Do you want to open a PayPal account in India? If yes, you are in the right place. Here in this article, we will describe how to open and verify a PayPal account in India.
Before proceeding further, let us understand what is PayPal first.
What is PayPal?
PayPal is one of the most popular payment gateways across the world. It is a faster, and safer way to send and receive money online. Paypal operates just like a bank but in online mode. You can send and receive money instantly from anyone by credit card or PayPal account.
It is essential for individuals, freelancers, or small businesses to have a payment gateway for sending and receiving payments. Though you can send payment through debit or credit card to receive payment online, you must have a Paypal account or google wallet kind of services.
Read: Top Payment Gateways in India
When you open up a PayPal account in India, you can start sending payments right away (After linking with your credit card). However, to receive Payment you need to link your PayPal account to your bank account and you will be able to withdraw money from your PayPal account to your bank account.
To open and verify a PayPal account in India you need a PAN Card and a working email Id.
Who Can Open a PayPal Account in India?
There are certain conditions and eligibility requirements to open a PayPal account in India. The eligibility requirements are listed below:
- One must be an Indian citizen or resident.
- Your age must be more than 18 years. must be 18 years or older.
- You must have a valid email address and mobile number.
- Having a bank account in India is mandatory.
Steps To Open And Verify PayPal Account In India
1. Visit this PayPal India Link and click on the Sign-Up button.
2. You will have two options individual and business account. If you are new, start with an individual account. You can upgrade later to a business account if needed.
3. Fill out the form completely and provide all details as mentioned in the image. After providing all information click on Agree and Create Account.
4. On the next page, you need to sign up by filling up a form, you can enter your Credit/Debit card detail then or can skip it for later to send Payment. When you open a Paypal account in India, it’s a limited PayPal account. You can use it to send Payment to anyone using your Credit or Debit card, but to receive Payment you need to finish these 4 tasks:
- Add your PAN card
- Confirm your Email (When you sign up, you will get an Email from PayPal to confirm your account)
- Add bank account (This will be the bank account where your Paypal money will be withdrawn to)
- Purpose code (From the long list, select the purpose on which you are receiving payment on your Paypal account)
5. The process of linking a bank account to your PayPal account will take 2-3 days.
6. Click on Start in front of Add bank account and you will be taken to the next page where you need to enter just a few fields such as:
- Your Name
- Your Bank account
- Your bank IFSC code.
The next step is to add the purpose code for your transactions. However, this will be your default purpose code, and at the time of withdrawing money from your PayPal account to your Bank account, you can select any other.
Add Debit/Credit Card To Open And Verify PayPal Account
This is optional. You can attach your debit card by clicking on the link in your PayPal dashboard.
If you are planning to earn money online, it is advised to get an online banking facility. All the bank in India provides Internet Banking facility. There is no fee for getting this facility.
Read: Best Credit Cards in India
You need to fill out a form for this purpose and the bank employee will give you a username and password. With that username and password, you can log in to the bank site. You can know the procedure of getting an online facility by calling the toll-free number of your bank.
This way you can create a PayPal account in India and start sending & receiving money.
Frequently Asked Questions
Is it free to open a PayPal account in India?
Yes, opening a PayPal account in India is free.
Can I use my PayPal account for international transactions?
Yes, you can use your PayPal account for international transactions.
How long does it take to verify a bank account on PayPal?
A. It generally takes 2-3 days to verify a bank account on PayPal.
Can I link multiple bank accounts to my PayPal account?
No, one can link only one bank account to your PayPal account.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.