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Introduction

PAN Card is one of the most essential documents possessed by an Indian Citizen. It is issued by the Income Tax Department under the supervision of the Central Board of Direct Taxes. PAN Card is often used as a KYC document in getting many other important documents as well like Voter’s card, Aadhaar Card, Passport, etc. Also, PAN Card is issued for the lifetime of the card holder. The PAN Card holder can subsequently update or alter the necessary details like the mobile number, address, etc. PAN Card being such an important document has become a mandatory requirement for opening an account with many banks or financial institutions. Kotak Mahindra Bank is one such bank where a person has to submit the PAN Card to open an account. If the person does not have a PAN Card and cannot submit the PAN Card at the time of opening the account, he/she has to submit Form 60.

Implications of Non-Linking or Updating of the PAN Card

The linking or updating of PAN Card information with the bank account of the account holder is deemed mandatory as per many banking regulations and for ensuring smooth functioning of various banking transactions. In the event the account holder does not link or update his/her PAN Card with the bank account, there may be many severe implications for the same. Some of the examples of such implications are mentioned below.

  • Paying tax on interest on fixed deposits even if they are not more than Rs. 10,000.
  • Non-receipt of TDS certificate from the Bank
  • Lower limit in funds transfer within the bank or with a third party
  • Difficulty in processing or receiving the Income Tax Refund

As of now, only the Basic Small Savings Bank Accounts or Jan Dhan Accounts are exempt from linking or updating their PAN Card information to their respective accounts.

FAQs – How to Link PAN Card to Kotak Mahindra Bank Account?

1. Can a person link/update the PAN Card information to their Kotak Mahindra Bank Accounts via online mode?

Yes. A person can update their Pan Card information to their Kotak Mahindra Bank account via Mobile Banking or Net Banking facility.

2. Is PAN Card Mandatory for all bank account holders?

PAN Card linking or updating to their respective accounts is mandatory for all account holders except basic small savings bank account holders and Jan Dhan Bank account holders.

3. Is Pan Card mandatory requirement at the time of opening an account with Kotak Mahindra Bank?

Yes. PAN Card is a mandatory requirement for all persons that wish to open an account with Kotak Mahindra Bank. For persons who do not have a PAN Card at such time, they have to submit Form 60 or Form 61 as the case may be.

4. Does a person have to provide PAN Card information for cash deposits of Rs. 2,00,000?

Yes. Cash deposit in any account beyond Rs. 50,000 mandatorily requires the PAN Card details to be furnished.

5. Is Pan Card Mandatory for KYC?

Yes. PAN Card is one of the most essential documents to be submitted by the account holder under any Bank’s KYC norms.

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