Dhruv Mehta - Blog

Today Paypal announce new features for Indian Paypal user that now they can withdraw their funds directly into your Indian bank account. This is really great feature by Paypal. Now it will be very easy for Indian user to withdraw funds and it will save lots of time. Before some days paypal also increase the withdrawal limit for Indian Paypal verified users. Earlier it was only $2500 / Month withdrawal limit & now it is $20,000 / Month. Above features really show that there are many Indians using the Paypal account and thus Paypal introducing new features / facilities for them to grow.

Below are FAQs for the same.

How does it work?

Login to your PayPal account.
Click the ‘Profile’ subtab on the Account Overview page.
Click the ‘Bank Accounts’ link in the Financial Information column.
Click Add.
Fill out the Add Bank Account form.
Click ‘Add Bank Account’.
You are now able to withdraw funds from your PayPal account to this bank account.

Which bank can I use to withdraw my money?

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 are the participating banks.

How long does it take to receive funds to reach my bank account? It takes 5-7 business days, but may take more time, depending on your bank’s policies.

Are there any minimum or maximum withdrawal amounts?

No, there are no minimum withdrawal amounts or maximum withdrawal amounts. However, a non-verified PayPal members can only withdraw US$500 per month.

How to add a bank account

You can add additional bank accounts from your Profile. You will still need to confirm your bank account in order to add funds to your PayPal account from your bank account.

1. Log in to your PayPal account.
2. Click the Profile subtab.
3. Click the Bank Accounts link in the Financial Information column.
4. Click Add.
5. Fill out the Add Bank Account form.
6. Click Add Bank Account.

You are now able to withdraw funds from your PayPal account to this bank account.

How much does it cost? For withdrawal amounts of more than 7,000 Rupees are free. For withdrawal amounts of less then 7,000 Rupees, there will be a fee of 50 Rupees.

Please note that some banks charge their customers a fee for electronic funds transfers. PayPal can make no assurances that you will not be charged by your bank. Please ask your bank whether it charges for electronic fund transfers before you initiate a withdrawal.

The main advantage of above feature is that now you do not need to wait for receiving cheque in India, so it will save time and also by using this feature you will save your $5 which paypal taking if you want cheque in India.

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