A PAN Card is the most important document for any income-earning individual. It can be obtained from the Income Tax Department of India and individuals who wish to start a new bank account will be required to mention their PAN when applying for a Canara Bank account. If you do not possess a PAN Card, Form 60/61 can be filled in and submitted, but the reason as to why you do not possess a PAN Card will have to be mentioned. Customers who wish to update their PAN Card or link their PAN Card with their Canara Bank account at a later date can simply visit a branch of the bank with the necessary documents and complete the process in a relatively short period of time.
Step-by-Step Procedure to Link your PAN Card with your Canara Bank Account (Offline Mode)
Following is a simple procedure that can be followed to link your PAN Card with your Canara Bank account:
- Go to the branch of Canara Bank where you opened your account.
- Ask for the KYC From and fill it in accurately with your PAN information.
- Put your signature where necessary.
- Furnish the required documents at the bank, such as your PAN Card’s self-attested Photostat copy, KYC Details Change Form, along with a letter addressed to the Branch Manager on the subject of Updation of PAN Card in your Canara Bank Account.
Make sure to carry your original PAN Card when you visit the bank as the document may have to be verified. The entire process of linking your PAN Card with your Canara Bank account usually takes no longer than 15 minutes. Updating your PAN Card with your bank account will ensure that there are no hassles when it comes to obtaining your Form 16 (TDS Certificate) from the bank. It is instrumental to ensure that you have provided accurate details and provided the right PAN information so that there is no tax deducted from the interest you earn on your Canara Bank deposits.
Necessity to Link PAN Number with Canara Bank Account
Linking your PAN Card with your Canara Bank account has many benefits, but failure to do so may have consequences. In case your PAN details have not been updated with Canara Bank, you will have to pay tax on the interest you earn on your deposits. Individuals who have their PAN Cards but have not linked their information with Canara Bank will not be granted their TDS Certificate (Form 16) by the bank.