Withdraw Funds from PayPal to Indian Banks
PayPal allows you to withdraw money directly into your Indian bank account for free if you are withdrawing more than Rs.7,000. If it is less, it charges Rs. 50 as fee. This is the better way than requesting cheque because it takes few weeks to deliver, a month for realization, and more over PayPal charges $5 fee and your bank charges approximately Rs.150 to Rs. 250 for clearing international cheque.
Log into PayPal and click the link “Withdraw” Then, select the option “Withdraw funds to your bank account” and click “Add Bank Account” It will ask First name, Last name, Bank Name, IFSC code, and Account Number. The thing in question here is IFSC code.
IFSC is Indian Financial System Code assigned by Reserve Bank of India (RBI) for every bank branch for easiness in transferring funds and communication. If you have an ICICI account, you can see the IFSC code printed on the cheque book itself. Get the list of participating banks and its branch codes in an xls sheet by clicking here. This is the link to the main listing page where you can find the updated list in case if it is updated by RBI and you are not able to get the XLS sheet. IFSC code is an 11-digit character and numeric code and looks like FDRL0001464, which is an IFSC code for Federal Bak, Infopark branch, Kochi in Kerala. 1464 is the branch code and FDRL is the bank code. Enter the appropriate IFSC code for your branch followed by your account number. You can also confirm it with your bank branch. After that you can select the amount to withdraw into your bank account, which readily converted into Indian rupees and showed to proceed with withdrawal.
Once you are done, you will get the money directly into your bank account in three to seven business days.
Hi Shanavas,
Will the bank charge any fee? Mine is SBI.
Dear Ayaz, The bank will not charge any fees.
Respected shanavas,
Please tell,how to get PAYPAL DEBIT CARD from India and Indian premier paypal account. Please reply
Dear Gowrishankar, Please read https://www.paypal.com/us/cgi-bin/webscr?cmd=p/acc/dc_intro-outside and apply for a debit c ard.
Dear Shanavas,
My pp account was blocked after I got it verified by a Visa credit card and tried to withdraw money to my bank account. Now they require two steps, my address proof, which i would provide and to confirm the bank account. What is confirming an account in India? I think it is applicable to US only.
Dear Pramod, Confirming the bank account in US means they will deposit some small amount and you have to enter the exact amount in paypal.
hiii shanavas….
i have 2000$ in my paypal account(verified) …what is the maximum amount i can transfer to my bank account at a time…(i have received it from etoro…will paypal freezes my account to prove my identity…plss do reply)
Dear Kiran, There is no limit for the amount you can transfer to your bank account.
Hai shanavas, PayPal stops transaction in India. shall i get PayPal debit card and withdraw the money through it now? i already asked you about PayPal debit card and you reply. but i didn’t apply for that. but now i click that link and login, it simply goes to my account. please tell, shall i get that card now and withdraw money?
Dear Gowrishankar, Paypal started allowing withdrawals to your bank account.