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Punjab National Bank is a public sector bank and is a well known name in a banking world. Post its merger with United Bank of India and Oriental Bank of Commerce, PNB has become the country’s second largest lender. PNB has various products and services catering to both retail customers as well as corporate customers. PNB is also privy to many Government schemes and initiatives that have been taken over the decades for the welfare and upliftment of the citizens of the country. For all such schemes, one of the foremost and mandatory requirements is submitting or furnishing the PAN Card. PAN Card is one of the most important documents issued by the Government of India to its citizens. PAN Card is the Permanent Account Number, a unique number allotted to the citizens of the country. Once issued, PAN card is valid for the lifetime of the PAN card holder. It can be used as an Identity Proof or fulfilling the KYC requirements in various schemes or even for applying loans of the Bank.
Linking the Pan Card to a bank account is not mandatory. However, the bank requires the bank account to be linked with the PAN Card for various transactions like funds transfer, applying a loan, credit/debit cards, starting a fixed deposit, etc. Also, the Income Tax department mandatorily required the account holder to link his/her bank account with the PAN Card. This is mainly to ease and authenticate any refund proceedings. Thus, linking of PAN Card to the bank account of the account holder is deemed mandatory.
About How To Link PAN Card To PNB Account
Process to link PAN Card to PNB Account
The linking of PAN Card with the PNB Account can be done via online mode as well as offline mode. The process of linking the PAN Card in each case is fairly simple and is stated below.
Online method to Link PAN Card to PNB Account
The basic requirement to link the PAN Card to the PNB Account via online mode is to have the net banking facility activated for that particular account. The user can follow the steps given below to execute the process of linking the PAN Card.
- Click on the official website of the Punjab National Bank
- Log into the net banking account using the User Id and Password.
- Select the option ‘Requests’ from the available options.
- Following that select the PAN Updation option ‘Add/Update PAN details’.
- Enter the correct PAN Card in the available space.
- Next the user will have to enter the birth date and the email id as per PAN records.
- Click on the ‘submit’ after verifying the accuracy of all the details.
- After completing the above process, the PAN card will be linked to the user’s bank account within 2 working days.
- The user will get a notification of the said update or linking via their registered email id or through SMS to their registered mobile number.
Offline method to link PAN Card to PNB Account
The offline method to link the PAN Card with the user’s PNB account is by physically visiting the nearest branch of the bank or the branch having the user’s bank account. The steps for the same are listed below.
- Visit the nearest branch of the bank or the user’s home branch.
- The user can collect the PAN updation form or the KYC change form from there.
- Users can also download the form from the Bank’s website.
- The user will have to correctly fill all the required details like the Bank account number, user’s name, address, mobile number, other contact number, etc. in this form.
- The user will have to submit a self attested copy of the PAN Card as well along with the form at the time of submission.
- The banker then verifies the details submitted in the form with the copy of the PAN card submitted and send the application for further processing.
- After processing the application, the PAN Card will be updated in 1 or 2 working days.
- The confirmation of the update will be sent to the user through an SMS to the registered mobile number or through an email on their registered mobile number.
Linking PAN Card to PNB Account via Customer Care Service
Another easier way to link the PAN Card to the user’s account number is to link it using the customer care service. The user can update the PAN card via this method through the following steps.
- Contact the customer care service of Punjab National Bank through his/her registered mobile number.
- Through the IVR option, the user has to select the option to talk to the customer care executives.
- The user has to mention the purpose of contacting the customer care service as updation of PAN card or linking the PAN Card to his/her account number.
- The customer care executive will then ask for some basic details like birth date, full name, address, etc. to confirm the identity of the account holder.
- The user has to then give the details of the PAN Card Number and request for linking the same to the user’s bank account.
- The PAN Card will then be linked with the user’s bank account within 1 or 2 working days.
- Once the PAN Card is successfully linked, the user will get the confirmation of the same via SMS to the registered mobile number or email at the registered email id of the user.
The user can easily link his/her PAN Card using any of the three methods mentioned above. The user gets many benefits by linking their bank account with the PAN Card like reduced TDS on taxable income due to interest on fixed deposits or enhanced limit for cash or credit transactions, etc.
Consequences of not linking PAN Card to PNB Account
Linking of PAN Card even though not made mandatory, there are numerous consequences of not linking one’s PAN Card to his/her PNB account. Some examples of such consequences are listed below.
- Non-processing or difficulty in processing of IT refund
- 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.
- Non-fulfillment of basic KYC norms of Bank
- Reduced limit to carry out online funds transfer
FAQs – How to Link PAN Card to PNB Account
1. What is PAN Card?
PAN Card is a 10 digit unique Permanent Account Number issued by the Income Tax Department to each individual taxpayer which also serves as an identity proof and address proof across various Government schemes and/or with Banks/other financial institutions to fulfill their KYC norms to open a new account or apply for a loan, etc.
2. Can a person link his/her PAN Card to their PNB Account using net banking?
Yes. One of the easiest ways to link PAN Card to one’s PNB Account is to do it using the net banking facility by logging into their net banking account.
3. Is PAN Card mandatory for all account holders?
PAN Card is mandatory for all account holders except small savings bank account holders as well as Jan Dhan Account holders. For such account holders, Form -60 has to be duly submitted and a valid PAN Card has to be submitted within 6 months of opening the account.
4. Can PAN Card details be changed?
PAN Card is a valid Permanent Account Number issued to the citizens of India and once issued is valid for their entire lifetime. However, the details on PAN Card like mobile number, address, etc. can be changed or updated via requisite forms.
5. Is PAN Card a necessary document for any fixed deposits?
Yes. PAN Card is a mandatory document that needs to be submitted for starting any fixed deposits exceeding Rs. 50,000.