I use PayPal for aggregating advertisement affiliate revenue from amazon.com, shaadi.com, etc.. It has been difficult to get the money to my bank account in India. Since banks in India were not supporting direct online withdrawal from PayPal, I have been depending on the PayPal cheques. It takes 2-3 weeks for the PayPal cheque to arrive and another week for cashing the cheque to my account. Though I was earning some money online, I was not able to transfer the money to my local account online!
Recently PayPal enabled adding Indian bank account to PayPal account and withdraw money directly to the Indian bank. This helps a lot of people like me, who are earning and living online! For withdrawal, amounts of more than 7,000 Rupees are free. For withdrawal amounts of less then 7,000 Rupees, there will be a fee of 50 Rupees. It takes about 5 to 7 business days to receive the money in your bank account.
Currently a few selected banks are participating – State Bank of India , Bank of India, Canara Bank, Union Bank of India, HDFC Bank, ICICI Bank, ING VYSYA Bank, Axis Bank, Standard Chartered Bank, HSBC and Citibank. You can have upto 8 bank accounts in PayPal.
In order to add your bank account, you need to know the IFSC code. The IFSC code is 11 digit long, first 4 are alphabet, last 7 are numeric. To get the IFSC code, either call/visit your bank branch or log on to RBI website. The IFSC code is NOT the SWIFT or the MICR code.