How to buy crypto (Bitcoin) from HDFC Bank?
By following the 5 steps in this article, you can instantly buy Bitcoin & other crypto with your bank account at HDFC Bank!
How to buy crypto with HDFC Bank?
Step 1: open an account with a crypto exchange
It is not possible to buy Bitcoin directly from HDFC Bank. What you can do, is link your HDFC Bank account to a reliable crypto exchange:
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Opening an account with a crypto exchange usually does not take much time: you only need to choose a username and password.
Step 2: verify account
After you open an account, you need to verify it:
- Upload a copy of your passport
- Upload proof of address
- Answer questions about your investment experience
- Answer questions about your assets
Verifying your account may take a few working days.
Step 3: deposit money with HDFC Bank
After your account is approved, you can directly deposit funds from your HDFC Bank account to your crypto exchange account. Kindly note that it may take several working days for your deposit to be processed.
Step 4: buy crypto with HDFC Bank
Select the crypto you want to invest in, for example Bitcoin. Within the order screen, enter the amount you would like to invest. Then, by pressing the buy button, you send the order directly to your crypto exchange. Depending on market conditions, it may take a few seconds to minutes for the order to be executed.
Step 5: secure your account
Take enough time to secure your crypto account. Always select a strong password and apply 2FA: this reduces the chances of falling victim to hackers. It is also wise to send your crypto to an external wallet. You have 100% control over external wallets, so the crypto exchange cannot run off with your money.
Furthermore, I advise you not to tell anyone about your crypto investments. That way, you avoid unwanted attention!
What is HDFC Bank’s stance on crypto?
HDFC Bank was not always known for its positive crypto policies. In the past, the bank blocked all credit card transactions for buying crypto. The bank has recently withdrawn this policy, and India’s government is becoming increasingly positive towards crypto.
Although it is not possible to buy crypto at HDFC Bank, you can link your bank account to the crypto exchange without any problems. It is advisable to select a reliable exchange: that way, you avoid having your transactions blocked.
About HDFC Bank
HDFC Bank (also known as HBD) is an Indian bank headquartered in Mumbai. HDFC Bank is India’s largest bank when looking at assets. The bank offers various services such as banking, car loans, personal loans and credit cards.
The bank is still growing. In 2000, for instance, the bank merged with Times Bank and in 2008 it acquired Centurion Bank of Punjab. The bank’s largest shareholders are the Promoter Group (HDFC) and the Foreign Institutional Investor (FII). About 10% of the shares are held by individual shareholders. The bank was founded in 1994, my birth year.
Can you buy Bitcoin from HDFC Bank?
It is not possible to buy Bitcoin at HDFC Bank, but the bank is increasingly positive towards crypto. As a customer of HDFC Bank, you can therefore buy crypto without any problems by linking your HDFC Bank account to a crypto exchange. However, remember that crypto investments are risky and you can lose your entire deposit.