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How to Open Paypal account in India

What is Paypal?
PayPal is the faster, safer way to pay and get paid online, via a mobile device and in store. The service gives people simpler ways to send money without sharing financial information, and with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With 143 million active accounts in 193 markets and 26 currencies around the world, PayPal enables global commerce, processing more than 9 million payments every day. Because PayPal helps people transact anytime, anywhere and in any way, the company is a driving force behind the growth of mobile commerce and processed $27 billion in mobile payments in 2013. PayPal is an eBay (Nasdaq:EBAY) company and contributed 41 percent of eBay Inc.'s revenues in 2013. PayPal is headquartered in San Jose, Calif. and its international headquarters is located in Singapore.

As of March 2011, PayPal made changes to the User Agreement for Indian users to comply with Reserve Bank of India regulations. Notable changes to the agreement were:
  • Any balance or future payments must not be used to buy goods or services but transferred to a bank account. The PayPal balance is automatically withdrawn to the bank account.
  • PayPal balance cannot be used to make purchases. Credit/Debit cards linked with the PayPal account must be used to pay through PayPal.
The per transaction limit had been set to USD 3000, since October 14, 2011. However, on July 29, 2013 PayPal has increased the per transaction limit to USD 10,000. This brings the per transaction limit for India in line with the restrictions imposed by PayPal on most other countries.
PayPal has disabled sending and receiving personal payments in India, thus forcing all recipients to pay a transaction fee.
PayPal wants to make India an incubation center for the company's employee engagement policies. In 2012, PayPal hired 120 people for its offices in Chennai and Bangalore. PayPal plans to recruit 1000 candidates for its Bangalore Development center.

What You need for Creating a Paypal Account:
  • PAN Card 
  • An Active Email ID
  • Bank Details with IFSC Code 
Where I can get my Bank IFSC Code ?
Is there any charge for creating paypal account?
NO, Its Free of cost.

How to setup a Paypal Account :
1. Go to Paypal official site and Click on Sign UP
(Click on image for large view)

2. Select Your Country and Click on Get Started Under the An account for Individuals.

3. Now fill the form completely. Details should be according to your Pan card and Bank details. This is will you to verify your Paypal account in the future. After filling the form Click on Agree and Create Account.

4. In this screen fill the Code as shown and click on Continue.

5. In this screen you do not need to fill up your credit/debit card details. Simply click on Go to My account

6. In this step Click on Add Bank

7. Fill up this form according to your bank details and click on Continue

8. Now Click on Purpose Code link. You will see this screen here Select Advertising and market research and click on Save
(Click on image for large view)

9. Its Done for Now but after some days you will receive two small amounts in your bank account. It takes around 7 days maximum. So, Whenever your account will be credit with those amount come to your paypal account and fill those amounts in the specific field. If everything is OK your account will be verify.

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