Withdraw Paypal Money Now to Your Bank Account in India

November 1st, 2007 | email this | digg it

Leave your comment Posted by Life is Colourful

Published in Paypal

Paypal’s recent move of allowing withdrawal of Paypal money on Credit / debit cards has been welcomed by all Non-US publishers who earn money in USD and see their money lying in Paypal accounts. The only reason for people not willing to withdraw money from Paypal through checks was the time and fees involved earlier in withdrawing Paypal money.

Withdraw Paypal Money to Bank Accounts in India

It’s a fact now, that there are many top Indian bloggers like Amit, who have become full time publishers and make money online by online advertising and reviews. Big chunk of their money must be coming through Paypal, and I will call it as a boon for Indian publishers.

This Paypal e-Transfer facility is available with following banks in India: Axis Bank [UTI Bank], Bank Of India, Canara Bank, Citibank India, HDFC Bank, HSBC, ICICI Bank, ING VYSYA Bank, Standard Chartered Bank, State Bank Of India, Union Bank of India.

While adding your bank account to Paypal, your last name [surname] will be pre-populated but the money can be transfered to anyone in your relatives who share the same last name.

You might face a little problem while adding your Bank Account in India to paypal, if you don’t know the IFSC Code for your bank branch. You can check out the IFSC Code [Right click and save] for your bank branch in India here or download here from Life is Colourful.

IFSC Code for Banks in India

[From Paypal] 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.

Please make sure that you bank account name and the name in bank account added to Paypal are exactly same, or your transferred money will be returned with charges of INR 250.

Paypal will not charge any money for withdrawal amount of 7000 or more. Anything less than that will be charged INR 50. This is really a good news for Paypal users in India and reason to rejoice!

If you enjoyed this post, make sure you subscribe to my RSS feed!

Also read some interesting posts:

21 Responded To This Post

831. Ravi said in November 1st, 2007

Hi you have mentioned it right but for Taking a Look at the IFSC codes you can have a look at the cheque leaves which you bank provides .
Like My IFSC code for Axis Bank is
UTIB0000053 it is Lucknow Branch.
and for HDFC it is like HDFC0000XXX where xxx is your Bank Code No like mine is 412 again Lucknow

838. Ravi said in November 1st, 2007

Ya buddy It is not from my Single Blog . Now I own a network of blogs there are around 3 blogs in that and this resulted in the income from all the blogs not a single one

839. Life is Colourful said in November 1st, 2007

But still the figure of $1050 income last month was impressive. Even if its from 3 blogs. You must be spending a lot of time in blogging. Good going buddy!

Friends, we are talking about Ravi’s income from his blog which he posted at his blog recently, why don’t you advertisers help him increase the revenue by opting for an ad space on his nice blog as well.

840. Jalaj said in November 1st, 2007

Hi Ravi.. can you enlist your three blogs here… will help many other for a case study…

910. Gauhar said in November 4th, 2007

First of all, thank you very much for sharing the IFSC codes. You are really building a cult, a community. Excellent blog, and great help.

Thanks a lot…

920. Sujain said in November 4th, 2007

Hi All,

Can Any body tell me that is the income got at paypal is taxable in India or the only amount which we get from paypal to our bank account in India is taxable and rest of amount which remains in paypal is not taxable.

1109. Selbourne said in November 8th, 2007

What remains in Paypal, no one knows about it as paypal does not ask for the PAN no. So one really does not need to bother. Maybe when paypal asks for PAN details would there be this headache

1246. Joedel said in November 11th, 2007

It seems like paypal has further expanded their services. Just a few weeks ago, they also upgraded new features to Paypal accounts from different countries.

1699. Carpentry Jobs said in November 21st, 2007

That is cool. I did not know that till now. Thanks for telling. Paypal rocks as usual…

1779. Chennai said in November 24th, 2007

Hello.

I am working in one BPO, and earning 10,000 per month..

i dont have PAN card..

If i earn 20,000 from my freelance work .. through this paypal method or western union..

So total = 30,000 RS

Then what about the tax ??

I dont know anything about the tax ??

Please assist me..

I am planing to do freelance works ..

So mail me to versatile.freelancer@gmail.com

Thanks in advance my friends..

2230. abin542000 said in December 5th, 2007

Sir,
I could withdraw a sum of $498/- through my SBI account, in NOv`07. My paypal account is not verified, now I can not withdraw the fund, since there is limit. But they say limit is $500 P.M? what is this,

2261. Jalaj said in December 6th, 2007

@abin542000 - You will need to have your account verified. There is not other way after you cross $500 limit (that’s not monthly!).

4214. bank account said in January 1st, 2008

Thanks for sharing these IFSC codes.

6529. Newspaper Classified Ads said in February 12th, 2008

VISA enabled UTI or AXIS debit cards cannot be verified in PAYPAL. They want credit cards for verification. I dont know which debit cards paypal allows. But my AXIS Debit card with VISA electron failed to verify my paypal account.
press release service

7191. Triguna said in March 18th, 2008

Hi,

I have transferred 85$ from paypal and I was ready for -50 INR from paypal. I gave all the information correct as of bank information is considered and I gave my ICICI account number and IFSC code properly. But my money got returned and I lost 250+50 = 300/- and I didnt get the money even.

Please help me in this regard.

Whats wrong with my account. Why it got returned.

I used IFSC Code as - ICIC0000000

Thank you in advance.
Triguna M S

7248. aks said in March 20th, 2008

IFSC code has to be specific to not ur bank but the specific bank branch.. the code u have mentioned seems that of the main branch of ICICI bank.. it has to be specificaly of ur bank branch in ur city.. get that code..

7743. Vishnu (BEAUTIFUL MINDS) said in April 4th, 2008

Dear,
I havent verified my account.. i have already send around 2000 usd, I think i have to get another account soon, as the limit is 3000. btw, before this facility was there, i used to find many vendors in ebay.in , who accept pay pal to buy stuffs. now, its all solid money.

9263. Greg Brave said in April 30th, 2008

Yep, these are great news for us
I hope that they won’t change their minds !

10558. Michael said in May 24th, 2008

They wont change their minds about this as long as it’s generating more coin for them. Pau\ypal is still ypour best option but it is starting to get pushed by some up and comers.