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Most banks in India allow you to link your PAN number to the bank account through your Netbanking account. HDFC Bank has various online services for the customers. Customers can conveniently update their PAN card number on their HDFC Bank account via Netbanking. There is also a mobile app for HDFC Banking and customers can use them to update their PAN Card number on their account.

Why should I update my PAN Number on my HDFC Bank Account?

  • PAN card is a proof of identity and it guarantees KYC compliance in a bank account along with the proof of address.
  • Linking your PAN with a bank account allows the bank to identify duplicate bank accounts in the same bank, and prevent duplication of accounts in other branches as well.
  • Income tax department would be able to track your expenditure against earned income, which is a useful tool for raising tax-payer queries.
  • Remittance of any amount exceeding Rs. 50,000/- into your bank account requires PAN number or Form 60. It is therefore advisable to have a PAN number linked to your operating account in order to overcome all PAN related issues with the bank.
  • In case of fixed deposits, if you have not linked your PAN with a bank account, TDS will be deducted at 20% instead of 10% on income on these deposits, which is above the taxable limit.

PAN number is being increasingly mandated in financial transactions to weed out the black money menace in the country. The government has also introduced measures like linking PAN with Aadhaar to implement a single identification system to remove duplicates, thus, bringing in the right amount of tax liable to be paid. Continuing with these efforts, linking your PAN and bank account has been made compulsory.

How do I update my PAN Number on my HDFC Bank Account?

There are 3 ways to update your PAN Number on your HDFC Bank Account:

  • Through your HDFC Netbanking login
  • Via the HDFC Bank Mobile App
  • At your nearest HDFC Bank Branch

Through Netbanking: 

  • Click the ‘View / Update PAN Details’ option under the ‘Accounts Request’ section of your Netbanking login
  • Type your PAN in.
  • Confirm the details and submit.
  • After verification with the database, your PAN number will be updated on the records within 4 working days.
  • You can log in and check after 4 days to verify that your PAN details have been updated on the account.

Via the Mobile App

  • Log in to the Mobile App
  • Click on the Menu button and go to Personal Profile page under the tab
  • Click Link to Update PAN
  • Enter PAN and confirm

At your nearest HDFC Bank Branch

  • Visit the branch of HDFC Bank where you maintain your account.
  • Ask for an PAN Card Number updation form.
  • Fill out the required details in the form.
  • Submit the form along with a copy of your PAN card.
  • When your PAN card is linked to your account, you'll receive an update from the bank.

What is the importance of PAN number for tax payers?

PAN is an electronic system through which all tax-related information is recorded against a single PAN number for a person / company. This acts as the primary key to information storage, and is shared across the country. No two tax paying entities can therefore have the same PAN. Financial institutions and agencies require PAN, too. PAN Card is issued to individuals, businesses, Indians who are not resident or whoever pays tax in India.

PAN allows the department to connect all "individual" transactions of a person within the department. These transactions include tax payments, TDS / TCS credits, revenue returns, transactions listed, correspondence etc. Therefore, PAN acts with the tax department as an identifier for the "individual."

PAN has been developed to facilitate the linking of various records, including tax payment, assessment, tax demand, tax arrears etc. relating to an assessed individual, to facilitate the easy retrieval of information and to facilitate the matching of information relating to investment, the raising of loans and other business activities by taxpayers collected from various sources, both internal and external.

PAN is mandatory for all tax paying citizens. It has to be mentioned on your income tax returns. Here are some of the applications of the PAN number:

  • For payment of direct taxes
  • To file income tax returns
  • To avoid deduction of tax at higher rate than due
  • To enter into specific transaction such as:
    • Sale or purchase of immovable property valued at Rs 5 lakh or more
    • Sale or purchase of a vehicle other than a two wheeler
    • Payment to hotels or restaurants an amount exceeding Rs 25,000 at any one time
    • Payment in cash an amount exceeding Rs 25,000 in connection with travel to any foreign country
    • Payment of an amount of Rs 50,000 or more to the Reserve Bank of India for acquiring bonds
    • Payment of an amount of Rs 50,000 or more to a company or an institution for acquiring bonds or debentures
    • Payment of an amount of Rs 50,000 or more to a company for acquiring shares
    • Any mutual fund purchase
    • Deposit exceeding Rs 50,000 with any single banking institution in 24 hours.
    • Payment exceeding Rs 5 lakh for purchase of bullion and jewellery

    By mentioning your PAN number on these transactions, the government is able to keep track of the financial transactions you have carried out in a year and levy corresponding income tax on a citizen.


TDS is Tax Deducted at Source. It is the tax deducted from incomes such as rent, salary, commission, professional fees, interest, etc. It is deducted by the person making the payment before it is credited to the beneficiary. This TDS is then deposited to the Government by the deductor against the deductee’s PAN number.

Your TDS is linked to your PAN number. This allows you and the government to conveniently track the tax that you have paid to the income tax department. You can check your TDS statement using Form 26AS.

There are two ways to check your TDS status; PAN Card is an important input criterion to check your TDS status online. You can either check the status through the TDSCPC Portal or through the Income Tax e-Filing Portal. Both these portals require your PAN Number.

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