PAN card i.e. permanent account number is provided by Income tax department to every income tax payer. PAN card is compulsory and required by banks while doing financial transactions with them. Here is how a bank account can be linked to PAN card, in a few easy steps:
Linking Pan Card with Bank Account Offline
It is very easy to link PAN Card with an existing bank account by following these simple steps mentioned as under:
Step 1: Visit your Home Branch i.e., where you maintain your Account.
Step 2: At the Bank, Ask for Pan Card Updation Form (KYC Form) in your Account.
Step 3: Fill up the form completely and re-check all the details after filling it up.
Step 4: Submit the following Documents:
- PAN Card Updation KYC Form at the Branch.
- Self-Attested Photocopy of your PAN Card.
- A Letter addressing to Branch Manager, Regarding Updation of PAN Card.
Linking Pan Card with Bank Account Online
If you are exhausted with some work to visit Bank to Link your PAN Card with Bank Account, then here are the alternates of visiting Bank Branch.
Linking Pan Card with Bank Account through Phone
To link your PAN card with any bank account by phone you just need to call the customer care of bank. Follow the below given instructions to complete the linking of these two.
- First and foremost call bank customer care. The number will be available on the bank’s official site or pamphlets
- And go through the IVR selection during the call.
- You will be connected to the customer care executive.
- Tell them that you want to link PAN card with bank account.
- They will be asking you some simple questions just answer them, they ask you those questions about your Bank account number, ATM card number, Your Address etc. It’s just to verify it’s you.
- Tell them your PAN card number.
- And you are done with it, your PAN card will be linked with your bank account within 2 working Days.
Linking Pan Card with Bank Account through Internet Banking
To link PAN card with bank account through internet banking following the instruction given below, even this method takes 2 working days to complete the Update of your PAN card with your bank account.
- First of all you need to login into your internet banking account. You can go to the login page of internet banking by using this link.
- Click on continue login, enter your User ID and Login Password.
- After you login into your internet banking account, at the left side of your window you will find “Service Requests” option click on that.
- After selecting “Service Requests” select “PAN Card Updation”.
- You will be asked to enter your PAN card number, date of birth on PAN Card and your registered E-mail ID.
- Once it is done the PAN Card will be linked to the bank account within 2 working days.
News About link Bank Account and PAN Card
PAN Compulsory for Savings Accounts
The CBDT (Central Board of Direct Taxes) has made some changes in the income tax rules recently. It has asked all the banks in India to link the PAN number or Form 60 (if PAN is not available) by February 28, 2017 to all the existing bank accounts. BSBDA (Basic Savings Bank Deposit Accounts) are excluded from complying with this rule. The RBI had put restrictions on certain transactions where Form 60 or PAN was not available. Through a circular on December 15, 2016, RBI said that no transfer, debit transaction or other services will be permitted for accounts that fail to comply with the KYC rules. Form 60 can be availed from any bank branch or post office or people can download them from the websites of the post office or scheduled banks. People can apply for a PAN card online on the UTITSL or NSDL portals.
23rd January 2017
PAN Cards Made Compulsory for All Bank Accounts
The government of India has urged all banks to ensure that the PAN (Permanent Account Number) or Form-60 in case PAN is not available is obtained in an effort to eliminate tax dodgers. Starting from the 28th of February this year, account holders in every bank must ensure that their PAN details are provided to the bank. Income tax regulations have gone through amendments and banks are now compulsorily required to obtain and link PAN or Form-60 in every existing bank account apart from the basic savings account in case they haven’t already done it, according a notification sent by the CBDT (Central Board of Direct Taxes).
16th January 2017