't be charged any fee, regardless of your activity for the rest of the month.
Using our Lending feature also ensures no deduction of the membership fee.
If your crypto and INR balance is below the fee, your fee amount will be reduced. At no time will your balance go below zero.
To view the deduction, simply access your ZebPay app and navigate to the wallet history of the specific token. This can be found on the quick trade or history tab when selecting the token from the exchange page. Additionally, all information regarding the membership fee can be found in multiple locations as mentioned below:
Our website: https://zebpay.com/in/features/pricing
Our Terms of Use: Clause 9(d) -https://zebpay.com/in/legal-privacy#terms-of-use
In the app: This information is available under the "Fees" section. You can locate this option simply by clicking on the three lines at the top left corner of the app.
PUSH notifications and emails: We send PUSH notifications and emails to all our inactive members thrice a month suggesting them initiate a trade or use our lending feature to avoid the membership fee.
This fee is automatically waived if there is even one trade done in the month.
The fees mentioned above are exclusive of GST. GST will be charged at the rate of 18%