UPDATE: This post is being updated to notify all the people reading this post about PayPal account holders having problems in withdrawing payments to their Indian bank accounts for past 30 days.

I’ve received an email from PayPal that claims that they are going to resume withdrawal to Indian bank accounts from 3rd March, 2010. To read more about this update, please check out their blog.

What a great surprise! Now, the Indian PayPal users can withdraw PayPal funds to their Indian bank accounts. The process may still take 5 to 7 days.

Supported Banks:

  • State Bank Of India (SBI)
  • Bank Of India
  • HDFC Bank
  • ICICI Bank
  • Axis Bank (Previously, UTI Bank)
  • Standard Chartered Bank
  • Canara Bank
  • Union Bank of India
  • ING VYSYA Bank
  • HSBC
  • Citibank

Now the cool thing is that I’ve bank accounts in the first 6 banks. Woohoo!! It’s amazing, really. The time to see the true Indian e-commerce boom. PayPal has just taken a step that will change the way Indians run online businesses.

It seems like PayPal has been doing pretty cool things in the past couple of months. I was already happy to know that Indians could receive PayPal funds to their VISA credit cards. I hope that this latest move by PayPal will make many Indians happy who couldn’t maintain a credit card.

You can find more info about this news at: Indian Bank Account Withdrawal FAQs

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