How to link PAN Card with Indian Bank Account?
Link PAN Card with Indian Bank Account: PAN Card is the most important document issued by the Income Tax Department of India. For almost all financial transactions, one needs to possess a PAN Card. When a person opens a new bank account in Indian Bank, he needs to mention the PAN Card number in the Indian Bank Account Opening Form. In case the applicant does not have a PAN Card, he needs to fill up Form 60/61. The applicant also needs to mention the reason why he doesn’t own a PAN Card. At any point of time, if an Account Holder wants to link his PAN Card to Indian Bank Account, he can do the same by visiting his Bank Branch and submitting the necessary documents. Earlier we talked about the procedure to link Aadhaar with Indian Bank Account. In this article, we will tell you about the step-by-step procedure to link PAN Card with Indian Bank Account.
Important Uses of PAN Card are :
- Buying or Selling immovable properties, Automobiles, Shares of value more than Rs. 1 lakh
- Making a Bank draft, pay order or a cheque
- Depositing Amounts in Bank Accounts which are more than Rs. 50,000 at once
- Opening a new bank account(Savings or a Current Account)
- Opening a DMAT Account
- Applying for a Credit Card
- Proof of Identity
How to link PAN Card to Indian Bank Account?
Before we tell you about the procedure to link or update PAN Card in Indian Bank Account, let us tell you about the consequences of not linking PAN Card with Indian Bank Account.
What if you do not link PAN Card with Indian Bank Account?
There are 2 important cases which you must keep in mind.
- In case you do not update valid PAN details in your Indian Bank Account, tax is bound to be deducted from the interest earned on all your deposits.
- If you already have a PAN and you do not update its details with Indian Bank, you will not be able to get your Tax Deduction at Source Certificate (Form 16) from Indian Bank.
Related Articles: Don’t forget to read our other Articles on the procedure to Change Indian Bank Account Address , Change Name in Indian Bank Account & to Transfer Indian Bank Account to Another Branch.
Steps to Link PAN Card with Indian Bank Account
In order to Link PAN Card with Indian Bank Account, you need to follow the step-by-step procedure given below.
1) Visit your Indian Bank Home Branch where you are already maintaining your Account.
2) Collect the KYC Form from the Bank Branch in order to Update your PAN details in Indian Bank Account.
3) Fill up the KYC Form completely and put your Signature wherever required.
4) Submit the following Documents at your Indian Bank Branch :
- KYC Details Change Form
- Self Attested Photocopy of PAN Card
- A Letter addressing the Branch Manager about the Updation of PAN Card in your Indian Bank Account
Note: Don’t forget to carry original PAN Card while you make a visit to Indian Bank Branch.
Did you know? If you have not been using your Indian Bank Account from long time, it may become dormant. Check out or Article on the procedure to reactivate dormant Indian Bank Account. And if you are looking to update mobile number in Indian Bank, you can do that easily.
Final Words :
It is important for every Account Holder in Indian Bank to link their PAN Cards with Indian Bank Account. The complete procedure does not over 10-15 minutes after you visit Indian Bank Branch. It is really necessary to link PAN Card with Indian Bank Account for obtaining your TDS from the Bank. Also, do update the correct PAN details in your Indian Bank Account so that the tax doesn’t get deducted from the interest earned on the deposits in your Indian Bank Account.