Link PAN Card with SBI Bank 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 SBI, he needs to mention the PAN Card number in the SBI Bank 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 SBI Bank 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 SBI Bank Account. In this Article, we will tell you about the step by step procedure to link PAN Card with SBI Bank 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 SBI Account, let us tell you about the consequences of not linking PAN Card with SBI Bank Account.
There are 2 important cases which you must keep in mind.
- In case you do not update valid PAN details in your SBI Bank 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 SBI, you will not be able to get your Tax Deduction at Source Certificate (Form 16) from SBI.
Steps to Link PAN Card with SBI Bank Account
In order to Link PAN Card with SBI Bank Account, you need to follow the step by step procedure given below.
1) Visit your SBI 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 SBI Account.
3) Fill up the KYC Form completely and put your Signature wherever required.
4) Submit the following Documents at your SBI 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 SBI Bank Account
Note : Don’t forget to carry original PAN Card while you make a visit to SBI Bank Branch.
Did you know ? If you have not been using your SBI Account from long time, it may become dormant. Check out or Article on the procedure to reactivate dormant SBI Account. And if you are looking to update mobile number in SBI, you can do that easily.
Final Words :
It is important for every Account Holder in SBI to link their PAN Cards with SBI Account. The complete procedure does not over 10-15 minutes after you visit SBI Bank Branch. It is really necessary to link PAN Card with SBI Account for obtaining your TDS from the Bank. Also, do update the correct PAN details in your SBI Account so that the tax doesn’t get deducted from the interest earned on the deposits in your SBI Bank Account.