This has to be the best gift to all Indian PayPal users from PayPal. Now, PayPal allows you to the electronic transfer of your funds in PayPal to your bank account in India.
It used to take around 22-23 days earlier if we used the check delivery service but now with this service we’ll be able to receive the money with in 5-7 business days (far less than what used to before).
In order to withdraw money to your bank account, you need to add your bank account information and at this time only limited banks are supported but thankfully for me, my bank account is supported!
The list of banks which are supported at this time by PayPal :
State Bank of India, Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, UTI Bank, Standard Chartered Bank, HSBC & Citibank.
How to setup the bank account in PayPal :
1. Log-in to your PayPal account.
2. Go to Profile and select Add Bank Account.
3. It will ask you the IFSC code of your branch (remember this is not the SWIFT code or MICR code). You can get the IFSC code of your branch from this PDF document by RBI (Reserve Bank of India).
Then simply go ahead and transfer the money and enjoy the season’s holiday!
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Good news!
When I get back to India, I can use it (my Paypal account) the same way.
Incidentally, does Google Adsense have a EFT facility for Indian banks?
Thanks for finding that PDF file – very useful.
Waw, that’s good Indian people can withdraw their Paypal money using debit card. In my country, this option only available for selected visa Credit card.
Btw, I really like your blog design, the dino Looks really cute! Keep it up the good work :)
@ CutieGadget : Thanks for the comment and liking the blog design :) I’m sure PayPal will give the season’s gift to you guys too.
that was really helpful. I am gonna try it and will let u know if something comes up.
I want to know about IFSC code of ICICI Bank. They have provided me the two codes one is NEFT IFSC code – ICIC0SF0002 and other is RTGS IFSC CODE – ICIC0000007
Which one i will use. ?
As per the code in the PDF file uploaded by RBI, I think you should use ICIC0SF0002
I've account with IDBI bank , I want to add my bank account to paypal. so IDBI Bank is included in withdrawal bank list ?
in short, Does idbi bank support paypal?
Yes you can add IDBI bank account to your Paypal account
help plz !! my paypal a/c was limited 3yrs ago..yesterday i cheked it nd discovered that "though my a/c is limited i can withdraw funds"…so i set up my State Bank of India a/c…with correct ifsc code nd bank a/c number…my amount was $10.47 = some Rs.502…then Rs.50 got deducted as charges….my question is the transaction status is pending…nd i cheked my a/c today nd discovered that there was a minus sign before my amount withdrawn (-Rs.452)…is it because my a/c is limited…..nd also is SBI going 2 charge me for this transaction..because i am receiving money from abroad…..if yes then how much ???…plz do reply …..plz help me out
does standard chartered supports paypal? please tell me.
Thanks For Good Information Article.
Please Solve My Problem :-
Can I Use Bank Of India Online Bank Account For Sending And Recieving Money By PayPal ?
PLEASE PLEASE TELL ME.
Welll i can link Axis bank Debit card To verify paypal???
or plz sm 1 email me how i can @ a3_great@sify.com
No friend, currently PayPal is not supporting Indian Debit Cards for the verification process.
But still you can verify your PP by using your bank account :)
Its Not True………!!
I am Using SBI for more than 5 years for now to transfer funds from PayPal and yet they don't charge me a single penny for the transaction….and also i'm very happy with there service…..
If you are using PTC sites then you must select Advertising and Market as the purpose :)
I use ICICI, is there anyone here who has got his ICICI account linked?
"Cos though here it says ICICI works, but I spoke to the bank and the exec said they do not have any tie-up with Paypal. Can anyone please confirm?