Important Update from Paypal for PayPal India Users : Change in User Agreement

Awesome thread ,this morning i got this mail from paypal about the new rules & i was shocked.
After some time of analyzing i came to the point that i have to get a cc against FD to keep my online business alive.
so please suggest which cc is best for online transaction & how much is the transaction limit .

i heard SBI,ICICI,AXIS give cc on FD

SBI gives on min of 20k of FD
ICICI ALSO MIN OF 20K
& ONLY AXIS I THINK GIVES ON 10K NOT SURE

So please add some information, we only have 1 month left

 

The SBI Advantage card?

 

Please clear the point no. 3 as you mentioned:
3. Dont worry. you can send payments from paypal but you must attach a credit card to send outgoing payments from paypal and the charge will appear on your credit card. Not from your paypal balance.

You said that you must attach a credit card but the credit card is already attached with paypal because to use paypal, we need a valid credit card. Therefore please clarify this point.

 

Yes Max, It means the same.

 

Ohk thanx but will it work for online & what is the transaction limit .
How much money can we recieve ?? & spend??
Suppose i dont touch that 20 k , can i receive or add more money like 50 k to that account ??? & withdraw whenever required???

 

Bump for this thing again. pls share you views guys..

 

right issue and them we have to give withdrawal charge as well ...

 

Hi Shawn,
Being the founder of Digital point, I guess we cannot dispute the fact that fraud committed on this site is mainly Indian in origin. But this does not discount the fact that this time around, the regulations placed to prevent this from occurring are quite a deterrent for legitimate Indian users of their services and business in general for the average man. There are a huge number of Indian freelancers making some much needed cash in these inflation ridden times from sites such as these and such a move is disappointing to say the least and is in fact debilitating. This is not counting those who make $500 and upwards from transactions as such people would have enough financial comfort to not be very troubled by this I assume.

Besides, Indian paypal accounts are already bound to the government since we have submitted our PAN card number to them for tax purposes. The PAN is a unique number for each individual. I am not sure if this allows the government to track cash that is stored in paypal's coffers. If not, then this move, initiated by the RBI (Reserve Bank of India) may be an attempt to let them account for money even before it is spent online. Then it is justifiable of course. However, one fails to understand why there is a 7 day withdrawal limit if the money stored can anyways not be used to purchase items or services online since if the money cannot be used for buying anything, then it serves no purpose to the scammer. The inclusion of a Rs 50 fee for transfers below approximately $163 or Rs 7000 means that one has to make a reasonable amount each week (at least by Indian standards) to be able to withdraw every week since the new rules also allow cash to be kept only for 7 days. But if the Rs 50 limit is done away with since immediate withdrawal to banks is expected, then it would make things easier.


All these regulations would not be so unpleasant for us to follow if not for the fact that they come on the heels of news of scandals of unimaginable magnitudes in terms of financial losses reaching our ears with nonchalant regularity. So the double standards make this a bitter pill to swallow indeed. Still this isn't the worst situation possible since we can at least receive money unlike the plight last year when transactions were cut off altogether leaving us in the lurch.

Hope to hear your point of view on this.

 

See It's bascially an FD. They are giving you a Credit Limit of 17,000 with a Margin of 15% Safety they keep and you are allowed to spend till 17,000 Only.

Yes, I use it with my Paypal with it and as of now We can receive or send any amount of money.

Or otherwise If you want a bigger Limit then take a FD like 50,000 and you will get a Limit of 85% i.e. 42,500.

 

The SBI card advantage is you get more credit limit as much you want as they offer CC on Income Tax Returns and IN Fixed deposit CC,You get only 75%-85% Credit Limit of your Fixed Deposit amount within that bank

 

ohk , suppose i have 20 k in FD account can i receive more money to that account???or max we can store in account is 20 k ???

 

1) Which banks provide CC against Fixed Deposit?
As much as I know few of my frds are using ICICI who offer CC against FD. They dont have any condition for that so anyone can opt that.
2) What is the minimum limit of FD required?
In ICICI its 20K
3) How much time will it take to have credit card in our hand?
Not more than a month, normally you will get in 15-20 days
4) Which bank charge low rates?
Its not certain, but SBI offer low rates and some premium cards ( Platinum and more ) offer attractive rates as well as many offers,
5) Stay away from this bank ... (if you have any past experience)
All are almost same however I have bad exp with deutsche bank, first they send me CC without even I applied for it, than when i used it couple of times and paid around 600 Rs extra once, next time they sent me a bill of 250 Rs, which was already paid in advance, I dint pay that and they sent the case to CIBIL, which created problems when I took Business Loan. However court gave decision in my favor but I had to face some problems.
This problem is with every bank, it just happened with this bank for me.
6) Direct Link To CC of bank website(s).
Search ICICI, HDFC, or any bank name you will get all links of these banks ( I hope you mean this only)

 

Well i dont have ICICI bank acc...i have sbi account...and i can do a FD also...
Credit card is needed just for verification of Paypal right or Credit limit has a role to play?

I want to withdraw quickly the funds..i wont be using CC for any shopping bro

 

Scammars and Spammers will find some way to do their business, neither Paypal nor RBI can stop them. However you cant generalize Indians with this. Scams happen in all over the world.

 

We guys pay "Income Tax" every year, even PayPal also charge some %, RBI have PAN card and every details of us....
then whats wrong to RBI every year when March comes near...

This is the fight b/w Indian PayPal users v/s RBI...

 

I will suffer from this, finally after 5 years of hardwork i found way of earning online that also taken back by RBI and Paypal.

 

Its some people like you who dont buy anything online,but alost 80% Indian people buy online like domains,hosting,logo and writing services and they will need CC to buy all these online as Paypal balance now cant be used to buy after Paypal implemented this policy

 

Exactly. There is nothing wrong in sharing info with RBI . Anyways I think no tran over $500 is still okay - I mean we can ask buyers to send in 2 or 3 slots (As per our total payments). the real issue is making no transactions and withdrawing withing 7 days - how would this work and who has initiated this rule ? I bet its PP again.

 

Yes, I know. My issue lies with the RBI employing a strategy which sort of defeats its own purpose of freeing trade and working in the best interests of the common man.