Webmasters :

To transfer funds from paypal to any indian bank you need to add a bank account on your paypal account
This doesn't requires any charge but if you give wrong IFSC code then a charge of 250 is deducted from your account

Supported banks
Axis Bank [UTI Bank], Bank Of India, Canara Bank, Citibank India, HDFC Bank, HSBC, ICICI Bank, ING VYSYA Bank, Standard Chartered Bank, State Bank Of India, Union Bank of India.

Requirements
Your bank account name and your Paypal account name should be same

If you dont know weather your bank have an IFSC Code then download the bank list from here : http://www.rbi.org.in/Scripts/Bs_viewRTGS.aspx

To add a bank account
log - in ->profile->add an bank account

To withdraw
Log-in ->withdraw->Withdraw to a bank account in iNDIA
the WITHDRAW COST IS Free for 7,000.00 INR or more
and 50.00 INR for 6,999.99 INR or less

How many days it takes to transfer money to my bank account bcuz i have try to transfer money to my HSBC account and it's been 5 days but still no money. any help?

It takes 3+ days more after your paypal page status shows that the transfer is completed.

AND NEVER EVER USE CANARA BANK !! I lost my 150 USD . . . Paypal help agent is saying to contact the bank,And the bank is asking what's PAYPAL
BAD !! Worst bank .. .Now I have opened my account in HDFC

thats very bad... hope i don't face anything like that with HSBC

Why not just bear the cost of the processing fees and transfer the amount to your credit or debit card? And withdraw the money at your local ATM's nearby.

Very useful for me.
I have never withdraw money from paypal to my Indian bank account. Some of mine told me that sometimes it takes more than 10 days. They have faced some bad experience. Is there anything like that, I may withdraw through SBI bank.

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Thanks for the heads up about CANARA BANK, it's unfortunate you lost $150, although this happens quite often. I have lost quite a lot of money in cons, and scams online too.

i think it takes 10 days for payment to come in ypur bank..be it hsbc or icici..so have patience

hey, thanks for the info. I have added my bank details 4 months back when they started this feature. I requested money to my bank more than 6 times. I got the credit in my bank in 3 working days. its really wonderful that has happened to me. previously it was taking almost 45 days to clear the amount from paypal.

Always try to use the private banks to withdraw money from paypal to your india bank account as you know the the government employees and organizations in india cannot be questioned no matter what big mistake they do and they will get away with it and the customers are the ones who suffer a lot.