You can now withdraw funds from Paypal to your Indian bank account
Published in: Industry News
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Tags: Paypal, PayPal Funds, PayPal in India, PayPal to bank
For Indian Paypal users there is a reason to rejoice! You can now add your Indian bank account information to your Paypal account such that you can withdraw funds directly from your Paypal account to your local bank account. There is no transaction fee for amount of more than INR 7000, but if you withdraw less than that amount, a nominal fee of INR 50 is charged.
The banks in India that are supported by Paypal as of now are:-
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 and Citibank.
But before you initiate a withdrawal from Paypal to your bank account, check with your bank if they charge any fee for Electronic Funds Transfer.
This feature will definitely benefit those hundreds of developers who have been working on freelance projects and use Paypal to receive money from their international clients.
If you don’t have a Paypal account yet, sign-up for it now. It’s free.
Update: You will need to know the IFSC number of your respective bank to be able to use this Paypal service. If you don’t know, follow this link and download the RBI IFSC directory to find the IFSC number of your bank and its branch.
Binny V A Said,
November 1, 2007 @ 11:30 am
This is a big deal for me - make my life much easier. If you want to add your bank account to Paypal, make sure you get the branch’s IFSC number first.
Prakash Said,
December 20, 2007 @ 5:21 am
hi,
Basically i’m from India.I have created a bussiness account in paypal.com,while creating an account there is no option of INDIA in country field ,if i go to add a bank account there is no option of INDIA in country field and even if i go to withdraw funds from paypal account to my local bank in INDIA i’m not asked the option of INDIA in country field while filling the bank details.So please can u suggest me some alternative in this regard…
Raj Said,
December 20, 2007 @ 6:42 am
Hello Prakash,
I visited Paypal and I see that before you start the signup process, you can actually select the country, India. However, since you have already signed up for Business account with Paypal, I recommend that you write an email to their support and ask them to change the country info for your account.
Sunny Said,
January 23, 2008 @ 6:09 am
Hi
Can anyone tell me, if i received the payment through Paypal then how will I show the Exports to RBI
Raj Said,
January 25, 2008 @ 5:36 am
Sunny,
You may want to talk to an accountant to find out how you can show such payments in your IT filings.