Paypal, most widely used credit card payment method over the net, on 1st November 2007, announced a new fund withdrawal feature for it’s users from India. Indian Users of Paypal can withdraw funds directly to their Indian Bank Accounts. Users having account with 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, and Citibank can avail this benefit.
To avail this feature, you need to add your bank account details to your Paypal account in few easy steps as outlined on Paypal site. This will not only save people time lost in their banks collecting US$ payments but will also save a lot of money charged as collection fee by the banks or lost due to US$ – INR exchange rate difference.
It may take 5-7 working days before funds are credited in your account. However, this entirely depends on your bank’s policies. Paypal will charge Rs. 50/= per withdrawal if withdrawn amount is less then Rs. 7000/=. For all withdrawals over Rs. 7000/= there will be no charge from Paypal. However your bank may charge you some fee for electronic fund transfer. So, it’s better to first contact your bank and get yourself enlightened about charges if any.