Yes. Your earnings are paid to a verified bank account, and there is no other way to get them out.
No cash, no wallet, no cheque, and nothing paid to somebody else's account.
What is needed
An account in your own name, with the account number and IFSC.
Your PAN. Required to receive payouts, and it also decides the rate of the tax deducted on marketplace sales — an account without one has it deducted at a higher rate, which is real money lost for nothing. Why was tax deducted from my payout?
A tax identity — a GSTIN, or an ECO enrolment number if you are not registered for GST. This is separate from the bank account and is the one that stops a sale rather than a payout. Do I need to charge GST on what I sell?
Why the name has to match
Because a payout to a name that does not match the account is the normal shape of both fraud and a simple typo, and the bank rejects it either way.
A failed payout is not lost — it shows as failed, you fix the details, and it is retried. But it costs you days. Payout failed
If you do not have one yet
You can still build the store: list items, set prices, rehearse a show. What you cannot do is be paid.
So open the account early rather than after your first sale, because the money will sit in your balance until there is somewhere to send it. It does not expire and nothing is deducted for waiting — it just waits. What is my balance?
A joint account, or somebody else's
A joint account in your name is fine — your name is on it.
Somebody else's account is not, even a family member's, even with their permission. If the store is really theirs, the store should be in their name. If two of you run it together, there is a proper way to do that. Can two of us run one store?
Changing it later
You can, and the one rule is timing: do not change the account while a payout is on its way to the old one. Settle what is in flight first. Changing your payout bank account
More: setting up payouts, how often am I paid, what documents are needed.