How to Open a Paypal Account ( India ) ? If you work online or you are earning money online I am guessing most of you have heard about PayPal. If you are earning money online most of the companies ( even advertising network ) prefer to send your earning through PayPal.
PayPal is a Trusted online service to send and receive money instantly all over the world. You can shop online with your PayPal. PayPal is accepted in lots of shopping websites worldwide. Think of it as a online bank, with which you can shop, receive money etc. If you do online business or you are a seller, you can receive payments from your customers with PayPal.
Now the question emerge How we can open and verify a PayPal Account in India ? Well Sign Up is easy. But in India RBI has imposed few restriction how we can use PayPal in india.
- In India you can not use PayPal as a Wallet. Meaning you can not store money in your PayPal account. When someone pay you via PayPal, your money will withdraw directly to your linked Bank account. If you want to pay or purchased something, you have to link your Debit or Credit card with PayPal for instant payment.
- Can not send or receive money from other Indian PayPal user.
Lets have a look what we need to open and verify PayPal account in India:-
- Email ID ( This will be your id for sending and receiving Payments )
- PAN ID ( Mandatory for Indian users to receive Payments )
- BANK ACCOUNT ( You have to link your Bank account for receiving Funds )
- CARD ( You have to link your Debit or Credit card for shop online or pay online )
Note:- Keep in mind that Name on your PAN, Bank, and Card should be same as name on your PayPal account.
==> If you don’t have a Bank Account or a Debit card. You can Create a Axis bank account account online. That also gives you a International Virtual Debit Card that you can link on PayPal.
STEPS TO CREATE PAYPAL INDIA ACCOUNT :-
STEP-1 Go to PayPal India website > Sign Up
STEP-2 You have to choose between Personal and Business account. You can start with Personal account, you can always upgrade to business account later as per your need.
STEP-3 Select your country. Type your email id ( this email will be your PayPal ID and it will be used form sending and receiving funds, so give a valid email id ) choose your password and Continue.
STEP-4 Now you have to give your Information like Name, Address, Phone no etc. then click on Agree and Create Account.
STEP-5 In the next screen you’ll be asked to link your Card. If you don’t want to link your Card right now you can click on ‘I’ll link my card later’. You can Link your card later.
Thats it. You have successfully signed up for PayPal. You have to confirm your email id. you have to check your email id and check for activation link.
This is how your PayPal home will look like. You can see the option for linking card , bank account etc. Confirm your email first. check your email for activation link. you should confirm your Mobile no as well.
You will be asked to setup your security questions. This is very important when you need to recover your account or password. so do it carefully.
As i said earlier for fully verify your PayPal account you need to link your bank account, Card, PAN.
How to Link bank account ?
STEP-6 Add Bank Account Details.
Click on ‘Link a bank account’ You have to give your Account No, Account Name, Bank IFSC Code. ( If you don’t know your bank IFSC code you can click on ‘I don’t have my IFSC code’ and give your bank name, branch name etc. Moreover you can search in google for your IFSC code with your bank name, branch name etc. )
Note:- Keep in mind the name should be same on your Bank Account, PAN card and PayPal Account.
STEP-7 After adding bank account details, PayPal will send you 2 small deposits between 1 to 1.5 Rupee in you bank account ( Usually takes 24 Hr. ) After receiving these deposits ( Check your bank account statement ) you need to enter these deposits amount to confirm your bank account.
You have successfully linked your bank account to your PayPal account. For successfully Withdrawing money You need to add PAN card and Purpose Code.
Add Purpose code:-
For withdraw or transfer funds from your PayPal to local bank account, As per indian regulations you need to select a purpose for your transaction ( Purpose code ). It identify the nature of you cross-border transaction. If you are receiving money from advertising you can select ‘Advertising and market research’. it will be your default Purpose code for all your transaction, until you select a different one.
Link Debit / Credit Card with PayPal:-
For shop online with PayPal you need to Link a card with PayPal. To do so you need to click on ‘Add a Card’. Provide your Card detail. after adding your card PayPal will deduct 1 or 2 rupee from your card. Don’t worry PayPal will credit back this amount back to your bank account in 3-5 days.
When adding a Credit Card PayPal Deduct 1.95 USD and this will create a 4 digit code that shows up in your card statement. After getting it you have to login to your PayPal account and click on Get Verified. and Enter this 4 digit code there. After successful verification of your card PayPal will credit back this amount back to your bank account in 3-5 days.
PayPal accept these Bank Cards without any error.
- Axis Bank
- HDFC Bank
- ICICI Bank
- Kotak Bank
- Citi Bank
- SBi Cards
Note:- Make sure your card is activated for overseas ( International ) transactions.
Thats It, you are all Done. I hope this article helped you to understand everything about Sign Up and Verify PayPal. If you have any questions Feel Free to ask via comments.