PAN card, i.e. permanent account number, is provided by the Income Tax (I-T) department to every income tax payer. PAN card is compulsory and is required for doing most financial transactions.
The I-T department has made it mandatory to link your bank account with PAN. The main reason for this is that your income tax refunds will be credited directly to your bank account. If your primary bank account is not added to the PAN account, then you will not receive any refunds. You can add any type of account to PAN – savings, current, checking, cash, or overdraft. Earlier, you could get refund cheques sent to your registered residential address, but that option has now been taken away.
So now that you know why it's important to link PAN and bank account, here are the three main ways to do that:
How to Link PAN Card with Bank Account Online (Through Internet Banking)
Step 1: Log in to your bank's internet banking account.
Step 2: Enter your User ID and Password.
Step 3: Go to your profile. Look for menu options such as Service Requests, Services, or PAN Registration. Click on the relevant option.
Step 4: Select PAN Card Updation, Link Your PAN, Update PAN, or other similar relevant option.
Step 5: Enter your PAN Card number. You might also have to enter your date of birth as on the PAN Card and your registered e-mail ID.
Once you input the correct details, your PAN and bank account will get linked in 2 to 7 working days.
Note: Each bank's online portal will have different ways to reach the PAN-account linking page. The steps given above are generic and not specific to any bank.
Linking PAN Card with Bank Account through Phone Hotline
To link your PAN card with any bank account by phone, call the customer care hotline of the bank. Follow the instructions given below to complete the linking process:
Step 1: Call your bank's customer care centre.
Step 2: Go through the IVR menu during the call. Select the right menu options.
Step 3: Connect to the customer care executive.
Step 4: Tell the executive you want to link your PAN to the account.
Step 5: Answer their customer verification questions.
Step 6: Tell them your PAN Card number.
You will get a service request number and confirmation at the end of the call. Check with the bank again if the numbers are not seeded within 7 working days.
Note: Each bank's phone banking/hotline has different IVR options. The steps given above are generic and not specific to any bank.
Ways to Link PAN Card with Bank Account Offline (at Branch)
To link your PAN with account at a branch, follow the steps given below:
Step 1: Visit the branch in which you hold your account (Home Branch).
Step 2: Ask for PAN Card Update Form (KYC Form).
Step 3: Fill all the relevant details of the form correctly.
Step 4: Submit the form and a self-attested photocopy of your PAN Card. You might also be asked to write a letter addressing the Branch Manager, requesting for update of PAN in your account.
Note: Each bank's at-branch PAN update process might be different. The steps given above are generic and not specific to any bank.
Before you go to link your PAN and bank account, make sure you check if the two have already been linked earlier. For all you know, you may already have provided your PAN to the bank. To check that, log in to the income tax e-filing portal and go to your profile. Check if it already shows an account number, and whether it is the one that you regularly use.