{"id":284,"date":"2022-12-29T17:58:16","date_gmt":"2022-12-29T12:28:16","guid":{"rendered":"https:\/\/www.pancardapplyonline.com\/blog\/?p=284"},"modified":"2023-01-06T13:12:26","modified_gmt":"2023-01-06T07:42:26","slug":"what-are-the-implications-of-not-having-my-pan-card-linked-to-my-bank-account","status":"publish","type":"post","link":"https:\/\/www.pancard.finconsolidated.com\/blog\/what-are-the-implications-of-not-having-my-pan-card-linked-to-my-bank-account\/","title":{"rendered":"What are the implications of not having my PAN Card linked to my bank account?"},"content":{"rendered":"\n

A PERMANENT ACCOUNT NUMBER or PAN<\/a> number is a unique ten-digit alphanumeric allotted to every individual who is a taxpayer. It is allotted by a reputed institution called the Income Tax Department and so serves as a valid proof to track every taxpayer\u2019s financial transactions. To avoid any fraudulent activities and tax evasion the government has made it mandatory for every to link their PAN Card<\/a> to their bank account. To be able to do the same one can either opt for an online or offline mode.<\/p>\n\n\n\n

<\/a><\/p>\n\n\n\n

ISSUES YOU MIGHT FACE IF PAN IS NOT LINKED TO A BANK ACCOUNT:<\/strong><\/p>\n\n\n\n

A PAN CARD is a must to carry out transactions above RS 50000.<\/p>\n\n\n\n

It is mandatory to submit your PAN details as per rule 114B of the Income Tax Act while opening a savings bank account.<\/p>\n\n\n\n

PAN Details are a must while opening a Demat account.<\/p>\n\n\n\n

All income tax refunds can be claimed only when your PAN is linked to a Bank account.<\/p>\n\n\n\n

If an individual carries out any transactions above RS 250000 then a pan not linked to a bank account might cause issues.<\/p>\n\n\n\n

LINKING PAN TO THE BANK ACCOUNT THROUGH ONLINE MODE:<\/strong><\/p>\n\n\n\n

1.Log Into Your Internet Banking Account<\/p>\n\n\n\n

    \n
  1. Enter Your User Id and Password<\/li>\n\n\n\n
  2. Once Logged In, Look for Services, Service Requests Etc. And Choose the Relevant Option<\/li>\n\n\n\n
  3. Select Pan Card Updation, Link Pan or Any Other Relevant Option<\/li>\n\n\n\n
  4. Enter Your Pan Number. Fill In All the Relevant Details. Once Done Ensure to Give the Correct Email Id Since All Updates Will Arrive on the Same.<\/li>\n\n\n\n
  5. After All the Details Have Been Entered Correctly Your Pan Will Be Linked to Your Bank Account.<\/li>\n<\/ol>\n\n\n\n

    LINKING PAN TO BANK ACCOUNT THROUGH OFFLINE MODE:<\/strong><\/p>\n\n\n\n

    <\/p>\n\n\n\n

      \n
    1. Visit The Branch In Which You Are An Account Holder.<\/li>\n\n\n\n
    2. Request For Pan Card Update Form (KYC Form).<\/li>\n\n\n\n
    3. Ensure To Fill In All The Relevant Details Correctly.<\/li>\n\n\n\n
    4. Submit The Form And A Self-attested Photocopy Of Your Pan Card. <\/li>\n\n\n\n
    5. You Might Also Be Asked To Write A Letter Requesting The Manager To Carry Out The Update.<\/li>\n\n\n\n
    6. After All the Details Have Been Entered Correctly Your Pan Will Be Linked to Your Bank Account<\/li>\n\n\n\n
    7. CAUTION<\/strong> – The steps given above will vary depending on the bank\u2019s policies, procedures etc. The above-given information serves only as a guide and does not explain each bank\u2019s processes.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      A PERMANENT ACCOUNT NUMBER or PAN number is a unique ten-digit alphanumeric allotted to every individual who is a taxpayer. It is allotted by a reputed institution called the Income Tax Department and so serves as a valid proof to track every taxpayer\u2019s financial transactions. To avoid any fraudulent activities and tax evasion the government […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[31,43,33,7,28,13,5,44,45,48],"class_list":["post-284","post","type-post","status-publish","format-standard","hentry","category-new-pancard-applying-online","tag-apply-online-pan-card","tag-form-49a","tag-how-to-fill-pan-from","tag-new-pan-card","tag-oci-pan-card","tag-online-pan-card","tag-pan-card","tag-pan-card-application-only","tag-pan-card-status","tag-pancard-online"],"yoast_head":"\nWhat are the implications of not having my PAN Card linked<\/title>\n<meta name=\"description\" content=\"A PERMANENT ACCOUNT NUMBER or PAN number is a unique ten-digit alphanumeric allotted to every individual who is a taxpayer. 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