PayPal is now offering Funds Withdrawal to Bank Accounts in India. I think the facility has been enabled before 2 days itself. Today only I recieved an email from PayPal about the new feature. This is sure great news to lots of people in India who are into online business as withdrawing money from PayPal account was a big bottleneck for a long time. That inconvenience was reduced a bit when PayPal earlier announced funds withdrawal to VISA Credit Card. But that was not a complete answer to the problem. So this new feature is a big relief and now other methods of transfering funds like xoom can be avoided.
I have included the details and also the screenshots of the process in this post.
The list of Participating Banks (in no particular order):
- 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
Time taken for funds to be credited: 5 to 7 Business days, may be more depending on the bank.
Withdrawal Limits:
- No minimum or maximum amount limit for VERIFIED PayPal accounts.
- Maximum limit of US$500 per month for UNVERIFIED PayPal accounts.
Fees:
- No Fees for withdrawal amounts more than INR 7,000.
- A fee of INR 50 for withdrawal amounts less than INR 7,000.
Other points to be noted:
- Funds can still be withdrawn to a US Bank Account also.
- The PayPal Account still cannot be funded from a Bank Account in India.
- Verification cannot be done by adding a Bank Account in India. Still a Credit Card has to be used for that.
- Additional fee may or may not be charged by the participating Bank for Funds Transfer. You have to clarify this from your Bank Branch.
Process of Adding a Bank Account in India to your PayPal Account:
- Log-in to your PayPal Account. (obviously
) - Select ‘Add/Edit Bank Accounts’ from the ‘Profile’ Tab.
- Select the Bank name and then fill in the details of your account. Then click ‘Continue’
- Next the confirmation page will be shown. Review the details and click ‘Add Bank Account’.
Now your bank account would have been added, which you can see by again selecting ‘Add/Edit Bank Accounts’ from the ‘Profile’ Tab.
Now if you want to add another Bank Account just click the ‘Add’ button in the ‘Add/Edit Bank Accounts’ page and repeat the process. After that the added Bank Accounts will be listed and you can selected the primary account from them as shown below:
Points to be noted in this process:
- You have to enter the IFSC (Indian Financial System Code) of your Bank Branch while entering the account details. This can be found in the Excel Spreadsheets here or here and also for SBI Branches from SBI Branch Locator.
- If the Bank Details are entered incorrectly during the Add process, later during the withdrawal, the amount will be returned to the PayPal account and a return charge of INR 250 is deducted. This can be seen in the confirmation page as shown in the screenshot in step 4.
As you can see I just added two of my Bank Accounts one in State Bank of India and another in ICICI Bank 
. Yet to try the actual withdrawal of money.
Hello…
I want to know..is there any such facility ..provided in any banks in India…so that while using bank details for online transaction such as this new Paypal feature I would be safe .. from online fraud or something like that..any suggestions…like which bank provides zero balance account.
one thing is being mentioned that
[QUOTE]Withdrawal Limits:
No minimum or maximum amount limit for VERIFIED PayPal accounts.
Maximum limit of US$500 per month for UNVERIFIED PayPal accounts.
[/QUOTE]
but being an unverified user my withdrawal limit is being limited to $0.00
so how is that possible….that maximum limit of US$500 per month for unverified paypal users…..
If that is the case then unverified users can’t withdraw any funds….and ultimately they need to be verified.
R u a unverified user and what is ur sending and withdrawal limits…(is it a non-zero figure)??
No Bank gives you outright guarantee from online fraud. even if there is something like that, once the security is compromised it a big headache. So I guess its better to have an Account in SBI for these purposes because your minimum balance needs to be only INR 500 (without cheque book) so even if your bank details in PayPal account is compromised you dont have much to lose.
the better strategy when dealing with online transactions is to take precautionary steps ourselves and not just keep faith in the security system or guarantees.
and regarding withdrawals mine is a premier verified account so I cant see the withdrawal limit for unverified user.
for this I registered a new personal account with a different email ID and saw the withdrawal limits. It is US$500 per month and to increase it I have to verify. and the TOTAL withdrawal limit is given as US$3000. so after that limit you have to ultimately verify the account to continue withdrawal. See screenshot here.
I intend to include Punjab National Bank in the Paypal list. Kindly suggest the steps to be taken.
hi
my paypal account is unverified (all details are mine only and genuine)
i have sending limit 93$ now
if i add my sbi bank account to paypal will it increase my sending limits ?
also what abt receiving limits ? can i receive any amount or any limit are there ?
i done 3 transaction to buy some domains also any limit on no of transactions ? pls let me know
thanks
chandan
@chandan
no.. adding a bank account to your paypal will not increase the limits. because we cannot verify the account by using a bank account like US paypal users. atleast not now.. paypal may be introducing this later….
and there are no receiving limits… but there is a limit on how much amount you will be able to withdraw from paypal… after that certain limit you have to ultimately verify your paypal account.
anyway if you dont have a credit card you can verify using virtual credit cards popularly known as VCC which is a service offered by some ppl for a small fee.. just search for them…
Can I transfer funds from my paypal account to my savings account in ICICI bank in India. If not which account is needed.
yes you can transfer to your savings account. thats what the whole post is about
this is of great help man. been looking everywhere for something like this. really nicely done. cheers
but we can’t transact in INR over paypal right? so for people who want to sell to indian in india .. there is limited possibility.. or either we sell in foreign currency?
is there any other alternative for this?
@vinni thanks
@aks
sadly INR is not a currency of transaction in Paypal
so even if you have to sell to anyone residing in India using Paypal as a payment gateway, it has to be done in USD
there are a lot of Indian webmasters who are using paypal now. they are realising this and are introducing some much needed features like direct withdrawal to bank account instead of a cumbersome check payment… so hopefully oneday we might be able to transact in INR
since ebay is growing in India I guess someday we might see an integration of Paisapay with Paypal
so other gateways like ccavenue or icici are the options to sell in INR right?
what would u suggest?
yup ccavenue, ICICI and Citibank gateways are quite famous in India.. but sadly there are lot of initial costs with these kind of payment gateways.. so if your are having very small number of transactions its not sensible to go for a separate payment gateway
there are also a lot of payment gateways apart from the above mentioned ones like paysignet, transecute (quite popular), abcpayments (from Indiamart ppl), ebs.in (from Axis Bank) etc
2checkout.com, moneybookers.com are also good like paypal and it would be great if google bring its ‘checkout’ payment gateway to India
Hi i feeling high confuse about what i done during paypal withdrow.bellow i describe
—————————————————————-
hi
I have a paypal account(india).As a new term of paypal,indian user can withdrow thair funds from paypal account to the own bank account.
For this purpose,user must need to put thair own Bank account number to his paypal account and next need to put IFSC code of bank branch
But i have made a mistake,I added other bank branch IFSC code during withdow of my fund from paypal
example:i have Axis bank account of Kolkata(branch location=Bghuihati)
But i added ISFC code at my paypal account of another axis bank brach of Kolkata(branch location=saltlake)
can i get correctly my fund from my paypal to my bank?
@Suvadip
Dont worry if paypal cannot credit the amount to your bank account due to incorrect details… it will cancel the withdrawal and your funds will be returned in your paypal account…
you have to wait and see… after the withdrawal is cancelled you can change the details of bank account and make a new withdrawal…
but you paypal account will be deducted an amount of Rs.250 as return charges.
hi Jagannath many thanks for quick respond.
anyway
is there any way available where withdrow mony will not be cancell?
i have added my correct bank account number of axis bank,but wrong thing i did ,i have added other axis bank branch IFSC code which is near from my location,
so do i need to contact that branch for correctly trancfer the balance to my bank branch?
my bank account number was right during paypal withdrow but only wrong i was did,not added the axis bank branch ifsc code where i opened my bank account,i added another axis bank branch ifsc code where i did not opened my bank account.
so for this mistake will paypal cancelle the withdrow and deduct the cherge?
I tried to withdraw my fund to my ICICI bacnk saving account, but the fund are not transfered. I submitted all the information correct to best of my knowledge.
neither PayPal nor ICICI bank give any clarification for possible error .
help me please
i m an unverified paypal user from india and i m unable to withdraw a sum of $50 although paypal says that for unverified users paypal withdrawal limit is $500. so why m i not getting the money in my axis bank account? i have provided the correct account number n IFSC code as well as correct name and surname for the account holder and still i m unable to transfer money in my bank account.plz reply
@Suvadip
yes I guess
@raj
how many days did you wait? did you contact ICICI what did they say ?
@jjj
same question… how many days did you wait from the day of initiating the transaction… sometimes transfers take more than weeks together
is the amount getting returned back to your paypal account ?
My withdrawal transcation is declined with in 3 day from the date I make withdrawal at paypal, and I lost around RS 500 in the processing charges by paypal.
I contacted PayPal and ICICI but I am still waiting for their reply. I am also planning to visit Local ICICI branch.
If you can tell me what willl be the possible reason of decline. I am non verified at PayPal. But I submitted all information right while making withdrawal.
Thanks for help….
is there any formalities to be fulfilled in order to receive dollars from abroad in ur axis bank account? if yes, then plz reply in details.
@raj dont try again… either there is some mistake in the bank details you entered or some problem with the ICICI account/branch regarding wire transfers.. get in touch with the bank and see whats wrong…. I dont know of any other reasons that withdrawals might be cancelled because the system works fine for a lot of us..
also ICICI is not very fast and clear in responding to emails.. you have to go in-person to the branch if you want some speedy response
@jjj
I dont think there is anything necessary to be done because paypal will be converting it into INR before transferring… but if you have large amount of funds being withdrawn from paypal its better to contact the bank branch and know if anything is necessary. (most probably an Import Export Code is needed for large amount of transactions in dollars I guess but I’m not sure… check with the bank branch)
Hi,
I have been using paypal for quite sometime now. But I have had my share of problems in withdrawing money.
1.) I opened an Indian Bank account with great difficulty and withdrew a cheque from paypal that took 2months to process because of poor service at Indian Bank.
2.) I recently opened an AXIS bank account with an International Gold Debit Card. As with all people , I am unable to verify my account with a debit card.
3.) Although ,AXIS bank is supported by paypal for direct withdrawal .I just happened to find out the BRANCH ISFC code is not listed At RBI website.
Will this be a problem? And also can someone suggest a way to get money outta paypal to my account.
Thanks in advance.
i have problem in paypal account i have also account in AXIS BANK and when i want withdraw my from paypal to bank its says add credit card . can you tell me whats is wrong ? why my status is unvaryfied yet ? even i added crrect ISFC code with bank account when i added bank account and i sent mail to paypal but they are talking about bull and i am talking about milk becouse they telling me how to add bank account and i am asking why i cant withdraw to bank after added it?
will paypal increase sending withdrawal limits by random withdrawal from paypal to indian bank?
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