Updates: Well I requested payment on 10th June 1.45 PM now I have funds at yesterday at 7.00 PM. Here is detials: Payment requested: 10th June 2008 1.45 PM Payment completed: 11th June 2008 3.30 PM Payment in Bank Account: 12th June 7.00 PM Done by: NEFT service! So Payment Tooks only 53 Hours!
Well I am using ICICI Banks since Jan. 2008 and I had no problems in 6 months use. Most of payment is come in 3 days or less then 3 days!
Hi there! Actually there is no way of telling for sure which bank is the fastest. As the receiving bank rarely has a role to play in an inward NEFT payment. PayPal payments often takes 2-3 business days. I have been using PayPal since the last 6 off months and this is the standard time frame of receiving payments. Only the last withdrawal that I requested on 4th June reached my bank on 12th. I have been using HDFC Bank for the last 4 years. They are by far the best in terms of service. You could try them. They are also good with Wire payments which is still the best for commercial forms of payment in foreign currency apart from LCs.
There is nothing a bank can do, neither your bank is stopping you to have your money. Paypal is taking their own time to start the process, they are being really slow in it. PayPal has bank account in Indian currency as it shows NEFT, not a Wire Transfer which is usually done by escrow/google adsense etc. I really don't understand why does Paypal and other banks still use NEFT whereas RTGS has been proven much faster. (only if your amount is above 1 lakh). Some text which should be read by all money seekers :- NEFT settlement takes place 6 times a day during the week days (9.30 am, 10.30 am, 12.00 noon. 1.00 pm, 3.00 pm and 4.00 pm) and 3 times during Saturdays (9.30 am, 10.30 am and 12.00 noon). Any transaction initiated after a designated settlement time would have to wait till the next designated settlement time. Contrary to this, in RTGS, transactions are processed continuously throughout the RTGS business hours. Source : http://www.rbi.org.in/SCRIPTs/FAQView.aspx?Id=65
i had done withdrawal on 25th of may but never received funds till today and they are not responsing to my complaints
I have processed two withdrawals both in the $xxx range and both have gone through flawlessly. I initiated the first transfer on the 12th of June and it cleared on the 16th. I initiated the second transfer on the 16th and it cleared on the 19th.
All of Indian Paypal Users have a limit of $2500 per month which is around Rs 1Lakhs so, Paypal uses NEFT.