How to receive funds from outside India in Personal Indian Bank Account number?

Now I have to receive the money from some foreign party , Can I accept the payment in above account? Will there be any TDS deduction ?

Yes you can receive the payment in the above account. There is no TDS. However you need to declare this assuming this is an income to you and pay taxes according to your tax brackets.

What is the other way forward to receive this money?

There are multiple ways, International transfers via SWIFT, Remittance Services including Western Union, Cheque etc. The mode of payment does not mean it is tax free.

If you are getting this money as income, you need to declare this and pay taxes accordingly.

You can receive funds with HDFC from most regions of the world. HDFC offers a host of convenient facilities to receive money in India from abroad. You can use SWIFT/ telegraphic transfers, QuickRemit, IndiaLink, demand drafts, cheques, and third party fund services to receive money from abroad.

Banks and other providers all set their own rates, so there’s no one answer. But for all intents and purposes, there is a ‘real’ rate out there. It’s called the mid-market rate.

If you're receiving this amount as an income, you may have to declare it any pay taxes on it accordingly.