Open a DBS Bank Account Now
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.
The minimum age requirement for applying for a PAN Card is 18 years. Eligible individuals falling into the following categories can apply:
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.
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.
Decreased Scrutiny: Linked accounts might increase tax authorities' transparency, which may lessen the likelihood of questions or delays about your financial activity.
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.
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.
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.
Link your PAN card to your DBS Bank Savings account. Download the digibank by DBS app to get started today.
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.
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.
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:
You may choose any of the methods as per your comfort.
PAN Card Link With Bank Account Check. The 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 details
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.
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%.
Download the digibank by DBS app to begin the seamless, paperless process of opening your fixed deposit account.
