Withdrawal Policy

At a Glance

1. Scope & Eligibility

This Withdrawal Policy explains how registered players on Chessox.com (operated by Phoenix Brothers, Tamil Nadu) can withdraw eligible cash balances from their platform wallet.

To be eligible for a withdrawal:

• Your account must be in good standing, with verified email and no pending fair play or fraud investigations.
• You must have an eligible cash balance meeting or exceeding the minimum withdrawal threshold.
• The withdrawal must be requested to a bank account or UPI ID registered in your own legal name. Payouts to third-party accounts are strictly prohibited.

Promotional credits, referral rewards, and game coins are virtual utility tokens and cannot be withdrawn for cash.

2. Identity Verification (KYC Compliance)

In compliance with Indian financial regulations, anti-money laundering (AML) standards, and RBI directives, ChessOx requires Know Your Customer (KYC) verification before processing payouts.

• Required Documents: Valid government-issued photo ID (PAN Card, Aadhaar, Voter ID, or Passport) and bank account proof (cancelled cheque or bank statement showing matching account holder name).
• Name Match Requirement: The legal name on your KYC documents must exactly match the beneficiary bank account name.
• Verification SLA: KYC documents are verified within 24 to 48 hours of submission.
• Data Security: All submitted identification records are encrypted and handled in strict accordance with our Privacy Policy and the DPDP Act 2023.

3. Supported Payout Methods

We do not support cash payouts, international wire transfers, or third-party e-wallets.

4. Step-by-Step Withdrawal Process

1. Verify Bank Details: Navigate to Wallet > Bank Details, enter your account number and IFSC, and save.
2. Submit Request: Enter the withdrawal amount (at or above minimum threshold) and confirm.
3. Security & Fair Play Audit: The system and fair play team audit associated tournament results to confirm legitimacy.
4. Processing & Transfer: Approved funds are dispatched via our licensed banking partner.
5. Confirmation: You receive an email receipt with transaction reference number once funds are sent.

5. Processing Timelines

6. Holds, Rejections, and Cancellations

ChessOx may hold, reverse, or reject a withdrawal request where:

• The balance was obtained through cheating, bot assistance, collusion, rating manipulation, or software exploits.
• KYC verification is incomplete or submitted details do not match the bank account holder.
• The player is currently under active fair play investigation.
• Incorrect or invalid IFSC / bank account details were provided.

If a withdrawal is rejected, the reason is communicated by email within 48 hours, and eligible funds are restored to your wallet (unless withheld for fair play violations).

7. Applicable Fees and Tax Deductions (TDS)

• Platform Fees: ChessOx does not charge processing fees on standard bank withdrawals. Any third-party payment gateway fees are displayed prior to confirmation.
• Tax Deductions at Source (TDS): In accordance with Section 194BA of the Indian Income Tax Act, 1961, TDS at the applicable rate (currently 30%) is deducted on net winnings at the time of withdrawal.
• TDS Certificates: Tax credit certificates (Form 16A) are provided at the end of each financial quarter upon request.

8. Player Responsibilities

• Ensure all submitted banking details and IFSC codes are correct. ChessOx is not responsible for funds dispatched to incorrect account numbers provided by the player.
• Keep your login credentials secure. If you suspect an unauthorized withdrawal request, report it immediately to help@chessox.com.

9. Contact & Escalations