PayPal has added a convenient new way to withdraw funds for its Indian Members. If you have a bank account in Indian, you withdraw your PayPal funds directly to your bank account. And the best part is you don’t need to pay any fee, if you are withdrawing funds over Rs. 7000. For withdrawing funds below Rs. 6999, they’ll charge you a fee of Rs. 50.
Those having bank accounts in 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 Bank and Citibank can opt for this feature to withdraw funds.
Before transferring funds, please keep in mind that your name on Bank records and PayPal account should match character-by-character. You’ll also need to call your bank and ask for your uniquely identified IFSCI (Indian Financial System Code).
Prior to this, the only option to withdraw funds by Indian PayPal members was by requesting a cheque. This process was slow, and took about 30 – 40 days to arrive via snail mail. Thanks PayPal!
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