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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Vyoma
December 13th, 2007 at 7:53 am #
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?
Binny V A
December 13th, 2007 at 8:54 pm #
Thanks for finding that PDF file – very useful.
cutiegadget
December 17th, 2007 at 9:31 pm #
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 :)
TipsoSaurus
December 19th, 2007 at 2:56 am #
@ CutieGadget : Thanks for the comment and liking the blog design :) I’m sure PayPal will give the season’s gift to you guys too.
Dhananjay
May 9th, 2008 at 4:57 am #
that was really helpful. I am gonna try it and will let u know if something comes up.
arun
March 25th, 2009 at 6:38 am #
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. ?
rock
June 15th, 2009 at 9:00 am #
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?
Ilyas Kazi
July 22nd, 2009 at 6:40 am #
As per the code in the PDF file uploaded by RBI, I think you should use ICIC0SF0002
Ilyas Kazi
July 22nd, 2009 at 6:41 am #
Yes you can add IDBI bank account to your Paypal account
Abhishek
September 13th, 2009 at 2:42 pm #
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