It’s subjective to determine which bank is better for a current account as it depends on individual needs and preferences. Both ICICI Bank and HDFC Bank are leading private sector banks in India and offer competitive services and features for current accounts.
It’s advisable to compare the services, fees, interest rates, and other factors offered by both banks and choose the one that suits your specific requirements.
Document required to open a current account?
The following documents are typically required to open a current account in India:
Business Proof (Certificate of Incorporation, PAN card of the business, GST registration certificate, etc.)
Passport size photographs
Bank statement or cancelled cheque of existing savings account
Note: The specific documents required may vary depending on the bank and the type of current account being opened. It’s advisable to check with the bank for their specific requirements before visiting the branch.
The best zero-balance account in India depends on individual needs and preferences, as different banks offer different features and services with their zero-balance accounts. Some popular options for zero-balance accounts in India include:
Jan Dhan Yojana Account: This is a government-sponsored account that offers free zero-balance savings accounts with benefits such as insurance and overdraft facilities.
AADHAAR Enabled Payment System (AePS) Account: This is another government-sponsored zero-balance savings account that offers basic banking services through the Aadhaar platform.
BHIM UPI-based Bank Account: This is a zero-balance account linked to the BHIM UPI platform that allows for instant money transfers and bill payments.
Digital Bank Accounts: Many digital banks in India offer zero-balance accounts with added benefits such as high-interest rates, cashback, and discounts on digital transactions.
Basic Savings Bank Deposit Account: Many traditional banks in India offer basic savings account with zero balance requirements, although they may charge fees for certain services.
Ultimately, the best zero balance account will depend on the individual’s specific financial needs and preferences. It’s a good idea to compare the features and fees of different accounts and choose the one that best meets your needs.
Documents to open a bank account
The following documents are typically required to open a bank account in India:
Proof of Identity (POI) – this could be a PAN Card passport, voter ID card, Aadhaar card, driving license, or any other government-issued photo ID.
Proof of Address (POA) – this could be a utility bill, bank statement, voter ID card, Aadhaar card, driving license, or any other government-issued photo ID.
Proof of Date of Birth (DOB) – this could be a birth certificate, 10th standard certificate, passport, or Aadhaar card.
Two recent passport-sized photographs
PAN Card: A PAN card is required to open most types of bank accounts in India.
It is important to note that the required documents may vary depending on the type of account being opened and the specific requirements of the bank. Additionally, all documents must be original or certified copies and should be submitted along with a filled-out bank account opening form.
It is always advisable to check with the bank directly for the latest and complete list of required documents.
F.No.370142/14/2022-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes
Circular No.7 of 2022 New Delhi, Dated the 30th of March, 2022
Sub.: Clarification with respect to relaxation of provisions of rule 114AAA of Income-tax Rules, 1962 prescribing the manner of making Permanent Account Number (PAN) inoperative – reg.
Instances had come to the notice of the Income-tax Department that multiple permanent account numbers (PANs) have been allotted to one person or one PAN has been allotted to more than one person. In order to have a robust way of de-duplication of PAN database, the Finance Act, 2017 with effect from 1st April 2017, inserted section 139AA in the Income-tax Act, 1961 (the Act) making it mandatory for a taxpayer who is eligible to obtain Aadhaar, to quote his Aadhaar in the application form for PAN and return of income.
Sub-section (2) of section 139AA of the Act makes it mandatory for every person who has been allotted a PAN as on 1 st July 2017 to intimate his Aadhaar Number so that the Aadhaar and PAN can be linked. This is required to be done on or before a notified date, failing which the PAN shall become inoperative.
Accordingly, in case of failure to intimate the Aadhaar Number by the last extended notified date i.e. 31.03.2022, the PAN allotted to the person shall be made inoperative in accordance with the provisions of the Act. Further, the Finance Act, 2021 inserted a new section 234H in the Act to complete the process of PAN-Aadhaar linking for identifying bogus PANs. This section provides that where a person who is required to intimate his Aadhaar under subsection (2) of section 139 AA fails to do so on or before a notified date, he shall be liable to pay a fee not exceeding the sum of one thousand rupees, as may be prescribed, at the time of making intimation under sub-section (2) of section 139AA after the said date.
Further, rule 114AAA of the Income-tax Rules provides that if the PAN of a person has become inoperative, he will not be able to furnish, intimate or quote his PAN and shall be liable to all the consequences under the Act for such failure. This will have a number of it; applications such as:- (i) The person shall not be able to file a return using the inoperative PAN (ii) Pending returns will not be processed (iii) Pending refunds cannot be issued to inoperative PANs (iv) Pending proceedings as in the case of defective returns cannot be completed once the PAN is inoperative (v) Tax will be required to be deducted at a higher rate as PAN becomes inoperative 4.1 In addition to the above, the taxpayer might face difficulty at various other fora like banks and other financial portals, as PAN is one of the important KYC criteria for all kinds of financial transactions.
Hence, in order to have the smooth application of section 234H and existing rule 114AAA, it is clarified that the impact of sub-rule (2) of rule 114AAA i.e. where a person. whose permanent account number has become inoperative under sub-rule (1). is required to furnish. intimate or quote his permanent account number under the Act. it shall be deemed that he has not furnished. intimated or quoted the permanent account number. as the case may be. in accordance with the provisions of the Act. and he shall be liable for all the consequences under the Act for not furnishing. intimating or quoting the permanent account number. shall come into effect from 1st April 2023 and the period beginning from 1st April 2022 and ending with 31st March 2023, shall be the period during which the said sub-rule shall not have its negative consequences of the nature referred to in the said sub-rule or specified in paras 4 and 4.1 above. However, the taxpayer shall be liable to pay a fee in accordance with sub-rule (5A) of rule 114.
Section 139AA of the Income Tax Act provides that every individual who has been allotted a Permanent Account Number (PAN) as of the 1st day of July 2017, and who is eligible to obtain an Aadhaar number, shall intimate Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN before the prescribed date (31.03.2022 without fee payment and 31.03.2023 with the prescribed fee of 1000 payment).
For more details refer to CBDT Circular No.7/2022 dated 30.03.2022.
Details to Avail of this service
Aadhaar PAN linkage is not done before 31/03/2022
Valid PAN
Aadhaar number
Valid mobile number
How to link PAN Card and Aadhaar card
You can link your PAN with your Aadhaar by the following process:
b) Register on it (if not already done). Your PAN (Permanent Account Number) will be your user id.
c) Log in by entering the User ID, password and date of birth.
d) A pop-up window will appear, prompting you to link your PAN with your Aadhaar. If not, go to ‘Profile Settings’ on the Menu bar and click on ‘Link Aadhaar’.
e) Details such as name date of birth and gender will already be mentioned as per the PAN details.
f) Verify the PAN details on the screen with the ones mentioned on your Aadhaar. Pls. note that if there is a mismatch, you need to get the same corrected in either of the documents.
g) If the details match, enter your Aadhaar number and click on the “link now” button.
h) A pop-up message will inform you that your Aadhaar has been successfully linked to your PAN
i) You may also visit to link your PAN and Aadhaar
Step-by-step process to link aadhaar and PAN Card
Step 1
Visit the Income tax portal on the home page and click the link aadhaar This will direct you to the next page you can see in step 2 next image
Step 2
Enter your PAN and Aadhaar Number and validate
Step 3
Click on Continue to Pay Through e-Pay Tax. for linking Pan and aahaar
Step 4
Enter your PAN card number, Confirm PAN Card number and any Mobile number to receive OTP
Step 5
Post OTP verification, you will be redirected to the e-Pay Tax page.
Step 6
Click on Proceed on the Income Tax Tile.
Step 7
Select AY (2023-24) and Type of Payment as Other Receipts (500) and Continue.
Step 8
The applicable amount will be pre-filled against Others and click Continue.
Step 8
Now, a challan will be generated. On the next screen, you have to select the mode of payment after selecting the mode of payment you will be redirected to the Bank website where you can make the payment.
Alternatively, if you have an account in the Bank which is not Authorised for payment through “e-Pay Tax”, you can make payment through the Protean (NSDL) Portal as per the below steps:
If you do not have a Bank account in these Banks: Axis Bank, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, City Union Bank, Federal Bank, ICICI Bank, IDBI Bank, Indian Bank, Indian Overseas Bank, IndusInd Bank, Jammu & Kashmir Bank, Karur Vysya Bank, Kotak Mahindra Bank, Punjab National Bank, UCO Bank Union Bank of India. (as of 13.01.2023)
After Validating PAN and Aadhaar:
If you have made payment of Challan on the Protean (NSDL) Portal and payment details are verified at the e-filing Portal.
Step-(i) After validating your PAN and Aadhaar you will see a pop-up message that” Your payment details are verified”. Please Click Continue on the pop-up message to submit Aadhaar PAN linking request.
Enter the required details and click on the Link Aadhaar button.
The request for a link to your Aadhaar PAN has been submitted successfully, now you can check the Aadhaar PAN link status.
View Link Aadhaar Status (Pre-Login)
On the e-Filing Portal homepage, under Quick Links click Link Aadhaar Status.
Enter your PAN and Aadhaar Number, and click View Link Aadhaar Status.
On successful Validation, a message will be displayed regarding your Link Aadhaar Status.
If the Aadhaar-Pan link is in progress:
If the Aadhaar PAN linking is successful:
View Link Aadhaar Status (Post-Login)
Alternatively, you can go to My Profile> Link Aadhaar Status.
(If your Aadhaar is already linked, the Aadhaar number will be displayed. If Aadhaar is not linked Link Aadhaar Status is displayed)
Note:
If the validation fails, click Link Aadhaar on the Status page, and you will need to repeat the steps to link your PAN and Aadhaar.
If your request to link your PAN and Aadhaar is pending with UIDAI for validation, you will need to check the status later.
You may need to contact the Jurisdictional AO to delink Aadhaar and PAN if:
your Aadhaar is linked with some other PAN
your PAN is linked with some other Aadhaar
On successful validation, a message will be displayed regarding your Link Aadhaar status.
Link Aadhaar > FAQs
1. Who needs to link Aadhaar and PAN?
Section 139AA of the Income Tax Act provides that every individual who has been allotted a permanent account number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate his Aadhaar number in the prescribed form and manner. In other words, such persons have to mandatorily link their Aadhaar and PAN before the prescribed date (31.03.2022 without fee payment and 31.03.2023 with prescribed fee payment For more details refer to CBDT circular No.7/2022 dated 30.03.2022.
2.For whom is Aadhaar-PAN linkage not compulsory?
Aadhaar-PAN linkage requirement does not apply to any individual who is:
Residing in the States of Assam, Jammu and Kashmir, and Meghalaya;
a non-resident as per the Income-tax Act, 1961;
of the age of eighty years or more at any time during the previous year; or
not a citizen of India.
Note:
1. The exemptions provided are subject to modifications depending on subsequent government notifications on this subject
2. For further details refer to Department of Revenue Notification No 37/2017 dated 11th May 2017”
3. However, for users falling in any of the above category, voluntarily desires to link Aadhaar with PAN fee payment of specified amount is required to be done.
3. How to link Aadhaar and PAN?
Both registered and unregistered users can link their Aadhaar and PAN on the e-Filing Portal, even without logging in. You can use the quick link Link Aadhaar on the e-Filing home page to link Aadhaar and PAN.
4. What will happen if I don’t link my Aadhaar and PAN?
Kindly, refer to Circular No. 7/2022 dated 30/3/2022
5. I cannot link my Aadhaar with my PAN because there is a mismatch in my name/phone number/date of birth in my Aadhaar and PAN. What should I do?
Correct your details in either PAN or Aadhaar database such that both have matching details. You can correct your PAN details on the:
The new PAN card is the Permanent Account Number (PAN) card issued by the Income Tax Department of India. The one Applying for the first time. to be applied on form no 49A
This has to be applied in CSF Form for the old PAN holder. The new PAN card has a unique design, and improved security features, and is printed on laminated plastic card material.
The information on the PAN card remains the same, including the PAN number, name of the PAN cardholder, and other relevant details.
The new PAN card is mandatory for all PAN cardholders in India and can be obtained by applying for a PAN card update through the official channels.
What are the documents required to apply?
The following documents are typically required to apply for a PAN card in India:
Proof of Identity (POI) – this could be a passport, voter ID card, Aadhaar card, driving license, or any other government-issued photo ID.
Proof of Address (POA) – this could be a utility bill, bank statement, voter ID card, Aadhaar card, driving license, or any other government-issued photo ID.
Proof of Date of Birth (DOB) – this could be a birth certificate, 10th standard certificate, passport, or Aadhaar card.
Two recent passport-sized photographs
Application fee: The fee for obtaining a PAN card We are charging 350
It is important to note that the required documents may vary depending on the category of the applicant and the specific requirements of the Income Tax Department of India. Additionally, all documents must be original or certified copies and should be submitted along with a filled-out PAN card application form.
How to Apply PAN Card Online?
To apply for a PAN card online, follow these steps:
Visit the official NSDL or UTIITSL website.
Click on the “Apply for PAN” link.
Fill out the online application form with the required personal and contact information.
Upload the necessary supporting documents such as proof of identity, proof of address, and proof of date of birth.
Pay the application fee through credit/debit card, net banking, or demand draft.
Submit the application and track the status of your PAN card application online.
It is important to note that you must provide accurate information and follow all instructions carefully when applying for a PAN card to avoid any delays in processing or rejections.
I have a PAN but I have lost it. Can I get a new e-PAN through Aadhaar? No. This service can only be used if you do not have a PAN but have a valid Aadhaar and your KYC details are updated.
Are there any charges/fees for e-PAN? No. It is completely free of cost.
Who can apply for Instant e-PAN through Aadhaar? PAN applicants who have an Aadhaar number from UIDAI and have linked their mobile number with their Aadhaar can apply for instant e-PAN.
What documents do I require for the new e-PAN? You only require a valid Aadhaar with updated KYC details and a valid mobile number linked with your Aadhaar.
Why do I need to generate an e-PAN? It is mandatory to quote your Permanent Account Number (PAN) while filing your Income Tax Return. If you have not been allotted a PAN, you can generate your e-PAN with the help of your Aadhaar and a mobile number registered with your Aadhaar. Generating e-PAN is free of cost, an online process and does not require you to fill up any forms.
My PAN allotment request status is updated as – PAN allotment request has failed. What should I do? In case of failure of your e-PAN allotment, you may write to epan@incometax.gov.in.
How will I know that my e-PAN generation request is submitted successfully? A success message will be displayed along with an Acknowledgement ID. Please keep a note of the Acknowledgement ID for future reference. Additionally, you will receive a copy of the Acknowledgement ID on your mobile number registered with your Aadhaar.
I am not able to update my Date of Birth in my e-PAN. What should I do? If the only year of birth is available in your Aadhaar, you will have to update the date of birth in your Aadhaar and try again.
Can foreign citizens apply for PAN through e-KYC mode? No.
What should I do if my Aadhaar authentication gets rejected during e-KYC? Aadhaar authentication may get rejected due to using the wrong OTP. The problem can be resolved by entering the correct OTP. If it still gets rejected, you have to contact UIDAI.
Do I need to submit a physical copy of the KYC application or proof of an Aadhaar card? No. This is an online process. No paperwork is required.
Do I need to upload a scanned photo, signature etc. for e-KYC? No.
Do I need to do in-person verification (IPV)? No. The process is completely online. You do not need to visit any centre.
Will I get a physical PAN card? No. You will be issued an e-PAN which is a valid form of PAN.
No, you cannot get a PAN card in 2 hours. The process of applying for a PAN card typically takes 15-20 days to complete.
What is an instant pan card?
An instant PAN card, also known as an e-PAN card, is an electronic version of your PAN card that is issued instantly by the Income Tax Department of India. This type of PAN card is available to those who apply through the portal. The e-PAN card is issued within 10 minutes of the application being submitted.
How long will take for reprinting of PAN Card?
The processing time for reprinting a PAN card depends on the method used to apply and the workload of the authorities processing the request. Typically, the process takes 10-15 days if you apply through the online portal of the Income Tax Department and up to 6-8 weeks if you apply through a physical form. However, these estimates can vary, and it’s best to check the official website for the most up-to-date information.
Yes, you can apply for a PAN card on your mobile. The process to get your PAN card has been made extremely simple and easy by the Income Tax Department of India. You can find the mobile application form on the website of the PAN Card Department or its registered agents.
The process involves the following steps:
Step 1 – Go to the website of the PAN Card Apply Online or its registered agents and click on the ‘Apply Online’ option.
Step 2 – You will be asked to fill out a form with your details such as name, date of birth, address, etc. Once you have filled out the form, you will be required to upload a scanned copy of your documents for verification.
Step 3 – You will receive an acknowledgement number after submitting your application. This number is important and must be noted down.
Step 4 – You will then be required to make payment of the applicable fee. This can be done using a debit card, credit card or net banking.
Step 5 – Your PAN card will then be sent to you via post. It usually takes around 15-20 days to process and deliver your PAN card.
Once you have received your PAN card, you can use it to
In order to apply for a PAN card, you will be required to submit certain documents for verification. The documents required for PAN card application are as follows:
Proof of address – Aadhar card, Voter ID, Passport, Driving License, Utility bills, etc.
Photograph – A recent passport-size photograph with a white background.
Date of Birth – Birth certificate, school leaving certificate, etc.
Bank account details – A copy of your bank statement or a cancelled cheque leaf.
Once you have collected all the necessary documents, you can apply for your PAN card online. After submitting your application, you will receive an acknowledgement number. This number is important and must be noted down. You will then be required to make payment of the applicable fee. This can be done using a debit card, credit card or net banking. Your PAN card will then be sent to you via post. It usually takes around 15-20 days to process and deliver your PAN card.
Yes, you can apply for a PAN card by yourself if you meet the eligibility criteria. A PAN card is a unique 10-digit alphanumeric identity assigned to an individual by the Indian Income Tax Department.
The PAN card is required for a variety of activities including opening a bank account, filing an income tax return, making certain high-value transactions, and so on. The PAN card also serves as proof of identity and age.
Yes, you can apply for a PAN card yourself online. The process to get your PAN card has been made extremely simple and easy by the Income Tax Department of India. You can find the online application form on the website of the PAN Card Department or its registered agents.
The process involves the following steps:
Step 1 – Go to the website of the Income Tax Department or its registered agents and click on the ‘Apply Online’ option.
Step 2 – You will be asked to fill out a form with your personal details such as name, date of birth, address, etc. Once you have filled out the form, you will be required to upload a scanned copy of your documents for verification.
Step 3 – After submitting your application, you will receive an acknowledgement number. This number is important and must be noted down.
Step 4 – You will then be required to make payment of the applicable fee. This can be done using a debit card, credit card or net banking.
Step 5 – Your PAN card will then be sent to you via post. It usually takes around 15-20 days to process and deliver your PAN card.
Once you have received your PAN card, you can use it
To apply for a PAN card, you can visit the website of the National Securities Depository Limited (NSDL) or the website of the UTI Infrastructure Technology and Services Limited (UTIITSL). Both these websites provide the facility to apply for a PAN card online.
To apply for a PAN card online, you first need to register on the website by providing basic personal information like name, date of birth, gender, and contact details. After registration, you will be asked to provide additional details like a scanned photograph and signature, valid identity proof, and valid address proof.
Once the application form is completed, you will be required to pay the required fee. You can pay the fee online through a variety of payment options like debit card, credit card, net banking, UPI
