Paypal - Can I link a bank account without a credit/debit card?

[harshit143]

Today i logged in my paypal account after a long tym and the first thing i saw was "You need to attach a bank account" notice.
So, i continued and saw that its just asking for my account number and IFSC code.
see, i dont have a credit nor debit card.
Can i withdraw funds from my bank account to my paypal account and vice versa just by inputting there my bank details or i need to have a credit card/debit card for doing so???
And do they charge any extra fees for doing transactions??

 

[Arjun]

Got this email from them yesterday, my a/c is unverified , i just use it for online purchases

As part of our ongoing effort to comply with the requirements set out in the notification of the Reserve Bank of India (“RBI Guidelines”) that apply to all online payment gateways, all PayPal users in India will be required to add the following to their PayPal account in order to continue to receive export-related payments and withdraw money:

• A purpose code related to the majority of commercial activities for export-related payments

• A PAN or Permanent Account Number

• A bank account in India (if not previously added)

To add a purpose code, PAN and bank account:

1. Log into your PayPal account at Welcome - PayPal

2. You’ll find prompts on the top of your “My Account” page asking you to “Add” your PAN, purpose code and bank account

3. Click on the “Add” links and follow the instructions.

Additionally, PayPal users in India are required to provide a current and accurate postal address on their PayPal account. To ensure that your address is up-to-date:

• Log in to your PayPal account at Welcome - PayPal

• Click on “Profile” and select “Add/Edit Street Address”.

In case you have any queries, please log into your PayPal account and click on 'Contact Us' at the bottom of the page.

For users who have already added a purpose code, PAN, and a bank account in India, as well as validated their postal address, please treat this email as a reminder only.

Sincerely,

The PayPal Asia Team

Previous updates

 

[harshit143]

do i need a credit/debit card to get funds in my paypal account or just a bank account is enough now??

And do they deduct some amount while transaction?? IF yes then how much??

 

[major9]

By adding Bank A/c you can only Withdraw funds from your Paypal A/c. Also as per the new rule you need to add a bank account for verification purposes.

If you check your Bank Cheque book you'll find the details for Neft which is needed for adding the bank Or call your Bank CC. & ask for Neft Details.

As per the new rule you cannot add funds to your Paypal A/c from any source other than a transfer or payment by a 3rd party to your account. In other words you can use your Paypal A/c only for receiving funds. You cannot even use the funds for payments. For that you need to use a Credit Card.

Nothing is charged when you add your Bank A/c.

 

[harshit143]

If i dont attach my bank account and ask a person to send me some money to my paypal account, then make the payment, can i do so??

 

[NAV33N]

If i dont attach my bank account and ask a person to send me some money to my paypal account, then make the payment, can i do so??

No,as per new RBI Regulations you cannot make payment to 3rd party if you have balance in your paypal A/C, you can only withdraw it to your Linked bank A/C.

for making any sort of payment or money transfer you must link you Credit Card to your paypal A/C.

 

[teper]

If i dont attach my bank account and ask a person to send me some money to my paypal account, then make the payment, can i do so??

No you can't do any payment using ur paypal balance and now indian p to p payment is blocked completely means u cant even pay using cc attached

 

[harshit143]

thats great...that means my account is of no use now.....now, i will keep the account and show to my children in future : "Dekho, ye paypal hua karta tha, illegal payment karne ka ek matr zariya"