PayPal enables Funds Withdrawal to Bank Accounts in India


Good news for Paypal's Indian users, now you can withdraw funds directly to Indian bank account.
Earlier there was option of withdrawing to credit card or issuing a cheque which takes quite a lot of time.Moreover, there is quite possibility of postal delays.But now money can be transfered directly into the bank account.If you are unverified member then there is monthly limit of $500 and maximum limit of $3000 for withdrawing and for the time sake this is possible in few major banks.

The list of Participating Banks :

1. State Bank of India
2. Bank of India
3. Canara Bank
4. Union Bank of India
5. HDFC Bank
6. ICICI Bank
8. UTI Bank
9. Standard Chartered Bank
10. HSBC
11. Citibank

Process of Adding a Bank Account in India to your PayPal Account:

1. Select ‘Add/Edit Bank Accounts’ from the ‘Profile’ Tab.

2. Select the Bank name and then fill in the details of your account. Then click ‘Continue’

3. Next the confirmation page will be shown. Review the details and click ‘Add Bank Account’.

In between you have to type 11 digit IFSCode of your bank branch which can be easily found in Excel spreadsheets provided by RBI or ICICI bank.

[via Ebay]

Submitted by Gaurav Jain

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