How To Link Pan Card With SBI Account, How can we update a PAN card in State Bank of India (SBI) Online, https://www.onlinesbi.com/. PAN card is necessary for many financial transactions in India. Pan card is significantly important while opening a new bank account with banks. When opening a new bank account with SBI, an individual must enter the important PAN information to link it to their SBI account. However, sometimes individuals are not able to add their PAN card details.
In such cases, there are certain procedures that they should follow to add their PAN card details to their SBI account. The individual can file Form 60/61 to link their pan card details with their SBI account. To get your income tax refund, it is important to link your Permanent Account Number (PAN) to your bank account. The two will have to be linked even if you want to make high value transactions (usually above Rs 50,000).
Linking your Permanent Account Number (PAN) with your existing SBI (State Bank of India) savings accounts has become mandatory, except for those having Basic Savings Bank Deposit Accounts (BSBD), as per the amended income-tax rules. All the SBI account holders should, hence, submit their PAN details to conduct hassle-free transaction using their SBI bank accounts.
|Name of the Link||Linking of PAN with SBI Account|
|Title||Steps to Link PAN Card with SBI Account Online/Offline|
|Subject||State Bank Of India enabled the service for PAN Linking to SBI Account|
In case PAN is not available, they can submit Form-16, which is a self-declaration form to declare that the individual does not have a PAN card. If you are one among those who have not furnished your PAN details yet, find below the methods with which you could link your PAN with your SBI bank account.
The State Bank of India (SBI) has urged its customers to mandatorily link their permanent account number (PAN) with Aadhaar cards to avoid any inconvenience and to continue enjoying seamless banking services.
Why Link PAN details with SBI?
- Banks are increasingly asking the new account openers to fill their PAN details while opening the bank account.
- PAN details are important when fixed assets (properties, vehicles) are bought or sold.
- PAN details are also need to buy shares worth Rs. 1 lakh.
- Also, While depositing funds of more than Rs.50000.
- Pan Card is Necessary to open a DEMAT account.
- Pan details are also necessary when buying credit card from the same bank, if they are not up to date the user might not get their credit card.
- If an individual is a taxpayer it is important that the individual must link the details.
- Linking of PAN details is also important for purity of data.
- Linking PAN details with SBI account will help in proper deduction of Tax Deducted at Source (TDS).
- If PAN card details are not provided 20% TDS is deducted on financial transactions. If PAN card details are provided 10% TDS is deducted on financial transactions. This in turn help in avoidance of double taxation.
How to Link PAN Card with SBI Account Offline (at Branch)
In order to Link the PAN card details it is necessary to follow certain steps. The process is very simple and it does not take much time. However the process cannot be done online. The following process must be followed:
- If for some reason your request for linking your PAN with your SBI account is rejected online at https://www.onlinesbi.com, then you may have to go to your bank branch to do the same.
- To link your PAN with your SBI bank account, the individual must visit the branch office of SBI where they have their account.
- The individual must ask for standard request form (KYC) and fill it. For this form no. 60/61 should be filled and submitted.
- Also submit a self-attested photocopy of PAN Card.
- A letter should also be addressed to branch manager. The letter should tell the manager about the information that has to be updated.
- Do remember to carry the original one as well, as the bank official may ask you to verify the same.
- Once the necessary verification is done by the bank, you will get an SMS from the bank on your registered mobile number regarding the same.
Thus it can be seen that linking PAN card details to SBI account is necessary. Pan cards are very important because they not only serve as proof of identity but also help in other financial transaction. Linking PAN details with the bank account is also good on the part of an individual. This way all of their financial transactions are known by the income tax department. This can help save money on double taxation. Linking PAN details to the SBI account is not a lengthy process. All an individual must do is to fill the KYC form and submit it. Rest all will be done by the bank.
Steps to Link Pan Card With SBI Account Online (Using Internet Banking)
If you want to link your PAN with your State Bank of India (SBI) bank account, then you can do it online without visiting the branch. For this, you will have to register yourself for the Internet banking facility. Further, you will need to have an active ATM card and your mobile number has to registered with your bank account. Follow these steps to link your PAN with your SBI account.
- Visit the www.onlinesbi.com website
First of all user can visit the official website of State Bank Of India, www.onlinesbi.com.
- Login to your Account
Once you reach the official website, clock on the login button and login to your account with login credentials.
- Click on Profile Link
Once you logged in to your account, click on the Profile link, under the 'My Accounts & Profile' tab.
- Click on PAN Registration Link
After clicking on the link, the Profile section would be opened, in this, click on the 'PAN registration' link.
- Enter Profile Password
After clicking on PAN link, a new webpage will appear on your screen. You will be asked to enter your profile password. Remember your profile password is different from your login password. Click on submit after entering your profile password.
- Click on the Click here to register
If the PAN is already registered in your account, then it will be reflected on your screen. If not you will be asked to select the account number for which you want to link your PAN. For this, Click on the click here to register link.
- Enter the PAN number
Now, enter the PAN number in the required box and click on the Submit button. Your request for linking your PAN with your SBI bank account will be forwarded to your bank branch. The branch will process your request in seven days. Once your PAN is linked with your account, then the bank will send you an SMS confirming the same.
Have you linked PAN to your account? No? Now, no need to visit your branch for that. Just follow the steps mentioned in the video and link your PAN to account online through Online SBI.
What if PAN is not linked?
The PAN will become inactive and, to reactivate it, late fees of ₹1,000 will have to be paid. A penalty of ₹10,000 may also be imposed on the defaulters under section 272B of the Income Tax Act.
What is PAN?
PAN is a 12-digit alphanumeric code allotted by the Income Tax department. It is used for finance-related work. Aadhaar, on the other hand, is a 12-digit 'unique identity'” number issued by the Unique Identification Authority of India (UIDAI). It is one of the most significant identification documents for Indian nationals.
How to link PAN card?
The PAN and Aadhar two documents can be linked either via SMS or on the website of the Income Tax department.
For linking via SMS, type UIDPAN<space><12-digit Aadhaar number><space><10-digit PAN> and send it to 567678 or 56161. Once the message is sent to either of the two numbers, PAN will be linked to Aadhaar card. For linking through the website, go to incometaxindiaefiling.gov.in and click on “Link Aadhaar” under “Our Services” tab. Next, enter details like PAN, Aadhaar number, name as per Aadhaar and mobile number and click on “Link Aadhaar”. The two documents will then be linked.