Paypal just offered another excellent feature to become a leading payment processor in india by adding directly funds withdrawal option in indian banks which previously was just limited to US banks. Currently only 2 countries ie US and India are allowed to use this feature as far as i know from the withdrawal page of paypal.
I didnt expect them to launch this service nearby soon which is the reason i already withdraw around 16k$ this month from paypal via secure check service which was their older service and i can expect that check to come via post at my place by next month end 
, and this new service credits the funds in most reputed private banks within 5-7 business days which saves every paypal user’s time.
The service costs the following to paypal users :
Free >for 7,000.00 INR or more
50.00 INR > for 6,999.99 INR or less [Approx 1.4USD Fees]
To get started using this feature you need to first Add your bank account to your paypal account, which needs the following information :
The safety and security of your bank account information is protected by PayPal. We will never reveal your financial information, and PayPal will notify you by email whenever you initiate a transaction with this bank account.
Your bank account in India must be able to receive payments in India Rupees.
Please enter your name exactly as it appears on your bank account. If the names do not match, your payment will be returned and a return fee will be charged.
Country: INDIA
Bank name: Select your Bank Name from the Drop Down List
IFSC: Read the posts end to understand IFSC Source for Codes List
Example: ALLA0123456
Account number: Your Banks Account Number
Re-enter account number: Your Banks Account Number
Indian Financial System Code (IFSC) : 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, but only IFSC codes should be used. Please contact your bank in India for this code.
Once you fill all the options you need to review and complete the transaction and you are done.
Also dont forget to read other excellent features which were launched recently :
Paypal Increases Monthly Withdrawal Limits to 20000$
Withdraw Funds to Your Visa Card PayPals New Feature
Paypal Withdraw Funds to Card Works
Dont forget to let everyone know about your personal experience with these new features!
October 30th, 2007 at 1:57 pm
hey, this is gr8 news, lol, came to know about this from here now…thanks..this looks like a gr8 addition for indians from paypal.
October 30th, 2007 at 2:06 pm
Good news coming up for Indians.
But the revenue sources are decreasing due to Google’s policies.
October 30th, 2007 at 2:06 pm
That is really a good new for Indians. Nice review Amit.
October 30th, 2007 at 2:17 pm
@Meet - What has paypal to do with google policies?
October 30th, 2007 at 2:50 pm
Excellent.. This is the first time i will be withdrawing from paypal and which will come directly yo my bank a/c It sounds really SUPER DUPER COOL!!!
October 30th, 2007 at 2:53 pm
Great and excellent news for all Indians. Excellent update.
Thanks
October 30th, 2007 at 2:54 pm
wow this is realy great features.. google should start same service asap
October 30th, 2007 at 3:24 pm
Amit, does this mean that we can get verified by just adding the bank account and we dont need to add credit card now?
Now if only google follows and starts the Western Union payment!
October 30th, 2007 at 3:34 pm
I dont think this feature can be used to activate your new paypal account, since this option comes up when you go to the withdraw funds option only.
October 30th, 2007 at 4:09 pm
This is really a great new for all Indian paypal users.
Wheer can i find IFSC no for ICICI(hyd)?
October 30th, 2007 at 4:20 pm
This is really great News, Now I don’t see paying Xoom for getting money to India.
October 31st, 2007 at 6:27 am
@Paramjeet: You can find IFSC code behind a cheque leaf and on the cheque book. Also here is a list of IFSC code for almost all Indian bank branches. But its always good to confirm the IFSC code from the bank branch.
Nice feature that Paypal launched. I hope they launch Debit Cards in India soon.
November 1st, 2007 at 7:37 am
Can one make a Paypal withdrawal to Indian Bank with Unverified Paypal account?
Thanks for an informative post
November 1st, 2007 at 2:56 pm
I have already provided the link to the IFSC code website and the answer to pratik is i guess you can withdraw from a unverified account, though i cannot check out and confirm since my account is a premier verified account, you can yourself login to your account and check out!
November 3rd, 2007 at 1:46 am
I am so happy now! Paypal loves India!
We won’t have to wait for weeks and months anymore!
November 5th, 2007 at 10:21 am
But one sad news for us - Google adsense did not support western union money transfer payment method in india but did so in Pakistan….
November 7th, 2007 at 5:18 pm
Answer To Queries
Paypal unverified acc. can withdraw but after u withdraw till limit or after a no. of transactions your paypal will get limited and you loose all the money so be verified using a VCC or some one’s cc.
Bank can not be used to add funds and verify paypal.
Adsense does support Western Union Money transfer in Pakistan but not in india.
November 11th, 2007 at 5:43 pm
@ Blogging tips
1.You wont lose any money in paypal… if u r unverified then after certain transactions they just freeze your account and not take all money… which upon verification they give access to all your money and this is just in the interest of the safety and legal guidelines..
2.You can use VCC to verify the paypal account but cant use “some one’s cc” if u use then also u get verified but not for long
as i have experienced it… I verified my account through a add on card which had same card number as of primary card whose owner is my father and PP a/c was in my name and they freezed my account again asking proof of ownership of card and ID proof… So better is VCC or ones own Credit Card 
Abhishek Daaga’s last blog post..World Bank Web Site Hacked
November 11th, 2007 at 5:51 pm
i even donot own a creditcard yet but i’ll take one next yr. after joining wipro…cc is not a habbit here…
blogging tips’s last blog post..Get Advertisements Worth $1000 In Adwords Free Using Coupons: See Your Site Appear As Ads In Google & Other Sites
November 11th, 2007 at 5:56 pm
@ blogging tips
and if they see this and use some other’s CC then they might get into trouble na ?? So comment on a unknown topic is always dangerous :-s
Let CC be a habit or not… but if u dont know the proper information why do u say ??? Just saying as people come here presuming they get trusted content here
Abhishek Daaga’s last blog post..World Bank Web Site Hacked
December 5th, 2007 at 3:08 pm
i have withdrawn through my SBI a/c, in Nov`07. the monthly withdrawal limit for unverified a/c is $500, but it is not allowing any furgher withdraw in DEC`07. I have withdrawn around &$600 so far, far less than the limit $3000/-
December 13th, 2007 at 1:35 pm
Hi arabinda, I just wanna confirm whether you can withdraw to SBI? becoz I added hdfc and it never worked. Please let me know at the earlist so that I can open an account in SBI and proceed. I have Indian verified Paypal account
March 14th, 2008 at 5:25 am
Do we have to get registered with RBI or so to get paid by GOOGLE/Kindly provide the detail in both cases when payment is in name of personal & when it is in company’s name.
One more query do we have to register with RBI to get paid by US DOLLAR checks.
July 13th, 2008 at 11:39 am
Thank you so much amit,
I have some amount in paypal, but i really dint know that we can transfer our amount to indian bank accounts,
Before i decided to spend that money on buying any thing, but now you really helped me.
September 1st, 2008 (5 days ago) at 6:38 pm
It is really a very good news for us.