How To Link PAN Card With Bank Account
21 May, 2024
Synopsis
- It is mandatory to link your PAN with your account number under the Income Tax Department of India’s regulations.
- You can link your PAN and account number via various offline and online methods.
When you apply for loan or a Credit Card the one document you are always required to submit is the Permanent Account Number (PAN) card. This card serves as a vital identification document for financial transactions and tax-related purposes. Linking your PAN card with your bank account is important to ensure seamless financial transactions and comply with regulatory requirements. This comprehensive guide outlines the step-by-step process to link PAN card with bank account.
What Is PAN?
PAN stands for Permanent Account Number. The Income Tax Department in India issues a unique alphanumeric code that is known as PAN, which serves as a tool for tracking financial transactions, tax filings, and compliance. PAN enables individuals and businesses to conduct various financial activities, like opening bank accounts, investing in securities, and filing tax returns, ensuring transparency and accountability in the financial system.
Why Is It Important To Link PAN Card To Bank Account?
It is mandatory under India’s Income Tax laws to link your PAN number to your bank account. Following are the benefits of linking your PAN to your bank account:
Facilitates Cashless Transactions
Once linked, your PAN card facilitates cashless transactions such as online banking, Credit Card payments, and electronic fund transfers.
Tax Compliance
You can also ensure you are tax compliant, seamlessly file your annual income tax returns and complete the necessary verification processes.
Prevents Fraud
Linking PAN with your bank account adds an extra layer of security, reducing the risk of fraudulent activities or transactions.
How To Link PAN Card with Bank Account?
You can follow this step-by-step guide on how to link pan card with bank account:
Verify PAN and Bank Account Details
Before initiating the linking process, ensure that the PAN card details and bank account details match accurately. Any discrepancy may lead to rejection or delay in the linking process.
Visit the Bank Branch
The most common method to link your PAN card with your bank account is by visiting your bank’s branch, with the following documents:
- Original PAN card (for verification)
- A copy of your PAN card
- Bank account passbook or statement
- Filled-up PAN card linking form (available at the bank branch)
Submit the Required Documents
You must also provide the necessary documents to the bank officials for verification. They will process your request and update your PAN details in their records.
Aadhaar-based Linking Of PAN
Many banks provide the option to link PAN with a bank account through online Aadhaar authentication. Here are the steps:
- Log in to your bank’s internet banking portal or mobile banking application.
- Navigate to the ‘Service Requests’ or ‘Account Services’ section.
- Select the option to link PAN card with Aadhaar.
- Enter your Aadhaar number and PAN details.
- Authenticate the linking process using the OTP sent to your Registered Mobile Number (RMN).
Once authenticated, your PAN card will be linked with your bank account.
Linking PAN through ATM
Some banks allow you to link PAN with a bank account through their ATMs, with these simple steps:
- Visit the nearest ATM of your bank.
- Insert your ATM card and enter the PIN.
- Select the ‘Service Requests’ or ‘Other Services’ option.
- Choose the option to link PAN card with the bank account.
- Enter your PAN details as prompted. Confirm the details and submit.
Online Linking Of PAN
Many banks also provide online facilities to link PAN with a bank account through their internet banking portals or mobile applications. The process typically involves the following steps:
- Log in to your bank’s internet banking portal or mobile banking application.
- Click on ‘Service Requests’ or ‘Account Services’.
- Select the option to link PAN card with the bank account.
- Enter your PAN details as prompted.
- Verify the details and submit the request.
Once processed, you will receive a confirmation message.
Points to Remember While Linking PAN
Keep these points in mind while linking your PAN to your bank account:
- Ensure that your PAN details match those provided in your bank account records.
- Keep a copy of the acknowledgment or confirmation receipt for future reference.
- Verify the linked PAN details in your bank account statement or passbook.
Link Your PAN Easily With Your HDFC Bank Account
Linking your PAN with your HDFC Bank account is a straightforward process that ensures seamless financial transactions and tax compliance. Whether you choose to visit an HDFC Bank branch, utilise internet banking services, or opt for Aadhaar-based authentication, the process is user-friendly and efficient. By linking your PAN with your HDFC Bank account, you can enhance the security of your financial transactions. You can open your HDFC Bank account online by clicking here.
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
