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Punjab National Bank is a public sector bank and is a well known name in a banking world. Post its merger with United Bank of India and Oriental Bank of Commerce, PNB has become the country’s second largest lender. PNB has various products and services catering to both retail customers as well as corporate customers. PNB is also privy to many Government schemes and initiatives that have been taken over the decades for the welfare and upliftment of the citizens of the country. For all such schemes, one of the foremost and mandatory requirements is submitting or furnishing the PAN Card. PAN Card is one of the most important documents issued by the Government of India to its citizens. PAN Card is the Permanent Account Number, a unique number allotted to the citizens of the country. Once issued, PAN card is valid for the lifetime of the PAN card holder. It can be used as an Identity Proof or fulfilling the KYC requirements in various schemes or even for applying loans of the Bank.

Linking the Pan Card to a bank account is not mandatory. However, the bank requires the bank account to be linked with the PAN Card for various transactions like funds transfer, applying a loan, credit/debit cards, starting a fixed deposit, etc. Also, the Income Tax department mandatorily required the account holder to link his/her bank account with the PAN Card. This is mainly to ease and authenticate any refund proceedings. Thus, linking of PAN Card to the bank account of the account holder is deemed mandatory.

Consequences of not linking PAN Card to PNB Account

Linking of PAN Card even though not made mandatory, there are numerous consequences of not linking one’s PAN Card to his/her PNB account. Some examples of such consequences are listed below.

  • Non-processing or difficulty in processing of IT refund
  • 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.
  • Non-fulfillment of basic KYC norms of Bank
  • Reduced limit to carry out online funds transfer

FAQs – How to Link PAN Card to PNB Account

1. What is PAN Card?

PAN Card is a 10 digit unique Permanent Account Number issued by the Income Tax Department to each individual taxpayer which also serves as an identity proof and address proof across various Government schemes and/or with Banks/other financial institutions to fulfill their KYC norms to open a new account or apply for a loan, etc.

2. Can a person link his/her PAN Card to their PNB Account using net banking?

Yes. One of the easiest ways to link PAN Card to one’s PNB Account is to do it using the net banking facility by logging into their net banking account.

3. Is PAN Card mandatory for all account holders?

PAN Card is mandatory for all account holders except small savings bank account holders as well as Jan Dhan Account holders. For such account holders, Form -60 has to be duly submitted and a valid PAN Card has to be submitted within 6 months of opening the account.

4. Can PAN Card details be changed?

PAN Card is a valid Permanent Account Number issued to the citizens of India and once issued is valid for their entire lifetime. However, the details on PAN Card like mobile number, address, etc. can be changed or updated via requisite forms.

5. Is PAN Card a necessary document for any fixed deposits?

Yes. PAN Card is a mandatory document that needs to be submitted for starting any fixed deposits exceeding Rs. 50,000.

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