The minimum payout is Rs.1000/- as stated at this Help page but this is not a hard & fast rule. Other aspects are considered, such as the balance in the member's account and maybe the contributions of the member (is the member constantly violating site policies? spammer?) So the payment can be made if it is Rs.750/-. For first time payees, it can be Rs.300/- or Rs.350/-.
Please check out this thread: What is the minimum amount in ISC to get cash payment?
With reference to mode of payment, it is directly credited to your bank account on submission of the invoice with all details provided (refer to the same Help page.)
When people come at you with their worst, you should come at them with your best (advice given to Selena Gomez by her mother, quoted in Time magazine.)