The paypal to Indian bank accounts - transfers!

The good news is that the Indian paypal members can now transfer their funds to their bank accounts directly without any hassle. I did try out this feature out and I have to say that on the whole, everything went off well.
The first thing that you would have to do is to go into your Paypal account and click on the profile tab. Once you do that, you can then click on 'ADD BANK ACCOUNT' choice in the profile.
Once you do that, you would have to enter your bank name, your account number and the
IFSC number. please remember to either call up your bank directly or go to the bank in person to get the right number. Once you have filled up all the details, you are all set to go.

The Indian banks that are acceptable to Paypal for doing these transfers are listed below.
1. State Bank of India

2. Bank of India

3. Canara Bank

4. Union Bank of India

5. HDFC

6. ICICI

7. ING VYSYA

8. Axis Bank

9. Standard Chartered Bank

10. HSBC

11. Citi Bank
Please take note that some banks may charge a fee for in coming receipts, mine does not, but you should ask your bank about this anyway.

The thing to remember when you are doing this is ,
1. have your account number ready s you will be prompted to enter it right away
2.the bank account in question should be in your name
3. The most important thing is to know that NOT all banks allow paypal transfers, so check if your bank is acceptable by paypal and vice-versa.

Hope that you are able to set up your bank account without any hassle, I did so and was able to complete my first transaction smoothly. Also Paypal charges a fee of 50rs for any transaction less than 7000 rs. Anything more than that is totally free and the process time for such transfers is between 3-5 business days. Good luck!