How to Link PAN Card With Bank Account (Online & Offline)

  • Author :
  • TATA AIG Team
  • Published on :
  • 29/01/2024

Permanent Account Number (PAN) is a 10-digit unique alphanumeric number/code that is assigned to every taxpaying entity in India. Even foreign nationals who are entitled to pay taxes to the Indian Government have a PAN card.

As part of a public advisory issued in February 2019, the Income Tax (IT) department has asked every taxpayer to link their PAN card with their respective bank accounts. This process will assist with the direct processing of refunds into the taxpayer’s bank accounts. Let’s understand how to link a PAN with a bank account.

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

To weed out the menace of black money in the country, PAN is becoming increasingly mandated in financial transactions. Here’s what it means to link your PAN card with your bank account:

When you link your PAN card number with your bank account, you are essentially connecting your bank details with the unique identification number the government (PAN) assigned to you

This process aids the government in keeping track of the financial transactions made by the taxpayer, particularly those involving taxes.

Activities such as making high-value transactions, filing income tax returns and ensuring that regulatory requirements are met when completing financial dealings are all made easier by linking your PAN with your bank account.

Benefits of Linking PAN with Bank Account

Before learning about the PAN card link to bank account application, let’s look at the advantages it can offer:

ID Proof: Your PAN card can serve as proof of identity, ensuring that the Know Your Customer (KYC) regulations are complied with by your bank.

Avoids Duplication: Linking PAN with your bank account ensures that you have a consistent financial identity within the same bank and across its branches. This, in turn, can track and prevent duplicate accounts to enhance security.

Income Tax Tracking: When you link your PAN to your bank account, the IT department can observe your expenses compared to your earned income, which comes in handy for tax-related inquiries and investigations

Remittances Above ₹50,000: For transactions that go beyond ₹50,000, Form 60 or your PAN number is needed for a seamless remittance process

Tax-Friendly: Linking your PAN aids the government in accessing your financial details, which subsequently lowers the chances of forgetting to claim tax-related benefits and deductions.

Secure Transactions: Linking your PAN card to your bank account adds a layer of safety to your high-value transactions

Government Benefits: Certain government subsidies and deductions need the PAN card linked to your bank account. If you fail to do so, there is a possibility of facing higher TDS deductions on certain incomes.

Boosts Credit Score: In addition to tax benefits, linking your PAN can positively influence your credit score

Overseas Transactions: It is important to link your PAN to your bank account if you are going to be conducting international financial transactions

Easy Account Opening: It is much easier to open a new bank account when your PAN has been linked, as much of the paperwork and process can be eliminated

PAN Card Link to Bank Account Application Process

There are several ways to link your PAN to your bank account. You can choose the option that is the most convenient for you.

Linking PAN with Bank Account Online - Internet Banking

Step 1: Visit the official Internet banking page of your bank and log in with your banking details.

Step 2: Select the “Service Requests” option followed by “PAN Card Updation”.

Step 3: Enter your PAN details and your birth date as mentioned on your PAN card and fill in your email ID (registered with your bank).

Step 4: Verify all the details you have entered and click on “Submit”.

Once you have carefully followed the aforementioned steps, your PAN will be linked to your bank account in a few days.

Linking PAN with Bank Account Through Your Phone

If you don’t have access to the internet, you can call the customer care number of your bank and follow the Interactive Voice Response (IVR) step-by-step:

Step 1: Dial the toll-free customer care number of your bank. Usually, you will find this number printed on bank documents such as your passbook or chequebook.

Step 2: Follow the IVR steps and connect with the PAN card customer care executive of the bank.

Step 3: Explain to the executive that you are looking to link your PAN with your bank account. The executive will then ask you for your account number, address, debit card number, etc., to verify your credentials.

Step 4: Give your PAN details to the executive and ensure that the details are accurate.

After the registration is completed, your PAN will be linked to your bank account in about two days.

Linking PAN with Bank Account Offline

Here are the simple steps to link your PAN to your bank account by visiting the bank:

Step 1: Visit your home branch from where your account is being operated.

Step 2: Ask for the form for PAN updation (KYC form) and fill it out accurately. Ensure that you don’t make any errors or overwrites when filling out the form.

Step 3: Submit the essential documents, including your PAN updation form, a self-attested copy of your PAN card, and a letter addressed to your Bank Manager to link your PAN with your bank account.

In these three simple steps, your bank account will be connected to your PAN card.

PAN Card Link With Bank Account Check

As can be seen from the processes mentioned above, the steps for linking your PAN to your bank account are easy.

You can check your PAN bank account link status by logging into the income tax e-filing portal and checking if your ‘Profile’ section shows your bank account number.

However, before you start worrying about your PAN bank account link status, it is important to note that the process for linking takes a few days.

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Wrapping Up

Filing your taxes can seem like a tedious process. However, you can make it easy by linking your PAN card with your bank account. Not only does this come with benefits such as improving your credit score, but it is also a convenient, transparent, and secure option for making financial transactions.

Follow the processes we have mentioned above for more seamless financial transactions!

FAQS

How can I complete a PAN card link with a bank account check?

PAN card link with a bank account check can be done by logging in on the income tax e-filing portal, visiting your profile, and checking if it already shows an account number.

Can you open a new bank account without your PAN?

No, you will need your PAN card to open a new bank account.

I have more than one account in my bank. Do all of them need to be linked with my PAN?

Yes. Even if you have multiple accounts in the same bank, all of them will have to be linked with your PAN.

Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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