Link PAN card with Bank Account in Few Steps

FiPAN Card also known as Permanent Account Number is provided by the Income Tax Department to every entity whose income is taxable. It is a compulsory Government card which is needed in most of the financial transactions. The Income Tax Department made it compulsory to link bank account with PAN. The Central Board of Direct Taxes has mandated for all banks of India to link PAN number to all the existing bank accounts and new bank accounts. Here are different ways on how to link PAN card to your bank account.

How to Link PAN with Bank Account Online

You can link PAN with your bank account via Netbanking. Here are a few steps on linking your PAN card to your bank account. Ensure you have your netbanking activated and operational.

• Log in to your bank’s internet banking account with your User ID and password.
• In your profile section, look for options with regards to updating on PAN Card.
• Click on the relevant link that suggests linking PAN card to bank account.
• Enter your PAN details and other information.
• Verify the details and click on submit.
• You would be sent an OTP on your registered mobile number for authorising the account.
• Enter the OTP and click on submit.
• The bank’s system will verify your PAN information on the database and approve the linking.
• Once it is done, you will receive an SMS or email or both stating that the linking PAN to bank account is successful.

How to Link PAN with Bank via SMS

Few banks allow you to update your PAN Card by simply sending an SMS from your registered mobile number. All you need to do is enter your PAN and Customer ID numbers and send the SMS to a specific number provided by your bank. The format and SMS numbers differs from bank to bank. You can find the number on the bank’s website, or you could also call up the customer care helpline to verify the phone number to send the SMS.

How to Link PAN with Account at Bank Branches

• Firstly, visit the nearest branch of your Bank where you have your account.
• Secondly, ask for a PAN Card Number updation form. Tell the official at the service desk that you want to link your PAN card with your account.
• You will be provided with the right form. Fill in the complete required details in the form.
• Submit the form and do not forget to attach a copy of your PAN card. Take your PAN card for attestation, if required.
•  You will get an update from your bank if your PAN is linked.

How to link your bank account with PAN offline

Visit the branch of all banks where you have an account. Ask for the KYC (Know Your Customer) for PAN details updation. Fill in the form and double check all the details.

In addition, attach the following documents with the PAN card updation form:

• Self-Attested photocopy of your PAN Card
• A letter to Branch Manager in reference to updation of PAN Card

Why to link PAN Card with a Bank Account

The Income Tax Department issues refunds via the e-mode into bank accounts of taxpayers and account holders should link PAN with their accounts. Hence, it is extremely necessary for citizens to link PAN (permanent account number) card to their every bank accounts. The bank account could be either savings, current, cash or overdraft.  Most importantly, the PAN card must be linked to the bank account.

How to check if PAN card is linked with a Bank account

You can check whether your PAN is linked with bank account via net banking account or by visiting the branch.

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To sum up, you should link your PAN card to your bank account to avoid paying double TDS.

FAQs on Linking PAN Card to Bank account

My PAN is not linked to the bank account. What happens now?

You will have to pay double TDS (Tax Deduction at Source).

Is it compulsory to link PAN card with bank account?

The government has made mandatory for all bank account holders to link their PAN with every bank they have an account with.

What is the use of linking PAN with bank account?

If you link your PAN, you will receive your income tax refunds directly to your account.