Link PAN Card With Bank Account

The PAN Card, or Permanent Account Number, is issued by the Income Tax Department to entities with taxable income. It is an essential government document required in numerous financial transactions. The Income Tax Department has mandated the linking of PAN with bank accounts. This linkage ensures that income tax refunds are efficiently credited to the associated bank account.

pan card

Three ways to link PAN Card with the Bank account:

Linking of PAN Card with bank account through Internet banking

Step 1

Log into your bank’s internet banking account.

Step 2

Enter your user ID and Password.

Step 3

Go to your profile. Look for the menu option such as Service Requests, Services, PAN registration. Click on the relevant option.

Step 4

Select an option of ‘PAN Card updating’, link your PAN, update PAN or similar relevant option.

Step 5

Enter your PAN Card number. You might also have to enter your date of birth as on the PAN Card and your registered e-mail ID.

Step 6

Once you put all the correct details, your PAN and Bank Account will get linked in 2 to 7 working days. Each of the bank’s online portal will have different ways to reach to PAN account linking page.

Process of linking PAN card with bank account through phone hotline

To link PAN Card with bank account by phone, there is a process to call the customer care hotline of the bank. Steps are mentioned below:

  • Call the customer care of the bank.
  • Go through the IVR menu during the call, select the right menu options.
  • Connect to the customer care executive.
  • Tell the executive you want to link your PAN to the account.
  • Answer the customer verification questions.
  • Tell them your PAN Number
  • In the last, you will get a service request number and confirmation of the same.
  • Check with the bank again, if the numbers are not seeded within 7 working days.

Please note that bank’s hotline and phone banking IVR options are different for each bank.

Process to link PAN Card with bank account via offline (branch)

Step 1: Visit the branch in which you have an account.

Step 2: Ask for a PAN Card update form that is known as KYC form.

Step 3: Fill all the relevant details in the form correctly.

Step 4: Submit the form along with the self- attested copy of your PAN Card.

Step 5: While submitting form and PAN Card copy, might also be asked to write a letter which addresses Branch Manager, requesting for update of PAN in your account.

Step 6: Before you go for linking of PAN and bank account, make sure you check that PAN and Bank account that it is not being linked earlier. As in many cases, PAN information, bank usually have so it might be possible linking already done at the time of opening bank account. Check if it already shows an account number, and whether it is the one that you regularly use.

To link PAN with Bank account is not applicable for NRIs and PIOs

  • The UIDAI (Unique Identification Authority of India) made it clear that  a Person of Indian origin (PIO), Nonresident Indian (NRI) and Overseas Citizen of India (OCI) are not required to link their PAN number with the bank accounts and services.
  • Registering  a Permanent Account number with bank accounts is only applicable for those who have eligibility to obtain Aadhar as per Prevention of Money Laundering rules, 2017 and Income Tax Act.
  • As most of NRIs, PIOs and OCIs are not eligible for enrolment in Aadhar. UIDAI instructed all the State and Central Department does not ask Aadhar Card as an identity proof from such individuals. They should collect it from those who are eligible under the Aadhar act, added the authority.
  • It also asked agencies to define a mechanism to verify the status of PIOs and NRIs.

Linking of PAN card with Saving accounts is a compulsion

  • The Central Board of Direct Taxes made some changes regarding the rules of Income Tax recently. It has mandate for all banks of India to link PAN number or Form 60(If PAN is not available) by February 28,2017 to all the existing bank accounts.
  • Basic saving bank deposit accounts are excluded from complying with this rule.
  • RBI had put restrictions on certain transactions where Form 60 or PAN was not available. A circular was issued on December 15, 2016 which states that no debit transactions, no transfer and other banking services will be permitted to those who fail to comply with KYC rules.
  • Form 60 is easily available from any bank branch or post office or people can download them from scheduled banks or website of a post office.