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Introduction

Having a huge customer base in India and abroad, Canara Bank requires all the citizen customers to submit their PAN Information and link their PAN Cards to their bank accounts. PAN Card is also a mandatory requirement in opening any new account with the Bank. If for some reason, the customer does not hold a valid Pan Card at the time of opening the Bank account, he/she has to submit Form 60/61. The customer will also have to provide a valid reason in writing for not holding a valid PAN Card at such time. As for the existing customers, they have to update or link their PAN Card to their Bank account as soon as possible to avoid any unnecessary difficulty in doing their banking transactions or being taxed extra for any interest earnings on any of their deposits.

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?

1. What is the customer care number of Canara Bank?

The toll free customer care number for Canara Bank is 1800 425 0018.

2. Is PAN Card necessary for Bank Accounts?

Yes. As per the revised guidelines by RBI, a person has to mandatorily submit his/her PAN Card and Aadhaar Card while opening a new bank account and existing customers have to link the same with their bank accounts as soon as possible.

3. Can a person deposit any amount in their Bank account if their PAN card is linked?

Yes. There is no limit in depositing any amount in one’s Bank account if the same is linked with the person’s PAN Card.

4. Is Pan Card required for Cash withdrawals?

Yes. For Cash withdrawals exceeding Rs. 50,000, PAN Card is a mandatory requirement.

5. IS Pan Card necessary for real estate transactions?

Yes. PAN Card is a mandatory requirement for real estate transactions exceeding Rs. 10,00,000.

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