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Introduction

PAN Card is the Permanent Account Number issued by the Income Tax Department of India to all its tax payers. This PAN Card is a unique alpha-numeric 10 digit number that is issued one for each taxpayer and valid for their lifetime. The PAN Card can subsequently update or modify the details of the PAN Card like their mobile number, address, etc. by submitting the required form to the Income Tax Department. Pan Card is also used as an important KYC tool by the Banks and other financial institutions. Also, as per revised RBI guidelines, PAN Card and Aadhaar Card are mandatory requirements for opening any new bank accounts. The existing account holders are also required to link their PAN Cards to their Bank account at the earliest.

According to the above guidelines of RBI, UCO Bank also requires its customers to provide their PAN Card information and link the same to their bank accounts. UCO Bank is one of the major public sector banks of the country having a huge customer base. The bank requires the persons not having a valid PAN Card to submit form 60/61 at the time of opening a new account. Such customers have to subsequently apply for a valid PAN Card and link the same to their accounts with the bank within a period of 6 months.

The procedure for such linking of the PAN card is very simple and hassle free and is detailed below.

Consequences of Non-Linking of PAN Card to UCO Bank account

Linking of PAN Card to the bank account is mandatory for all account holders of the bank irrespective of the type of account. Only Jan Dhan Accounts or Basic Small Savings Bank Accounts are exempt from PAN Card requirement at the time of opening the account.

There are many serious consequences of not linking the PAN card to the account holders UCO Bank account. Some of such consequences are mentioned below.

  • PAN Card is a basic KYC requirement of the Banks which will not be completed if the PAN Card information is not provided.
  • Demat accounts require PAN Card mandatorily right from opening the Demat Account to executing the transactions of purchase and sale of equity, mutual funds, bonds, debentures, etc. hence, without PAN Card information or linking with the UCO Bank Account, the account holder cannot avail the Demat Account facilities.
  • Linking the PAN Card the bank account is also essential for easily receiving Income Tax refunds
  • The account holder also cannot deposit cash exceeding Rs. 50,000 if the Pan Card is not linked to the Bank account.
  • The limit to carry out online funds transfer will also be restricted if the PAN Card of the account holder is not linked to his/her Bank Account.

FAQs - How to Link PAN Card with UCO Bank Account?

1. Can a person not having PAN Card open an account with UCO Bank?

Yes. Although PAN Card is Mandatory to open a new Bank account, if a person does not have one at the time of opening the account, he/she can submit form 60/61 at such time and apply for a valid PAN Card.

2. What is the time limit to submit the valid PAN Card when Form 60/61 is submitted at the time of opening the account?

UCO Bank account holders who have not submitted PAN Card at the time of opening the account with the bank have to submit the same within 6 month of opening the account.

3. Can PAN Card be renewed from time to time?

PAN Card is a Permanent Account Number that is issued to a Taxpayer and is valid for lifetime. Hence, PAN cards do not need to be renewed from time to time.

4. Are all the holders of a joint account required to link their PAN Cards to the account?

Yes, in case of a joint account, all the account holders are required to link their PAN Cards to the joint account.

5. Is e-PAN Card Valid?

Yes. E-PAN is the PAN card issued in electronic form by the Income Tax Department and is equally valid like the PAN Card in physical or traditional form.

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