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PAN Card is the Permanent Account Number issued by the Income Tax Department of India to all its tax payers. This PAN Card is a unique alpha-numeric 10 digit number that is issued one for each taxpayer and valid for their lifetime. The PAN Card can subsequently update or modify the details of the PAN Card like their mobile number, address, etc. by submitting the required form to the Income Tax Department. Pan Card is also used as an important KYC tool by the Banks and other financial institutions. Also, as per revised RBI guidelines, PAN Card and Aadhaar Card are mandatory requirements for opening any new bank accounts. The existing account holders are also required to link their PAN Cards to their Bank account at the earliest.
According to the above guidelines of RBI, UCO Bank also requires its customers to provide their PAN Card information and link the same to their bank accounts. UCO Bank is one of the major public sector banks of the country having a huge customer base. The bank requires the persons not having a valid PAN Card to submit form 60/61 at the time of opening a new account. Such customers have to subsequently apply for a valid PAN Card and link the same to their accounts with the bank within a period of 6 months.
The procedure for such linking of the PAN card is very simple and hassle free and is detailed below.
About How To Link Pan Card With UCO Bank Account
Procedure to link PAN Card to UCO Bank Account
Linking of PAN Card to bank accounts is also a mandatory requirement as per UCO Bank guidelines. The account holders can easily link their PAN Cards to their bank accounts from the comfort of their homes via the online mode or by physically visiting the bank i.e. the offline mode. The details of each of the above modes are provided hereunder.
Offline mode
For linking the PAN Card to their respective bank accounts in the offline mode, the account holders will have to physically visit the home branch of the bank. Home branch of the bank is the branch where the account holder has his/her account with the bank. The account holder will have to follow the steps given below to link the Pan Card under this process.
- Visit the home branch of the bank
- Request the PAN Updation Form or the KYC Form as the case may be from the bank official
- The account holder will have to fill in all the required details in this form like the Name of the account holder, account number, PAN number, Aadhaar Number, registered mobile number, registered email id, etc.
- After verifying all the details filled, the customer will have to sign it and submit the form along with a self-attested copy of the PAN Card.
- The account holder may also be required to submit a written application letter addressed to the Branch Manager requesting for updating or linking of PAN Card with the respective account.
- A key point to be remembered in this regard is that if the account is jointly held by many individuals, the PAN Card information of each such joint holder is required.
- After verifying the details in the form the bank official will forward the same for further processing after which the PAN Card will be linked to the said account within 2-4 working days.
- The account holder will receive an intimation of the same via SMS or email to their registered mobile number or registered email id as requested.
Online mode
The online mode to link PAN Card to the UCO Bank Account is extremely convenient and effortless and can be executed within minutes. An account holder can link the PAN Card via this mode either through mobile banking or through net banking facility. The essential or the foremost requirement in each case is to have a mobile banking application and a net banking account. The procedure to link PAN Card in each case is highlighted below.
- The user will have to download and log in to the mobile banking application of UCO Bank i.e., UCO Banking Plus Application.
- Next step is to select the ‘Other Services’ section on the home page.
- After selecting the above option, the user will be given a series of options under that section and he/she will have to select ‘PAN Seeding’ to proceed further.
- The user will then be guided to a page requiring certain basic information (like Account Number, Name as per Bank record and PAN Number) to complete the PAN Linking or updating process.
- After filling in all the details correctly, the user will have to select ‘Confirm’.
- The user will get a message displaying the successful completion of the linking process.
The other mode of online updation or linking of PAN Card is through Net Banking. The procedure for the same is given below.
- The user will have to login to the net banking account with the user id and password given at the time of opening the net banking account.
- The user will have to then click on the ‘Request’ option available in the left side options.
- The user will get a series of options via the dropdown menu wherein he/she has to select ‘PAN Card Updation’.
- After this, the user will be taken to a new page that will require the user to input the required detail like Account number, PAN Card Number, etc.
- Post verifying the details filled in, the user will have to select ‘submit’ to complete the updating or linking process.
- The user will get a notification of successful completion of the updation on his/her screen and a confirmation SMS or email on their registered mobile number or email id as requested by them.
UCO Bank customer care service can also be used to get information regarding PAN Card updation and linking processes. The customer care executives can guide the account holders with information like the documents required, availability of online mode for PAN Card linking or updation process, time taken for such process, etc.
Consequences of Non-Linking of PAN Card to UCO Bank account
Linking of PAN Card to the bank account is mandatory for all account holders of the bank irrespective of the type of account. Only Jan Dhan Accounts or Basic Small Savings Bank Accounts are exempt from PAN Card requirement at the time of opening the account.
There are many serious consequences of not linking the PAN card to the account holders UCO Bank account. Some of such consequences are mentioned below.
- PAN Card is a basic KYC requirement of the Banks which will not be completed if the PAN Card information is not provided.
- Demat accounts require PAN Card mandatorily right from opening the Demat Account to executing the transactions of purchase and sale of equity, mutual funds, bonds, debentures, etc. hence, without PAN Card information or linking with the UCO Bank Account, the account holder cannot avail the Demat Account facilities.
- Linking the PAN Card the bank account is also essential for easily receiving Income Tax refunds
- The account holder also cannot deposit cash exceeding Rs. 50,000 if the Pan Card is not linked to the Bank account.
- The limit to carry out online funds transfer will also be restricted if the PAN Card of the account holder is not linked to his/her Bank Account.
FAQs - How to Link PAN Card with UCO Bank Account?
1. Can a person not having PAN Card open an account with UCO Bank?
Yes. Although PAN Card is Mandatory to open a new Bank account, if a person does not have one at the time of opening the account, he/she can submit form 60/61 at such time and apply for a valid PAN Card.
2. What is the time limit to submit the valid PAN Card when Form 60/61 is submitted at the time of opening the account?
UCO Bank account holders who have not submitted PAN Card at the time of opening the account with the bank have to submit the same within 6 month of opening the account.
3. Can PAN Card be renewed from time to time?
PAN Card is a Permanent Account Number that is issued to a Taxpayer and is valid for lifetime. Hence, PAN cards do not need to be renewed from time to time.
4. Are all the holders of a joint account required to link their PAN Cards to the account?
Yes, in case of a joint account, all the account holders are required to link their PAN Cards to the joint account.
5. Is e-PAN Card Valid?
Yes. E-PAN is the PAN card issued in electronic form by the Income Tax Department and is equally valid like the PAN Card in physical or traditional form.