Link PAN to Bank Account

PAN also known as Permanent Account Number is used to track financial transactions as linking the bank account to PAN is mandatory to ensure transparency. The Income Tax Department released an important advisory in February 2019, urging all taxpayers to link their Permanent Account Number (PAN) with their bank accounts. Linking your PAN card to your bank account can be done either online or offline.

Failure to link your PAN can also create difficulties when filing your tax returns, as the income details from your bank account may not be properly linked to your PAN.

Table of Contents:

• ⇾ Importance of Linking PAN to Bank Account
• ⇾ Required Documents for Linking PAN to Bank Account
• ⇾ Steps to Check If PAN is Linked to Bank Account
• ⇾ Steps to Link PAN with Bank Account Online
• ⇾ Steps to Link PAN to Bank Account Offline
• ⇾ Common Issues & Solutions in Linking PAN to Bank Account
• ⇾ Frequently Asked Questions

Importance of Linking PAN to Bank Account

Linking your PAN to your bank account helps in identifying and preventing duplicate accounts. This ensures that you maintain a consistent financial identity within the bank and across all its branches.

Here's why linking your PAN (Permanent Account Number) with your bank account is important:

• Regulatory Compliance: Banks are required by law to collect and verify the PAN details of their customers as part of Know Your Customer (KYC) norms. Linking your PAN with your bank account helps the bank fulfill these regulatory requirements.
• Avoid Restrictions on Transactions: Without a linked PAN, you may face restrictions on certain high-value banking transactions, such as cash deposits or withdrawals above a specified limit, interbank fund transfers, and others.
• Proper Reporting of Transactions: Banks are required to report certain high-value transactions to the Income Tax
Department. When your PAN is linked, the bank can accurately report these transactions, avoiding potential scrutiny or inquiries.
• Ease of Tax Filing: Having your bank account linked to your PAN makes it easier to file your income tax returns, as the income details from your bank account will be properly associated with your PAN.
• Prevent Misuse: Linking your PAN with your bank account helps prevent potential misuse of your account, as the PAN acts as a unique identifier for your financial activities.
• Avail of Tax Benefits: In some cases, having your PAN linked to your bank account may be a prerequisite to availing certain tax benefits or exemptions.

Required Documents for Linking PAN to Bank Account

Required Documents: To link your PAN card with your bank account, you typically need the following documents:

• PAN Card: A self-attested photocopy of your PAN card is usually required.
• KYC Form: Your bank will provide a KYC (Know Your Customer) form that you need to fill out with your personal details and PAN information.
• Proof of Address: Some banks may also require a proof of address document, such as your Aadhaar card, passport, or driving license.

Steps to Check If PAN is Linked with Bank Account

You can easily verify if your PAN is linked to your bank account through the Income Tax Department's e-filing portal:

Step 1: Visit the Income Tax Department's e-filing portal: [income tax e-filing website india ON Income Tax Department incometaxindia.gov.in]

Step 2: Log in using your User ID and password.

Step 3: Once logged in, go to your 'Profile' section.

Step 4: If your PAN card is linked to your bank account, your bank account number will be displayed there.

Steps to Link PAN with Bank Account Online

There are 2 methods to link your bank account with your PAN Card online.

Link PAN to Bank Account Through Internet Banking

Follow these steps to link your PAN with your bank account online through Internet Banking:

Step 1: Go to your bank's official website.

Step 2: Sign in to your Internet banking account using your login details.

Step 3: Find the PAN linking or KYC section on the dashboard.

Step 4: Enter the necessary details from your PAN card.

Step 5: Submit your information to complete and confirm the linking process.

Link PAN to Bank Account Through Bank Mobile App

Here's a step-by-step guide to linking your PAN via your bank's mobile app:

Step 1: Download your bank’s mobile banking app from the appropriate app store.

Step 2: Log in with your mobile banking credentials.

Step 3: Search for the PAN linking or KYC option within the app.

Step 4: Carefully input your PAN card details.

Step 5: Submit the details and complete any necessary verification steps.

Steps to Link PAN to Bank Account Offline

There are two ways to link your Bank Account with Pan Card offline:

Link PAN to Bank Offline Through IVRS Phone Banking

Step 1: Call the toll-free customer care number of your bank, which can be found on your bank's passbook, chequebook, pamphlets, or other documents.

Step 2: Navigate through the IVR options and connect with the PAN card customer care executive.

Step 3: Inform the executive about your intention to link your PAN with your account.

Step 4: Provide necessary information such as your account number, address, debit card number, etc., to verify your credentials.

Step 5: Communicate your PAN to the executive and verify that the correct PAN has been recorded.

Step 6: After registration, allow for up to two days for your request to be processed, after which the bank will link your PAN with your bank account.

Link PAN to Bank Offline Through Branch Visit

Step 1: Visit the nearest bank branch where you maintain your salaried/current account.

Step 2: Request a PAN Card Update Form, also known as the KYC Form.

Step 3: Accurately fill out all the required fields on the form.

Step 4: Submit the completed form along with a self-attested photocopy of your PAN Card. You may also need to provide a written request to the Branch Manager to update your PAN details in your account.

Want to know more? Check out other PAN related topics from links below:

Common Issues & Solutions in Linking PAN to Bank Account

Avoid a few of the common issues while linking your PAN with your bank account. It can be a straightforward process if you attune to the below set of solutions mentioned against common issues that account holders face. Here are some common problems you might face and how to solve them:

If you are looking for more information on different PAN card loans, feel free to check out the links below: