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Which Public Sector Banks allow to open PAYPAL account

Date: 18 Jan 2016   Posted By: prakash     Group: Finance and Investments    Category: Banking   

I have a query regarding PAYPAL. Do any of the public sector banks allow to create account in paypal? If it is so then which bank? I have heard that paypal wont accept public sector banks, only private banks allow it. Is it so? I have to keep money with paypal to buy shares, and I have to receive the amount sent by the companies. For this process which public sector bank will do it perfectly? To open an account in private banks the deposit amount is huge, I cant afford it. Public sector banks require only small amount for opening an account.
Awaiting advice from experts.

Want to open a PAYPAL account? Wondering if public sector banks allow to open this account? Find responses from experts on this page.

Author: Bhaskar Borah    18 Jan 2016      Member Level: Silver     Points : 2  (Rs 2)    Voting Score: 0

I don't have more knowledge about which banks are allowed in Paypal account. But I have my Paypal account approved through IDBI bank which is a public sector bank. So, I think Public sector banks like IDBI, UCO Bank are allowed for Paypal account.

One more thing when I opened my Paypal account it didn't notified me about what types of bank are allowed, It simply said that to join my bank account in my Paypal account, And I did so.

Author: Mahesh    19 Jan 2016      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

You don't need permission of bank to open paypal account. All you need is PAN card information and SWIFT details of any bank. That bank could be public or private doesn't matter. Just make sure that you are not opening account in those urban banks with less SWIFT presence.

I suggest you to check out banks like Union bank, IDBI bank, SBI bank and Punjab bank. These banks have enough details for you to enter while opening the paypal account. Most of these banks details can be acquired from the online way as well. All you need is to know the pincode and the branch address.

Author: Partha Kansabanik    19 Jan 2016      Member Level: Diamond     Points : 2  (Rs 2)    Voting Score: 0

Opening Paypal account doesn't require the permission of the Bank. As far as private sector banks are concerned, ICICI Bank and HDFC Bank have no issues in respect of opening Paypal account. There may be other private sector Banks which may have no objection in this regard, but my information is restricted to the aforestated private Banks only.

So far as public sector Banks are concerned, the matter can be checked with SBI and IDBI. These two public sector Banks would definitely have no issue relating to Paypal account.

(This information is as obtained by me from my Bank sources. It is not exhaustive. Many other Banks may have no problem in this regard.)

Author: Karthikeyan    20 Jan 2016      Member Level: Gold     Points : 2  (Rs 2)    Voting Score: 0

PayPal account is something independent and different from bank accounts and you don't need permission from bank to open a PayPal account.

Below are the steps you need to follow to open a PayPal account.

click on to get started in paypal website.
You have an option to select between "Personal and business account".
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)

There are couple of limitations applicable to Indian users which are mandated by RBI. I suggest you to go through the rules before proceeding with payment.

Author: Anilkumar    29 Jan 2016      Member Level: Silver     Points : 1  (Rs 1)    Voting Score: 0

It was not necessary to which bank account you have. You can open free PAYPAL account online. You have to link your bank account to your PAYPAL account for transaction.

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