How To Link Pan Card With Bank Account

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Key Takeaways

• The PAN card is a significant identity proof document you need as an Indian citizen.
• It is especially critical if you are a tax-paying Indian.
• Linking your PAN card to your bank account is mandatory.
• You can link PAN card to bank account offline by visiting your bank branch.
• You can also link PAN card to bank account online via internet banking, mobile apps, phone and SMS banking.

Introduction

A PAN card is a Government-of-India authorised and recognised document bearing your Permanent Account Number. It is provided by the Income Tax (I-T) department to every income taxpayer of the country. The PAN card is mandatory for almost all high-value financial transactions. The Government has issued a mandate stating that all Indian citizens must link the PAN to their bank account. You can link all types of bank accounts to your PAN – be it savings, current, checking, cash, or overdraft accounts. The primary reason for linking your PAN card with a bank account is to get tax refunds credited directly to your bank account. Failure to link the two will make you ineligible to receive tax refunds. Let us find out more about PAN link with bank account in this article.

Who can apply for PAN card? Eligibility Criteria

The minimum age requirement for applying for a PAN Card is 18 years. Eligible individuals falling into the following categories can apply:

• Adults: Individuals aged 18 and above can apply with valid ID and address proofs.
• Minors: Parents or guardians can apply on behalf of minors by filling out the application form.
• Foreign Citizens: Those residing in India for more than 182 days in a financial year or involved in relevant financial transactions requiring a PAN.
• Entities: Entities such as companies, firms, Hindu Undivided Families (HUFs), trusts, and associations are also eligible to apply for a PAN card.

How to Apply for a PAN Card Online – The Steps

Getting a PAN (Permanent Account Number) card is essential for a number of financial operations. On the official Income Tax Department website, you may easily apply for a PAN card online. Completing an online application form, attaching required files, and paying the processing charge are the steps in the procedure.

Here's a detailed process of applying for a PAN card through NSDL Portal.

The government provides an option to apply for a PAN through the Income Tax PAN Services Unit of NSDL.

1. Visit the NSDL Site: Open this link to start your PAN application.
2. Select Application Type: Choose whether you are applying for a new PAN for Indian or foreign citizens, or for changes/corrections to existing PAN data.
3. Choose Your Category: Select your category, such as individual, association of persons, body of individuals, etc.
4. Fill in Details: Provide necessary details including name, date of birth, email address, and mobile number in the PAN form.
5. Submit the Form: After filling in the details, submit the form to receive further instructions.
6. Proceed with the Application: Click on “Continue with the PAN Application Form”.
7. Submit Digital e-KYC: On the redirected page, submit your digital e-KYC.
8. PAN Card Preference: Indicate whether you need a physical PAN card and provide the last four digits of your Aadhaar number.
9. Enter Personal Details: Fill in your personal, contact, and other required details in the form.
10. Provide Area Code and AO Type: Enter your area code, AO type, and other details. Guidance for these details can be found in the related tab.
11. Document Submission and Declaration: Complete the document submission and declaration section.
12. Complete the Form: Enter the first 8 digits of your PAN card to review your completed form. Proceed if no modifications are needed.
13. Aadhaar OTP Verification: Select e-KYC option and verify using Aadhaar OTP. For proof of identity, address, and date of birth, choose Aadhaar and continue.
14. Make Payment: Proceed to the payment section and pay through demand draft, net banking, or debit/credit card.
15. Payment Receipt: Upon successful payment, a receipt will be generated. Click “Continue”.
16. Aadhaar Authentication: Tick the declaration and choose the “Authenticate” option for Aadhaar Authentication.
17. e-KYC Verification: Click “Continue with e-KYC” to receive an OTP on your Aadhaar-linked mobile number. Enter the OTP and submit.
18. e-Sign Process: Click “Continue with e-Sign” and enter your 12-digit Aadhaar number. A new OTP will be sent to the mobile number linked with your Aadhaar.
19. Submit Application: Enter the OTP and submit the application. You will receive an acknowledgment slip in PDF format, with your date of birth as the password in DDMMYYYY format.

What does it Mean to Link PAN with a Bank Account?

In India, it's essential to link your bank account to your PAN card. It offers transparency and simplifies a number of financial procedures. The danger of tax evasion is also decreased when linked transactions surpass a predetermined threshold and need PAN authentication.

Benefits of Linking PAN with Bank Account

• Simplified Tax Filing: Using a linked PAN, you can pre-fill your tax return with pertinent bank-reported income information. Error-prone manual data entry is an issue that becomes greatly decreased as a result of this.

• Faster Tax Refunds: Compared to traditional ways, tax refunds that are electronically transferred directly into your bank account might happen much faster when your PAN is linked.

• Easy Deals: If your PAN is not linked, then making significant deposits, withdrawals, or investments over a specific amount may necessitate required PAN verification. This linking contributes to making sure that these transactions go smoothly.

Decreased Scrutiny: Linked accounts might increase tax authorities' transparency, which may lessen the likelihood of questions or delays about your financial activity.

How to link your PAN card with bank account online?

The process of linking PAN card with bank account can be completed online, through your internet banking platform. You can complete the process from the comfort of your home. You just need to follow the steps mentioned below:

Step 1: Log in to the internet banking portal of your bank and sign in with your username and password.

Step 2: Go to your profile; locate the menu options such as Service Requests, Services, PAN Registration or other such variations and click on the appropriate option.

Step 3: Next, you should select PAN Card Update, Link Your PAN, Update PAN, or other similar variations.

Step 4: Enter your PAN Card number. The system may also prompt you to enter your date of birth as mentioned on the PAN Card, along with your registered e-mail ID.

Once you have entered the correct details, your PAN and bank account will be linked to your bank account within 2 to 7 working days.

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How to link PAN Card to bank account with branch (offline linking)?

To start the process of linking PAN card with bank account at a branch, you will have to physically visit the branch of your bank and follow the steps mentioned below:

Step 1: Visit the home branch of the bank in which you hold your account.

Step 2: Ask a bank representative to provide you with the PAN Card Update Form (KYC Form).

Step 3: Fill all the relevant details of the form correctly and review it before submission.

Step 4: Submit the duly filled form and a self-attested photocopy of your PAN Card. You may also be asked to write a letter to your branch manager requesting to update PAN in your account.

It typically takes the bank 48 hours to complete the offline PAN to bank account linking process. Note that each of the different processes of linking your PAN card with your bank account may vary slightly, based on the bank with which you have your account.

How to link PAN Card to bank account through mobile app?

You can use another mode of initiating PAN card link to bank account via your mobile app. Under this method, you will have to download the Mobile App of your bank and register to proceed further. Once you download the app, you can follow these steps mentioned below:

Step 1: Log in to the mobile banking account and locate the 'Service and Support' section on the home page. There could also be another variation of this option.

Step 2: Next, select the 'Insta Services' section or a similar variation of the process on your app.

Step 3: In the Insta Services section, you need to select 'Profile' to update and link PAN and bank account.

Step 4: Select' Update PAN' and fill in the PAN and other details in the section provided for the same.

Step 5: Accept the terms and conditions to complete the process and verify all the details filled in before clicking on 'Update'.

You will receive an SMS or e-mail notification when your PAN card is successfully linked to your bank account.

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How to link your PAN Card with your bank account through phone banking?

In order to link your PAN card with any bank account by phone banking, you will need to call the customer care hotline of the bank and follow the instructions. Typically, you have to follow these basic steps:

Step 1: Call the toll-free customer care centre of your bank.

Step 2: Listen carefully to the IVR menu and select the suitable menu options for the pan card link to the bank account.

Step 3: You will then be connected to a customer care executive (CCE), whom you must inform about your need to link your PAN to your account.

Step 4: The CCE will ask you some questions to verify your identity, such as your name, RMN, e-mail, account number and so on. Ensure you have these details handy before calling the helpline.

Step 5: Finally, you will have to provide your PAN Card number to the CCE, who will initiate and complete the linking process.

At the end of the call, you will get a service request number and confirmation. If the numbers are not seeded to your account within seven working days, you will need to re-check with the bank.

Can my PAN Card be linked to bank account through SMS?

Yes, certain banks allow you to update your PAN Card by simply sending an SMS from your registered mobile number. Typically, you only need to enter your PAN and Customer ID numbers and send the SMS to a specific number provided by your bank. The format and SMS numbers vary from bank to bank and can be found on the website of each bank. You could also call up the customer care helpline to verify the phone number to send the SMS.

How to link PAN card to bank account – The Different Ways?

As is apparent, there are multiple methods in which you can complete the PAN link with bank account process. You can link your PAN card to bank account by choosing any one of the following ways, based on your preference:

1. Link via the offline mode at your bank branch
2. Link via mobile banking
3. Link via Internet banking
4. Link by phone banking
5. Link through SMS banking

You may choose any of the methods as per your comfort.

PAN Card Link With Bank Account CheckThe process of  checking PAN card link with a bank account is simple and straightforward. You need to log in to the e-filling website of the Income Tax department and follow these three steps.

Step 1: Locate the 'Verify your PAN details' on the left side of the IT website under the 'Quick links' tab.

Step 2: Click on 'verify your PAN details' and fill in the de

Step 3: The system will display the status of your PAN Card linking with your bank account.

With these simple steps, you can check the PAN card link with bank account.

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Conclusion

It is essential to link your PAN card with your bank account, as refunds are currently processed only through electronic means. If your account is not linked to your PAN, you will not receive any refunds. Use any of the convenient methods mentioned above to complete the linking process. Additionally, if your PAN card is not linked with your bank account, you will be unable to open a fixed deposit account or deposit cash exceeding INR 50,000. Moreover, TDS will be deducted at a rate of 20% if the interest from your FD account exceeds INR 40,000, which is twice the standard 10%.

Frequently Asked Questions (FAQs)

1. I have two bank accounts in a bank. Do I have to link both with my PAN card?

   Yes, you must link all your bank accounts to your PAN card, regardless of whether they are with the same bank.

2. Can you open a new bank account without your PAN card?

   No, it is mandatory to provide a PAN card when opening a bank account.

3. Is PAN card automatically linked to bank account?

   No, in India, your bank account and PAN card are not automatically connected. It's a different procedure that you often initiate at a branch or by completing a form on your bank's website.

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