PAN Card Linking with Bank Account: Today, a PAN card is required for every small and big work. Whether you are taking a salary or doing freelance work, making an online payment, a PAN card is required. Your bank account and tax records are linked to each other; in this way PAN card can be a hindrance to your banking work. If this linking does not happen, then many problems have to be faced in income tax refund, online payment, or bank transactions. This means that there can be a hindrance to your money and banking work.
Why is a PAN card necessary for a bank account
CBDT has made it clear that it is necessary to link every savings account with a PAN number; by doing this, your income tax refund comes directly into the account. If your PAN card is not linked, the bank can restrict some transactions. Transfer and debit services can be closed due to incomplete KYC. Restrictions have also been imposed on such accounts since December 2016.
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Process of linking PAN to a bank account
Linking a PAN card to a bank account is very easy. For this, know about the step-by-step process.
First of all, see how many bank accounts are in your name.
After this, log in to the bank’s net banking site or mobile app.
After this, go to the dashboard and see the service or service request section.
Now you will get the option of linking PAN or updating PAN.
Click on it and enter the requested information, which includes PAN, date of birth, and registered email ID.
Before submitting, double-check all the details.
7 days after submission, the bank account will be linked to the PAN.
Keep in mind that if you have more than one bank account, then each account will have to be linked separately.
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If you want your bank transactions and bank-related work not to be interrupted, then link your PAN card to your bank account as soon as possible. Once this process is completed, both your transactions and tax refunds will happen without any interruption.