PayPal recently enforced RBI rules on their Indian customers. You can no longer keep balance in your PayPal account if you’re Indian PayPal member. In such case you need to either withdraw the amount directly to your bank account or request a check. If you don’t have 150$ to withdraw from account then there is no way of using PayPal check option as it is available only for amount more than 150$. You’re now left with only one choice of withdrawal to your bank account.
Follow these steps to withdraw your money from paypal to your bank account.
1. Get account with bank that allows internet banking or online money transfer across multiple banks within india. e.g IDBI Bank, HDFC Bank, Axis, ICICI, Union Bank, SBI bank, Bank of Baroda etc. This is necessary step for those who have savings account with banks (or patsansthas) that don’t have internet banking facility or have savings in rural banks which doesn’t allow online or multiple city bank transfer. Bank with online transfer facility or multi-city banking feature are easy to find under IFSC code lists and also for paypal to connect to send money via their citybank account.
2. Get the swift number of your bank’s branch. You’ll need this while connecting your paypal account to bank. Use this site to get the IFSC code of your bank’s branch.
3. Make sure your first name and last name in bank account is similar to paypal account. This is to ensure that payment will not bounce back due to name conflict. For example, if you’re female and got new bank account after marriage with your new surname then chances are there you’ll have to go through hurdle of name change in paypal. It’s better to open new paypal account in such case but if you’ve already got payment waiting in paypal then it’s always better to get bank account name correction because paypal takes 20-30 days to resolve any name change issues sent to them.
4. Login to your paypal account and click on add new bank account menu under withdrawal section.
5. Enter your first name and last name as per your bank account name.
6. Enter your bank account number and then input the IFSC/SWIFT code of your bank’s branch that you’ve got in previous step.
7. This will add your bank account to paypal profile. You need to issue the payment which is in your account to this account.
This may sound simple to some folks and it is unless you’ve name change or account with bank whose swift number is hard to find. I hope this howto helps to those who are struggling with paypal and it’s features.