How to Link PAN Card with Bank Account?

According to the Income Tax Department, it has become compulsory for all taxpayers to link their PAN cards with their bank accounts for KYC compliance and for certain financial transactions. Hence, it becomes essential to know the process of link pan card with bank account. It also helps the taxpayers in getting the income tax refunds and conducting some of the high-value transactions securely. Whether you have a current or savings account, taxpayers can easily link their bank accounts by using the Income Tax e-filing portal.

In this blog, we have mentioned all the ways by which you can link your PAN card to your bank accounts. You can use either online or offline methods to do so. You can also learn about the benefits of linking your PAN and bank account. 

How to Link PAN Card with Bank Account Online?

There are two ways in which you can link a PAN card with a bank account online:

Through Net Banking

You can follow the steps below to link your PAN with your bank account online by using their net banking services:

1. Visit the official website of the bank.
2. Then, use your credentials to log in to your Net banking account.
3. Locate the linking of your PAN card or KYC section on the dashboard. 
4. Then, fill out all the required details from your PAN card.
5. Submit your filled information to complete the linking process and confirm it.

Through Bank Application

Here are the steps that you can follow to link a PAN card with a bank account by using the mobile app of the bank:

1. Firstly, download the mobile banking app of your bank from the accurate app store. 
2. Then, log in by using your mobile banking credentials. 
3. Search for the KYC option or the PAN linking option within the app.
4. Enter the details of your PAN card carefully. 
5. Submit the information and then complete all the important verification steps.

Also Want to Know About Difference Between PAN and Aadhaar Card? Check Now!

How to Link PAN Card with Bank Account Offline?

Here are the ways by which you can link your PAN card with Bank account by offline methods:

Through Phone Banking (Not a popular practice)

• Call the bank's toll-free customer care number, which you can find on the passbook, chequebook, pamphlets, or other documents of the bank.
• Go through the IVR options and then connect with the PAN card customer care executive of the bank.
• Tell the executive about your intention to link your PAN and bank account. 
• Provide all the important information, such as your address, account number, debit card number, etc., and use them to verify the credentials. 
• Tell your PAN to the customer care executive and make sure that your correct PAN has been recorded. 
• After the registration has been done, wait for up to 2 days for your request to be processed. After that, your PAN will be linked to your bank account. 

Through Branch Visit

• Visit the home branch where your bank account has been maintained. 
• Request for a PAN card update form from the branch, also known as the KYC form. 
• Fill out all the required fields accurately on the form. 
• Then, you need to submit the completed form along with your PAN card's self-attested photocopy. You may also need to write a request to the branch manager for updating your PAN card details in your account. 

Steps To Download Acknowledgement for PAN-Bank Link

Once you link your PAN card with your bank account successfully, then you should do a check on this:

• Visit the net banking portal or mobile app of the bank.
• Visit the PAN linking section. It is usually present under the profile or KYC update. 
• If the linking was successfully done, you will receive a confirmation message via SMS or an acknowledgement that you can download.
• You can now download and save the acknowledgement number of the PAN card. You can use it in the future, especially for the ITR filings. 

Also Want to Know About Documents Required For PAN Card? Check Now!

Advantages of PAN Card Link to Bank Account

Here are the benefits of linking PAN cards with a bank account: 

• Easy Tax Filing: If you link your PAN card to your bank account, then your tax filing can become easy. It also ensures that you don't forget to claim the eligible tax benefits or deductions. 
• Compulsory for Large Transactions: For all the financial transactions above Rs 50,000 with your PAN or Form 60. It ensures compliant and smooth processing. 
• Streamlined Tax Refunds: If your PAN card is linked to a bank account, it helps in providing faster tax refunds as it directly credits to your bank account, providing a smooth and hassle-free experience. 
• Prevention from fraud: Linking your PAN and bank account can prevent fraud and provide a consistent financial identity across all bank branches. 
• Income Tax Monitoring: Linked PAN helps the Income Tax Department to track your spending against the income you have reported. It also helps in making the audits and tax assessments.
• Fighting Black Money: In all the financial dealings, PAN cards play an important role to help combat the flow of illegal or unaccounted funds, also known as black money. 
• Access to Government Benefits: If you link your PAN card, then you also become eligible to get the government benefits and subsidies. It also helps in avoiding the higher TDS deductions on certain incomes. 
• Increased Security for large transactions: Linking your PAN with the bank account increases the security of high-value transactions as it adds an extra layer of protection to your transactions. 

Conclusion

It is very important for individuals filing taxes or getting subsidies to understand the process of linking their PAN card with their bank account. You can do this online or complete the process offline to avoid the refund delays. You can do it by different methods, such as online banking, visiting a branch, using mobile banking apps, or calling the customer service number. This helps in ensuring financial compliance and easy access to government services. 

Disclaimer

The exact process of linking PAN with a bank account may vary depending on the bank. Always check the official website of your bank for the latest instructions.