It is necessary for all income-earning individuals in India to possess a PAN Card. A PAN Card can be availed from the Income Tax Department of India after you have submitted the required documents, and individuals who wish to start a new bank account will be required to mention their PAN when applying for a Kotak Mahindra Bank account. Individuals who do not possess a PAN Card can fill up Form 60/61 and submit it to the bank, but the reason as to why he / she does not possess a PAN Card will have to be mentioned.
If you want to update your PAN Card or link your PAN Card with your Kotak Mahindra Bank account at a later date, you can simply visit a branch of the bank with the necessary documents and complete the process in a relatively short period of time.
Necessity to Link PAN Number with Kotak Bank Account
Linking your PAN Card with your Kotak Mahindra Bank account can significantly increase convenience while banking in addition to providing various benefits. However, failure to link your PAN Card with your Kotak Mahindra Bank account can cause unnecessary problems in the future. For instance, if your PAN information has not been updated with Kotak Mahindra Bank, you will have no choice but to pay tax on the interest you earn on your deposits. Individuals who have their PAN Cards but have not linked their information with Kotak Mahindra Bank will not be able to avail their TDS Certificate (Form 16) by the bank, making it crucial to link your PAN Card with your Kotak Mahindra Bank account.
Linking PAN card with Kotak Bank Account Offline
Individuals are requested to carry their original PAN Card when they visit the bank to update their PAN information. The whole process to link your PAN Card to your Kotak Mahindra Bank account can be completed in less than 15 minutes once you are at the bank. Once you have completed the process, you can be sure that there will be no problems when you wish to avail a TDS Certificate (Form 16) from the bank. Make sure that the details you entered in the form are accurate because inconsistencies can result in tax deduction on the interest you earn on your deposits in Kotak Mahindra.
Since Kotak Mahindra has not yet made a provision for customers to link their PAN cards to their bank accounts, individuals who wish to open an account with Kotak Mahindra will have to provide their PAN card details in the application form for opening a bank account. In case you do not possess a PAN card at the time of opening the account, you will have to apply for a PAN card and once you receive it, visit the bank or get in touch with a customer care executive and request them to update the relevant information where needed.
Linking your PAN card to your bank account is mandatory, and completing the process is relatively simple if you possess a PAN card, so make sure you do the needful at the earliest and avail the small, yet relatively significant benefits on offer.