Hi all,

PayPal has introduced its brand new support for Indian banks. You can withdraw money from your PayPal account to approved Indian bank accounts. Currently, the banks participating with PayPal are State Bank of India , Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, UTI(Axis) Bank, Standard Chartered Bank, HSBC and Citibank.

• There is NO minimum withdrawal
• Un verified PayPal members can withdraw only a maximum of $500 per month
• You get money in Rupees
• There is a fee of Rs. 50 for withdrawals LESS than Rs. 7000
• There is NO withdrawal fee for withdrawals more than Rs. 7000
• It takes around 5 to 7 days for you to receive the money

To withdraw money to your accounts in any of the banks listed above, you need to add the banks to your PayPal account first.

1. Login to your PayPal account.
2. Click the ‘Profile’ subtab on the Account Overview page.
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’.
7. You are now able to withdraw funds from your PayPal account to this bank account.

I’m yet to check out this method of withdrawing cash. I’ll keep you posted.

By the way, please remember to pay Income Tax for any professional income (i.e. income via sales, advertising, services etc.) you withdraw via PayPal. I’ve checked this up, and you can withdraw money, and receive it, provided you pay income tax for it (if you haven’t already).

That is, imagine you have a job in USA. You earn money, and put it in PayPal. But you have to pay taxes in USA. Then you withdraw it to India. In this case, you don’t have to pay Income Tax in India.

This is a pretty cool step by PayPal. This means that more Indians can utilize the services of PayPal. It could become a great medium of transactions. Hopefully, they’ll introduce the PayPal Visa Credit Card in India soon Enjoy!

[for the official announcement, visit http://pages.ebay.in/paypal%5Fbankaccount/]

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