How To Link PAN Card To Canara Bank Account

The procedure to link the PAN Card to the Canara Bank Account is very simple and hassle free. Although Canara Bank does not have an online mode to link the PAN Card to the bank account, customers can link their PAN Cards by simply visiting their home branch. The entire process is quick and will take hardly 15-20 minutes. The customers can follow the steps given below to link their PAN Cards to their Bank accounts in a quick and efficient manner.

• Customers have to first visit their home branch i.e. the branch where they have their account with Canara Bank.
• Customers will have to collect a PAN Updation Form or the KYC form from the Branch.
• Next Step is to fill this form correctly with all the required details like the Name of the account holder, address, Mobile Number, PAN Card Number, Aadhaar Card Number, etc.
• The form has to be duly signed and submitted along with a self-attested copy of the PAN Card.
• Customers may also be required to submit a letter addressed to the Branch Manager requesting the updation or linking of the PAN Card to the customer’s bank account.
• After submitting the form and the necessary documents, the bank official will verify the same so the customers are advised to carry the original PAN card along with them for verification.
• The Bank official will then send the form for further processing and the PAN updation or linking process will be done within 15 to 20 minutes.
• The customer will be notified of successful completion of the said linking or updation via an email to his/her registered email id or through an SMS to their registered mobile number as per the Bank records.

Customers can also contact the customer care of Canara Bank for any assistance in information required for linking their PAN Card to their Canara Bank Accounts. The customer care executives available 24x7 throughout the year (except the three National Holidays i.e., 26th January, 15th August and 2nd October) can guide the customers with the process as well as the documents required and the time taken for such updation of linking of the PAN Card.

Important Benefits of Linking Pan Card to Canara Bank Account

There are many benefits of linking one’s PAN Card to their Canara Bank Account. Some of such benefits are stated below.

• Opening a savings account or a current account
• Fulfilling important KYC requirement
• Ease in opening a Demat Account
• Ease in funds transfer (increased limit for funds transfer within the bank as well as with a third party)
• Ease in depositing amount exceeding Rs. 50,000 to one’s Bank account
• Applying for a credit card or a debit card
• Reduced tax on interest from various deposits held with the bank
• Ease in receiving TDS certificate from the Bank
• Ease in buying or selling of shares, bonds, real estate, etc of value more than Rs. 1,00,000

Consequences of not linking Pan Card to Canara Bank Account

Linking of PAN Card even though not made mandatory, there are numerous consequences of not linking one’s PAN Card to his/her Canara Bank account. Some examples of such consequences are listed below.

• Non-fulfillment of basic KYC norms of Bank
• Non-processing or difficulty in processing of IT refund
• Difficulty in starting new deposits over Rs. 50,000
• Higher TDS on taxable interest income from fixed deposits (if interest income exceeds Rs. 10,000 during a financial year)
• Difficulty in processing of transactions related to purchase and sale of equity, mutual funds, bonds, etc.
• Difficulty in cash deposits over Rs. 50,000
• Reduced limit to carry out online funds transfer within the bank or with any third party.

FAQs – How to link PAN Card to Canara Bank Account?