Individuals residing in India can open a PayPal account for absolutely 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.
Why is it Necessary to Link PAN Number in your PayPal?
PayPal accounts can be opened without the provision of PAN details, but individuals who do not provide their PAN card information will not be able to send or receive funds in their PayPal account unless they have entered their PAN card information along with the bank details requested during registration of their PayPal account. Individuals who do not possess a PAN Card can create a PayPal account and then apply for a PAN card and provide the required details at a later date. Funds cannot be sent and received from a PayPal account unless the company has verified your PAN card details.
How to link PAN Card with PayPal
PayPal accounts can be opened without the need of any kind of credit card or debit card. Credit cards and debit cards can be added to your PayPal account once you have opened the account, and the cards can be used to send or receive funds or to make online purchases. However, your PayPal account will have to be linked with your PAN card before you can conduct transactions through your PayPal account. Your bank account details will also have to be provided along with your PAN card details if you wish to make transactions through your PayPal account.
It is essential to ensure that you provide accurate information when creating your PayPal account. Details such as your name, residential address and bank details must be entered accurately as failure to do so may result in problems later on. Also, ensure that the name used to create a PayPal account is in keeping with the name that appears on your PAN card as well as your bank account. For instance, if the name you enter when creating a PayPal account is Suresh Gowda, then Suresh Gowda must be the name that appears on your bank pass book as well as your PAN card. In case the names that appear on your bank pass book and PAN Card are different from the name used to create your PayPal account, you will have to get in touch with the company via phone or email and notify them of the same so that you can access your account without any difficulties.
Once you have provided your PAN card details and bank account information, it is essential to ensure that the email ID through which the PayPal account is created is noted / remembered as it will have to be used to login to your PayPal account.