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PAN Card Linking with Bank Account: Nowadays every small and big thing related to money is directly linked to the government records. Whether you are taking salary, doing freelance work or making online payment, your bank account and tax records are linked to each other. This is why it has become very important to link PAN card to your bank account.
If this linking is not done, then you may face many problems in your income tax refund , online payment or bank transactions. Meaning, without linking, your money and banking work may get disrupted.
Why is it necessary to link PAN to bank account?
The Central Board of Direct Taxes (CBDT) has made it clear that it is mandatory to link every savings account with a PAN number. By doing this, your income tax refund comes directly into the account.
If your account is not linked to PAN , the bank can restrict some transactions. Transfer and debit services may be stopped due to incomplete KYC. Restrictions have also been imposed on such accounts since December 2016.
Step-by-step process to link PAN and bank account:
Linking PAN card to bank account is now very easy. For this, just follow these steps:
- First of all see how many bank accounts are in your name.
- Login to your bank’s internet banking site or mobile app.
- Go to the dashboard and look for the “Services” or “Service Request” section.
- There you will get the option of “Link PAN” or “Update PAN”.
- Click on it and fill the required information – PAN number, date of birth, registered email ID.
- Double check all the details before submitting.
After submission, the bank will link your account with PAN within 7 working days.
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