Individuals residing in India can open a PayPal account for free of cost. No fees are charged when opening a PayPal account, and the account can be created online through the company's official website.
PayPal works as an online bank and is an accepted form of banking throughout the globe. PayPal can be used in a number of situations, such as to make purchases online from websites that do not accept debit or credit cards.
It can also be used to transfer funds, especially for money earned online from websites that require you to transfer the earned amount using PayPal.
The following are the reasons why it is necessary to link your PAN number with a PayPal account:
Note: Individuals without a PAN Card can open a PayPal account and then apply for a PAN Card. The details of the PAN Card can be provided later but before performing any fund transfer.
Fund transfer or any other transaction cannot be performed unless a PAN Card is linked with the PayPal account. The following are the steps to link PAN Card with PayPal account:
Step 1 - Login to the PayPal account through the official website and mobile application.
Step 2 - Select ‘My profile’ or ‘Account Options’ after logging in
Step 3 - Click on ‘Update PAN Card Details’
Step 4 - Enter the PAN Card number.
Step 5 - The PAN Card details will be mentioned in the profile details.
Step 6 - The name in the PayPal account should be the same as in PAN Card and Bank account.
Step 7- PAN Card can also be linked to the PayPal account by calling the customer care service or by sending email.
The following are the benefits of linking a PAN Card to a PayPal Account:
Fund transfer will be restricted if the PayPal account is not verified.
Some of the PayPal supported banks are ICICI Bank, HDFC Bank, Axis Bank, Indian Bank, State Bank of India, and Kotak Mahindra Bank.
PayPal does not impose any charges for any transaction or using any other product or services. But if customers want to use credit cards in place of bank account, then users may have to pay a certain charge.
Yes, PayPal needs a PAN Card to receive or send money for completing the verification procedure only after which you make banking transactions.
Yes, for fulfilling the KYC (Know Your Customer) requirement of PayPal account, PAN Card information is necessary for PayPal accounts.
Opening a PayPal account does not need the provision of PAN. But for registering the account for performing transfer and receiving fund, the user needs to provide their PAN and banking details to complete the verification process.
No, you cannot use PayPal without KYC as it is essential to complete the verification process. After completing the KYC, you will be able to perform banking transactions, such as receiving or transferring funds.
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