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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