How Do I Connect My PAN to My Bank?
Time of Most Recent Update: 23 November, 2022
The Permanent Account Number (PAN) is a method by which individual taxpayers in the country can be distinguished from one another. Indian citizens, and especially Indian taxpayers, are each given a unique 10-digit alphanumeric (a number made up of both letters and numbers) identification number. To foreigners who owe taxes to the Indian government, it is also issued.
For as long as the individual continues to reside at the same address, their PAN will continue to be valid.
To conduct financial transactions and file income tax returns, Indian citizens are required by law to have their PAN card linked to a bank account. Income tax refunds will be deposited straight into your bank account once your PAN card has been linked to your bank account. No refunds will be issued unless the primary bank account is linked to the PAN account. Whether it's a savings, current, checking, cash, or overdraft account, it can all be linked to the PAN.
List of Contents
You can link your PAN card to a bank account in one of three ways, and here they are:
You must link your PAN card to your bank account, but if you don't have time to physically go to the bank, you can do so from the convenience of your own home using internet banking.
Instructions for establishing an online banking PAN link Here are the measures you should take:
- Go to your bank's website and locate the login page for online banking.
- In order to access your online banking account, you will need to log in with your user ID and password.
- Select the ‘ Demands for Service ’ choose one of the many available choices on the site
- Find the ‘ Changes to PAN Cards ’ pick a button and go with it
- Please provide your email address, the date of birth listed on your PAN card, and your PAN number.
- Verify the information you've entered and press. ‘ Submit ’ button
- Your PAN and bank account will be linked in a couple of days. The entire process can take anywhere from two to seven days.
Learn More About How to Register Your PAN with Your Bank
Even if you don't have regular access to the internet, your PAN Card can still be linked to your bank account. Follow the prompts on the bank's automated voice response system (IVR) when you call their customer service line.
On-demand guidance for establishing a PAN/account link Here's what you need to do:
- Contact the bank's customer service line.
- While on the phone, navigate the IVR menu to find the options that best meet your needs.
- Get in touch with the support manager
- Make the executive aware that you wish to link your PAN with your bank account.
- Give precise answers to their identity-checking questions.
- Provide your Permanent Account Number (PAN) when prompted to do so.
At the conclusion of the call, you will be given a service request number and confirmation. If the bank is not contacted within seven business days, the number will not be seeded.
You can link your PAN card to your bank account in an offline manner by physically visiting a branch of your chosen financial institution. These instructions are for anyone who is unfamiliar with the procedure or who does not have access to electronic banking tools such as the internet or a mobile device.
Methods for physically visiting a bank to link a PAN to an existing account Here are the measures you should take:
- Go to the branch where your account was originally opened.
- Get a PAN update form (KYC) from your staff and fill it out correctly. Avoid making any blunders or accidentally overwriting the form.
- Please submit these items:
- Update of PAN (KYC) Form
- Copies of your PAN card, notarized by yourself
- An account linking request letter addressed to the branch manager
- Your PAN will be associated with your current bank account after you submit your application.
The aforementioned instructions are general and not tied to any particular financial institution.
Related PAN Blogs
Does Having a PAN Card Make It Necessary to Have a Bank Account?
Opening a bank account does not require a PAN card. Aadhaar cards and Form 60s are both acceptable for this purpose.
It's all thanks to the Aadhaar card
A PAN card is required for certain individuals under section 139A of the Income Tax Act, 1961. These individuals include those who have taxable income and those who make large financial transactions or withdrawals from the bank. If you do not have a PAN card or your PAN number is not currently available, the Income Tax Department offers two other options.
The Aadhaar card can be used in place of a PAN card for those who don't have one. A Permanent Account Number (PAN) linked to an Aadhaar card is generated automatically by the Income Tax Department. If the PAN and Aadhaar are linked, those who have been issued a PAN can use either one.
Form 60 of the Income Tax Rules, 1962 is to be used by individuals who do not have a PAN card. If you do not have a PAN card and your income is below the threshold for taxation, you can declare this on Form 60. Your income information is also required for Form 60.
Only after providing the PAN card application acknowledgement number can this form be submitted if a PAN has been requested but has not yet been received.
Questions That Were Asked Often
Using the bank's mobile app or internet banking, you can successfully link your PAN Card to a bank account online.
If your PAN card is not associated with a bank account, you won't be able to open an FD account or deposit more than INR 50,000 in cash. If the interest earned on an FD account is higher than INR 40,000, a much higher TDS deduction of 20% will be made, up from the current rate of 10%.
No, you need a Permanent Account Number (PAN) card to open a bank account.
Your Pan Card must be presented at the time of account opening.
Log in to the official income tax e-filing portal using your user ID and password and select the option to verify your bank account details to see how many accounts are associated with your PAN.
Your PAN card must be linked to all of your bank accounts, even if they are all held at the same financial institution.
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