Withdraw money from PayPal to Indian Bank Accounts now
Now you can add your Indian bank account to your PayPal account, so you can withdraw your money directly to your bank. It saves you time and gives you faster access to your PayPal funds! On top of it there is no charge to withdrawal amounts over INR 7000* However if you withdraw an amount less than 7000 they will charge INR 50.
This is a great feature now in PayPal which will pull down many services like xoom and others who used to charge a lot of transaction. Login to your PayPal account and click on Withdraw money. Now you will see option of bot withdrawing to an Indian account and us bank account as well. So if you are in America and want to transfer money to any Indian bank, Its a simple process now. Finally the discussion of transferring money to Indian Debbit cards have to come to an end now
The Listed Indian Banks which are included in PayPal withdrawal list for Indians
- State Bank of India.
- Bank of India
- Canara Bank
- Union Bank Of India
- HDFC Bank
- ICICI Bank
- ING VYSYA Bank
- Axis Bank
- Standard Chartered Bank
- HSBC
- Citibank
However some banks like IDBI is not there. But Thank a lot to PayPal for including this for India. Life will be lot easier.
However you will need IFSC Code ( Click to get the codes for your bank) which is 11 digit code for the bank. Call the bank people and they will let you know.
Indian Financial System Code (IFSC)
The Indian Financial System Code (IFSC) is an alpha-numeric code designed to uniquely identify bank branches in India. This is an 11 -digit code with the first four characters representing the bank code, the next character is a control character, and the last 6 characters identify the branch.
The Reserve Bank of India publishes the IFSC and MICR codes, but only IFSC codes should be used. Please contact your bank in India for this code.
Posted on 21st November 2007 by Ashish Mohta , A Professional Tech blogger, Editor and Writer who talks about solving day to day problems of people who use computer. He also writes on How to use the applications like Office, PC tips, Online tools,Browsers and more. All posts by Ashish Mohta | Connect with me @ Twitter | Linkedin | Facebook | Stumble
Thanks for telling about withdrawing money from paypal to Indian bank Account…… but is there any way to add funds to Paypal from Indian Banks…. Plz tell something about this…
Roshan, I will take a look into this.
This was the question in my mind right now,that how we can take out the money,thx for the info as I have been unable to find it anywhere else.
Hello friends I think Paypal is most trusted bank and I am also having my account and transfer from paypal to any listed Indian banks very easy and hassle free. So many times I have done such transfer and within 3 to 5 days money from paypal account is transferred to your Indian bank account provided right account no and IFSC is given. You will be surprising to know that if you provide incorrect IFSC they will charge extra money as service charge.
Subject: Paypal withdrawl worth millions to india stuck since a fortnight
Date: Wednesday, March 4, 2009, 2:27 PM
I want to inform you that there are a lot of people who are
either web designers or are involved in e-commerce in some
way in India.they accept payments using paypal. Paypal
offers the facility of transfer of foreign currency
accumulated in paypal accounts to banks in iNdia. Normally
it takes maximum 72 hours for the money to come to Indian
banks but what has happened is that withdrawals made between
18th Feb 2009 to 22 feb 2009 amounting to lacs of rupees
have not come into Indian banks till now that is 4th March
2009 and no one knows what is going on . Who is to blame
whether RBI or paypal banks who acutally transfer money in
India like Deutsche bank or Citibank. it is developing into
a big scam . Kindly do a good search and you will find about
this.
If you want you may also check this forum that I found on
the net regarding paypal woes
http://forums.digitalpoint.com/showthread.php?t=1243736
Arun Kumar
India
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. ?
Hello,i want to ask you that whether all branches of SBI with a IFSC code are able to withdraw funds from paypal?
Because in the paypal website its written that the bank branch should be included in the RBI list of NEFT enabled banks given here http://www.rbi.org.in/scripts/neft.aspx
but when i searched that excel sheet it does not show any of the above mentioned branches for my city Bhubaneswar,orissa..actually it has no SBI,HDFC,ICCI,…bank listed there.it has only Indian overseas Bank in the list.
i want to open a bank account to transfer my funds from paypal.Tell me what to do and in whic bank i should open an account.Its a bit urgent.
@Ashish : I transfer money to my HDFC account. I guess you are looking at wrong excel file. Here is the list of banks you look forward to http://www.technospot.net/blogs/indian-banks-ifsc-codes-to-be-used-with-paypal/
Hello,i want to ask you that can i withdraw PayPal fund to IDBI Bank? Thank you!
hi ppl,
recentl i withdrawed money from my paypal account to sbi account in india….but paypal reversed the money for some reason….upto my knowledge i correctly provided all the details including account numbe,ifsc code…my local SBI branch is NEFT enabled ….. may i know the particulars which paypal will look for while transferring money to a bank account in india….
my bank account number has some trailing zeros.. should i need to enter….also my naming particulars in the bank is like MR. XYZ C ….how should my fist name and last name be in paypal …..FIRSTNAME should be XYZ and last name should be C …rite????
are this naming checking case sensitive???? some one please help me…its urgent
samvel
respected sir….
hello and thanx for ur god work…
i wanna know that i withdrew some amount last month from paypal and it first converted currency in to indian rupees a nd next i saw status tranfer complete and i got money in 2 days in my bank..this time on second day its showing transfer pending status.is it normal until payment is complete..and if its yes how many days it would take to clear pending and making transfer complete…thanx
Hello Everybody,
I have registered in Paypal and linked my ICICI account and transferred a minimum of $10 to my account on May 5th but I didnot link the card as I do not have a credit card and it is not accepting the ICICI debit card. How long will it take for Paypal to transfer the amount to my account or will it return as I did not link my card. It would be of great help if anyone find a solution for this…
I tried to withdraw to my corporation bank but it was reversed. when i asked what was the reason i was told my bank acc number was wrong. Can anyone tell exactly what to put in the acc. as i put only 00xxxx as the number do i ve to put like SB/01/00xxxx as the entire number.
@Shri : You need to enter full account which generally comprises of Country, branch and then your account number.
I have the same problem as Shri again, even my withdrawal to Corporation Bank failed. If someone has done it successfully, please notify me. Thanks!
Hi
I was able to link my Punjab National Bank Debit Card with paypal but I did not get the 4 digit code on my Statement that I need to confirm it . It says POSP /1000000/356897 —-.Please suggest how do I get this number as bank manager don’t have an idea ):
Thanks
Sid
@sid : Can you check your bank check book ? Many a times the number is right there.
i understood how to withdraw money from paypal account to indian bank account… BUT MAY I KNOW HOW TO ADD FUNDS FROM AN INDIAN BANK ACCOUNT TO PAYPAL ACCOUNT???
My pay pal account has 320$ in it and is not vefiried even tho i have linked my ban account details.But it says i am suppose 2 link my CC or debit card 2 confirm and when i do that i always encounter an error stating “ur bank has denied ur debit card” but my debit card works just fine and i called the bank and they said that ur card is active.My bank is IDBI.And now even tho i request a check its not possiable for me 2 withdraw because my account is limited…………need help!!
Ashish plz help me.
If I have a joint account then is it ok if I withdraw paypal funds in that account or will I have to use another account.
You can use a Joint account also. Should not be a problem
Hi i wanted to Withdraw Fund From PayPal but i wanted to Know the Account is in the Name of my Father Can I withdraw Funds to My Account Rather than His.Also I wanted to Know I added the Bank A/c It is ICICI Bank CP Branch So When I write the Bank Name During the Adding of Bank Do i need to Add the Whole Address of the Branch or Just ICICI Bank.
And Also Since My Father Has a Long Name He Uses them Shortly Like he has a 3word Name so the 1st 2 words are Abbreviated even in the Bank Cheque Book.So should i write the name in same manner as in the bank A/c or does it not matter that much since the IFSC Number and Account Number Should be Able to Verify all this Right?since he separates his name with dots which is not allowed in PP since i tried but it doesn’t allow to use dots in the First Name.
And is it necessary to verify first before withdrawing funds.
hi…thanx for the information…i had a problem similar to samvel…my bank reversed the withdrawal….that i did from paypal to my bank account…pls reply….
@panakaj @samvel : You need to give the correct account number and NEFT code. Best would be to ask bank clearly on this
@Aditya : 1 > You can since you are allowed to change the first name. 2> Just ICICI Bank 3 > I guess just write it with spaces and see
This same withdrawal feature in Paypal during the bank account adding process, the BANK NAME field is a drop down box some years back, where only certain banks name are available. But now This BANK NAME field is a text field, wherein we need to enter the name of the bank.
Does this mean that Paypal now is allowing all banks in India to withdraw?? Please clarify..I want to withdraw to my ABN-Ambro bank..
regards
Sri Hari
I have attached my debit card of pnb to my paypal account for verification. but i got it in same format as posp/00000001/……….. I have been charged 2 payments also. Can you please tell me what you did to resolve the issue. Did you got that code or still you are waiting?…please reply
Ok i have a paypal account and some $ in my account which i recive from a friend, but my Paypal account is not verified cos i dont have credit card or a debit card.. so can i still i transfer this money to my Bank account and withdraw the money?
Hi all,
Even I am not able to link my Punjab National Bank Debit Card with paypal. Again, it charged me some $2 for verification. As all know, a 4-digit code comes but I never got that. Can anybody please help me fetch that code. The PNB branch people are helpless in this. How should I get my account verified ? Please help.
Thanks
Ravi.
Hi! I have got a paypal account and I have an account in Indian bank. I have been trying to link the debit card that I have with the Indian bank to the paypal but I am not getting the 4 digit code. I have even checked through internet banking statement. The bank manager does not have any clue. I have asked Paypal to send the code again twice now, and each time it says 4 digit code sent. And, each time, it has also charged me the $1.95 – which is also reflecting in the statement – but still the 4 digit code is not there. There is some 10 digit code. What do I do?
Hi! That is a wonderful post and was exactly what I was looking for. I am planning to start a paypal account, but one thing I would like to ask is, if my employer credits dollars into my paypal account, while transferring it to my personal bank from Paypal, will it be done in Indian rupees. MY question is so coz, rite now I receive cheques in dollars and it takes around 23-35 days for the same to get cleared and the money to get credited to my bank account. So does the money transfered from Paypal to bank take the same duration to give me the Indian equivalent of dollars or does it happen way too fast, as I read in someone’s comment as 5-7 days? It would be great, if you could pls help me with this. I have left my email id, could it be possible for you to pls let me know the initial steps of starting an account with Paypal?
Thanks
Prezi
For transfer less than 7000 INR, amount deducted is only Rs. 50? I am planning to transfer 2k to my ICICI bank a/c. One of my friend using paypal says they deduct 5$ fro the transfer. Is it true? bcoz that’s quite good amount of money for us.
@Abhishek : No. I have recently transferred money and no amount was deducted from that. 5$ was deducted before not now.
Thanks Ashish for sharing this info. I am really thankful to you. I was totally confused over this issue..:)
Hello,
I want to transfer my paypal fund to my bank a/c.My paypal a/c is unverified.So will they tansfer payment to my bank a/c?
@Ajay : Yes it will
Hi,
Is it Legal to receive money via PayPal ? Is there any kind of permissions / approvals we need to get for accepting money via Paypal?
Thanks.
Hi Ashish,
Thanks a lot for the information. I added my CitiBank Pune account successfully to my PayPal Account. The problem is when I try to withdraw any money to my citi account , it says (in the review information screen )that the account is a checking account, but on the contrary, my account is a savings account. Please let me know if this is plausible and my money will be successfully transferred to my account. I also checked that, when we try to add a account, there is no option to select Savings/Checkings.
Thanks and Regards,
Rajiv Ambegaokar.
@Rajiv : It will always be checking. I have the same.
This question has been asked by a number of guys ppl, bt sumhw, the answer still evades me… the 4-digit paypal code! Hw to decipher it?? I have used a debit card of STATE BANK OF INDIA for registering, bt the transaction details (for the refundable amt PP deducted) dont show anything with either “PP” or “EXPUSE” as stated in a “helpful” mailer from PayPal. At a loss! PLEASE HELP!
I want to transfer money from my ICICI bank account(in delhi) to paypal account..
how can i do that? please help me.. the option of name of banks is not coming in mine..
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