How to link PAN Card with Saving Document Required Account?
PAN stands for Permanent Account Number, which is a unique number allotted to Indians, usually to those who pay income tax. It is used to identify various taxpayers in India. PAN, issued once, remains valid for the full lifetime of that person whom it is issued. PAN card is used as an identity proof in India and along with address proof, it assures KYC compliance in a Bank Account.
Nowadays, it is necessary to submit a copy of PAN Card for all the cash transactions which are more than Rs 50,000. Central Board of Direct Taxes (CBDT) has amended the income-tax rules on January 8, 2017 asking all banks to link the Permanent Account Number (PAN) or Form No. 60 (where PAN is not available) to all existing bank accounts by 28 February 2017, if not done already. Basic Savings Bank Deposit Accounts (BSBDA) are excluded from it.
Why to Link PAN with your Saving Document Required Account?
- PAN card is mandatory for most of the high-value financial transactions
- Your income tax refunds will be credited directly to your bank account, if your PAN is linked with that account
- PAN card is used as a proof of identity
- More TDS will be made by the bank, if your PAN card is not linked to your bank account
Implications of non linking of PAN with your Saving Document Required Account
In the absence of PAN Card, TDS will be recovered at 20% (as against 10% no matter in which tax slab you fall) in case of bank fixed deposits (FD), if the interest on FD exceeds Rs 10,000 in one financial year.
Saving Document Required may reject transactions for equities/mutual fund/debentures/ bonds/ etc. which are exceeding Rs. 50,000
How to Link PAN Card to Saving Document Required Account offline through Branch Visit?
- Visit your home branch of Saving Document Required and obtain the KYC Change Form or PAN Card Updation Form. Alternatively, you can download it from your bank's website and take a print out of it.
- You are required to fill in your Bank Account Number, Your Name, Current Address, Mobile Number, Phone Number, etc. in that form.
- You need to write your PAN Card number in the form.
- Fill in all the details in the form correctly.
- Enclose a self attested photocopy of your PAN Card with the form.
- Submit the form to the banker for processing your request.
- The banker will verify it with your original PAN Card.
- The banker will keep the application form for PAN Updation for further processing.
- PAN Card will be linked to your account within 1 to 2 working days.
- After your request for linking your PAN Card with your account is processed, you will be notified through email/ SMS by Saving Document Required.
How to Link PAN Card to Saving Document Required Account online through Internet Banking?
- Visit the official website of Saving Document Required
- Login into your internet banking account using your User ID and password.
- Go to service request section
- Select PAN Updation option
- Now enter your PAN Card Number in the space provided
- Enter your date of birth mentioned on PAN and your registered email ID
- Verify all the entered data once again and then click on submit button
- PAN Card will be linked to your account within 1 to 2 working days.
- After your request for linking your PAN Card with your account is processed, you will be notified through email/ SMS by Saving Document Required.
How to Link PAN Card to Saving Document Required Account using Mobile App?
- First of all you will have to download your bank's mobile banking application from google play store or app store.
- Register yourself for using mobile app.
- Login to app using your mobile banking credentials.
- Navigate to find the option for PAN linking.
- Enter your PAN details accurately.
- Submit the PAN details and follow the steps to verify the details.
- After your request for linking your PAN Card with your account is processed, you will be notified through SMS by Saving Document Required.
How to Link PAN Card to Saving Document Required Account by Calling Customer Care Number?
- Dial Customer Care Number of Saving Document Required from your registered mobile number
- You will be routed through IVR selection
- Select option to talk to customer care executive
- When customer care executive is on line with you, tell him/ her that you want to update your PAN in your account
- Customer care executive may ask a few questions like your full name, address, date of birth, mother's maiden name, etc. for verification purpose. You need to correctly answer these questions.
- Then he/ she will take down your PAN card number. Please inform the same.
- PAN Card will be linked to your account within 1 to 2 working days.
- After your request for linking your PAN Card with your account is processed, you will be notified through email/ SMS by Saving Document Required.
How to Link PAN Card to Saving Document Required Account using ATM?
- Go to any ATM associated with your bank
- Place your debit card in the slot of ATM
- Enter the debit card PIN
- Search for the option related to PAN linking
- Enter your PAN card details when prompted
- Follow any additional instructions regarding PAN linking
- After your request for linking your PAN Card with your account is processed, you will be notified through SMS by Saving Document Required.