How to Link PAN Card with Bank Account Number?

In February 2019, the Income Tax Department issued a crucial advisory urging all taxpayers to link their Permanent Account Number (PAN) with their bank accounts to facilitate the direct deposit of tax refunds into bank accounts. Whether it’s a savings or current account, taxpayers can easily link or pre-validate their bank accounts through the e-filing portal. 

However, it's essential to ensure that your PAN card should be linked with your bank before initiating this process. This step is fundamental for a smooth and efficient refund experience, streamlining the connection between your tax records and bank account information. Here are the ways to link your bank account with PAN card.

How to Link PAN Card with Bank Account Online?

There are various ways to link your bank account with PAN card online.

Net Banking

Follow these steps to link your PAN with your bank account online through Net Banking:

Step 1: Navigate to your bank's official website.

Step 2: Log in to your Net banking account using your credentials.

Step 3: Locate the PAN linking or KYC section on the dashboard.

Step 4: Fill the required details from your PAN card.

Step 5: Submit your information to complete and confirm the linking process.

Bank Application

Here's a step-by-step guide to linking your PAN via your bank's mobile app:

Step 1: Download your bank’s mobile banking app from the appropriate app store.

Step 2: Log in with your mobile banking credentials.

Step 3: Search for the PAN linking or KYC option within the app.

Step 4: Carefully enter your PAN card details.

Step 5: Submit the information and complete any necessary verification steps.

How to link your PAN Card with Bank Account Offline?

Here are the ways to link your Bank Account with Pan card offline:

Phone Banking

1. Call the toll-free customer care number of your bank, which can be found on your bank's passbook, chequebook, pamphlets, or other documents.
2. Navigate through the IVR options and connect with the PAN card customer care executive.
3. Inform the executive about your intention to link your PAN with your account.
4. Provide necessary information such as your account number, address, debit card number, etc., to verify your credentials.
5. Communicate your PAN to the executive and verify that the correct PAN has been recorded.
6. After registration, allow for up to two days for your request to be processed, after which the bank will link your PAN with your bank account.

Through Branch Visit

Here’s how to link your PAN with your bank account in person at your home branch:

1. Visit your home branch where you maintain your account.
2. Request a PAN Card Update Form, also known as the KYC Form.
3. Accurately fill out all the required fields on the form.
4. Submit the completed form along with a self-attested photocopy of your PAN Card. You may also need to provide a written request to the Branch Manager for updating your PAN details in your account.

Benefits of Linking PAN Card with Bank Account

Preventing Duplicate Accounts

Linking your PAN to your bank account aids in identifying and preventing duplicate accounts. This connection ensures you maintain a consistent financial identity within the bank and across all its branches.

Ease of Tax Filing

Connecting your PAN with your bank simplifies the tax filing process. This link allows the government to efficiently access your financial information, minimizing the risk of missing out on any tax benefits or deductions.

Streamlined Tax Refunds

A linked PAN facilitates a faster tax refund process, with refunds being directly credited to the associated bank account. Linking your PAN is essential for a smooth refund process.

Income Tax Monitoring

The Income Tax Department utilizes your linked PAN to monitor your expenditures relative to your reported income, which is particularly useful for audits or tax-related queries.

Mandatory for Large Transactions

For any financial transactions exceeding INR 50,000, presenting your PAN card or Form 60 is mandatory. This requirement guarantees a smooth and problem-free transaction process.

Enhanced Security for Large Transactions

Linking your PAN card with your bank enhances the security of high-value transactions. It adds an extra layer of protection, ensuring your financial transfers are secure.

Access to Government Benefits

Certain government benefits, deductions, and subsidies may require a linked PAN card. Failing to link your PAN can result in higher TDS deductions on some incomes. By linking, you ensure you fully benefit from available government incentives.

Combating Black Money

In financial dealings, PAN cards are required to help combat the flow of unaccounted or illegal funds, commonly known as black money.

By linking your PAN card to your bank account, you not only comply with regulatory requirements but also gain numerous financial advantages, making the process worthwhile.

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