Make auto withdrawal button added in indian paypal - 7 days withdrawal rules started

MAKE AUTO WITHDRAWAL BUTTON ADDED IN INDIAN PAYPAL - 7 DAYS WITHDRAWAL RULES STARTED .

Just noticed that in my paypal account .

 

CRAP
It says

where is 7 days ?

 

I checked just now and I can't find any button like that too. Where exactly you see the button?

 

here

 

I can also see the Auto Withdarwl option in my paypal account.

Go to Paypal account-Login->Click on Profile->Edit bank/Add bank account->There you will see make auto Withdrawl option

Does anyone else can see Make Auto Withdrawl Button.Please share your opinion

 

Withdrawing your payments
What is auto withdrawal?

Auto withdrawal is the process of automatically transferring your funds from your PayPal account into your bank account in India.

Where will my funds be auto withdrawn to?

Your PayPal balance will be auto withdrawn to your bank account in India. If you have one bank account added to your PayPal account, it will be set as your auto withdrawal account. In case you have more than one bank account added to your PayPal account, you will have an option to set your auto withdrawal account.

Why are my funds being auto withdrawn?

This is an Indian regulatory requirement and applies to all PayPal users in India.

When does auto withdrawal happen?

Your PayPal balance is auto withdrawn to your local bank account in India daily. You can check your bank account within 5-7 working days after your funds have been auto withdrawn from your PayPal account.

Can I withdraw my funds?

You can also withdraw your funds. Here's how:

Log in to your PayPal account and click Withdraw at the top of the page.
Select the bank account you want to use.
Enter the amount and click Continue.
Select your purpose code for withdrawals.
Make sure that your information is correct and click Continue.

Can I use my PayPal balance?

When you receive payments and it is available as balance in your PayPal account, you must withdraw your funds or let withdrawals happen automatically. In accordance with Indian regulations, you can’t make purchases or send payments with your PayPal balance. Please use your card linked to your PayPal account to make purchases or send payments.
Type of withdrawal PayPal fee
Auto withdrawals made to your bank account in India None*
Withdrawals that you make to your bank account in India None*

*If foreign exchange or currency conversion is required to complete any transaction, this will be performed by a licensed financial institution. The foreign exchange rate is adjusted periodically on a daily basis to reflect market conditions and includes a 2.5% processing fee which is retained by PayPal. The exact exchange rate that applies to your transaction will be displayed to you at the time of the transaction.

https://www.paypal.com/cgi-bin/webscr?cmd=xpt/FinancialInstrument/popup/LearnMoreWithdrawal

 

What about the fee they charge for withdrawing less than Rs 7000?

Is it going to be free from now on for auto withdrawal?

 

No, I don't think they are gonna make it free. Its good for them and so it would continue I guess.

 

According to their FAQ (see last entry), auto withdrawals are free.

 

Thats great then. At last its free, which I thought would never happen.

 

few minutes ago i made a withdrawal to indian bank account.the amount is less then 7000 rs. they charged the regular fee of 50 rs,like always. it doesn't seem free till now

 

Will auto withdrawl happen if amount is less than 10$?

 

if I withdraw 20$ will be there any charge like 50 rs??

 

Yes,there will be charge of 50 Rs

 

then why they mentioned as

Auto withdrawals made to your bank account in India None*
Withdrawals that you make to your bank account in India None*

*If foreign exchange or currency conversion is required to complete any transaction, this will be performed by a licensed financial institution. The foreign exchange rate is adjusted periodically on a daily basis to reflect market conditions and includes a 2.5% processing fee which is retained by PayPal. The exact exchange rate that applies to your transaction will be displayed to you at the time of the transaction.

 

settlement daily withdrawal option is already there and there is nothing new. its just that they have give new name auto withdrawal.
Infact, We dont want to withdraw daily, we want the option of withdrawing every week or 7 days which paypal not implemented.

 

One simple question....if i dont press the Auto Withdrawl button...then funds will stay there till i withdraw or even if i dont choose auto withdrawl option..after certain days funds will get transferred?

if the later is true...after how many days it will take place?

 

It will be there in your paypal account until you withdraw manually or click auto withdraw button.

 

INTERESTING NEWS !

Well point here is, i have just selected my main bank account for AUTO-WITHDRAWAL.
Logically, any money in my account should get to move to my same bank account by tomorrow (if infact this has been enforced)

MORE INTERESTING thing is, i have still not added my PAN number.
PAYPAL kept asking for same for months. Earlier they allowed withdrawals without it. Later added PAN field while withdrawing and NOW that field has been automatically filled with DEFAULT code "AAAAA9999A" .. and ofcourse that has a "CHANGE"button too next to it...lol

SO BEST part, will autowithdrawals will be processed in my account now when paypal has itself populated the PAN field with DEFAULT/DUMMY PAN ?
Interesting to see.

@TO ALL who have already entered their PAN number
Do you see any change button next to your PAN number in your paypal profile page?

ANOTHER THING:
On clicking edit PAN, it says
"In accordance with Indian regulations, we will need to verify your PAN. This will take 1-2 working days. During this period, your PayPal account will be limited from receiving payments. Once your PAN is verified, you will be able to receive payments into your PayPal account."

So does that mean PAYPAL has not started VERIFYING THE PAN properly? BCOZ 1-2 working days was not required before.