PAN is the Permanent Account Number. The Income Tax Department issues this PAN card. This 10-digit number works as a unique ID. Without this PAN card, no work wants to happen. But do you also have this question in your head, do you need a PAN card to deposit money in the bank? Then today’s article is for you.
PAN card is mandatory for banking work?
There is no need for a separate PAN card while depositing money in the bank. However, if you have to deposit more than Rs 50,000 at a time, it is mandatory to submit your PAN number. If the amount deposited by you in the financial year is more than Rs 20 lakh, then the customer is compulsorily obliged to provide PAN card information. This rule is applicable to all banks and post offices.
PAN 2.0
The central government has recently launched the PAN 2.0 project, under which an initiative has been taken to make the Indian financial system more advanced and digital. Under this project, the Permanent Account Number (PAN) system is to be made more advanced and secure with the help of new technology. Under this, PAN will be integrated with Aadhaar and other digital identity systems. The project has been started at a cost of Rs 1,435 crore.
With the help of this initiative, various financial transactions will be eased. The PAN 2.0 project will prioritize data security and will adopt state-of-the-art security standards to prevent fraud.
