Link PAN Card with Bank of India Account : PAN Card is the most important document issued by Issued by Income Tax Department of India. For almost all financial transactions, one needs to possess a PAN Card. When a person opens a new bank account in Bank of India , he needs to mention the PAN Card number in the Bank of India Account Opening Form. In case the applicant does not have a PAN Card, he needs to fill up Form 60/61. The applicant also needs to mention the reason why he doesn’t own a PAN Card. At any point of time, if an Account Holder wants to link his PAN Card to Bank of India Account, he can do the same by visiting his Bank Branch and submitting the necessary documents. Earlier we have talked about the procedure to link Aadhaar with Bank of India Account. In this Article, we will tell you about the step by step procedure to link PAN Card with Bank of India Account.
Important Uses of PAN Card are :
- Buying or Selling immovable properties, Automobiles, Shares of value more than Rs. 1 lakh
- Making a Bank draft, pay order or a cheque
- Depositing Amounts in Bank Accounts which are more than Rs. 50,000 at once
- Opening a new bank account(Savings or a Current Account)
- Opening a DMAT Account
- Applying for a Credit Card
- Proof of Identity
Before we tell you about the procedure to link or update PAN Card in Bank of India Account, let us tell you about the consequences of not linking PAN Card with Bank of India Account.
There are 2 important cases which you must keep in mind.
- In case you do not update valid PAN details in your Bank of India Account, tax is bound to be deducted from the interest earned on all your deposits.
- If you already have a PAN and you do not update its details with Bank of India , you will not be able to get your Tax Deduction at Source Certificate (Form 16) from Bank of India.
Related Articles : Don’t forget to read our other Articles on the procedure to Change Bank of India Account Address , Change Name in Bank of India Account & to Transfer Bank of India Account to Another Branch.
Steps to Link PAN Card with Bank of India Account
In order to Link PAN Card with Bank of India Account, you need to follow the step by step procedure given below.
1) Visit your Bank of India Home Branch where you are already maintaining your Account.
2) Collect the KYC Form from the Bank Branch in order to Update your PAN details in Bank of India Account.
3) Fill up the KYC Form completely and put your Signature wherever required.
4) Submit the following Documents at your Bank of India Branch :
- KYC Details Change Form
- Self Attested Photocopy of PAN Card
- A Letter addressing the Branch Manager about the Updation of PAN Card in your Bank of India Account
Note : Don’t forget to carry original PAN Card while you make a visit to Bank of India Branch.
Did you know ? If you have not been using your Bank of India Account from long time, it may become dormant. Check out or Article on the procedure to reactivate dormant Bank of India Account. And if you are looking to update mobile number in Bank of India, you can do that easily.
Final Words :
It is important for every Account Holder in Bank of India to link their PAN Cards with Bank of India Account. The complete procedure does not over 10-15 minutes after you visit Bank of India Branch. It is really necessary to link PAN Card with Bank of India Account for obtaining your TDS from the Bank. Also, do update the correct PAN details in your Bank of India Account so that the tax doesn’t get deducted from the interest earned on the deposits in your Bank of India Account.