Pan Card linking to SBI Account
Registering PAN card number to your SBI account is very important. The Pan Card is binding nowadays. You have to pay your taxes twice in case you do not have a PAN card. It becomes imperative for you to have a PAN card if you are to deposit an amount more than 50,000 INR. The same applies to your business transactions and your salary.
Link Pan Card to SBI Account Procedure
The taxes (TDS) cannot be levied on you without your PAN. The bank will send you a certificate and will deduct 20 percent of tax instead of 10 percent making you pay double of your taxes. In opening an account at a bank nearby or opening it online, you will be asked to fill in your PAN. if you do not have PAN you have to fill in form 60/61. You must have a PAN card to open a Demat account. It is usable while buying shares that exceed one lakh and when you buy a vehicle or sell a property. It also serves as a proof of Identity with a photo of yours on it. You can use PAN card as a substantial identity proof while applying for passport, telephone connection, credit card and when you invest your money in securities or mutual funds
Perhaps, you already have an account in SBI and you might have received your PAN recently. In your case, you might not have linked your PAN card to your SBI account. Similar to this there are examples of customers who might have left out to link PAN to their SBI account because of one or the other reason. Linking Pan Card to your online SBI a/c has to be done especially if you are a taxpayer and it is vital that you to do it. The following step shown below will aid you to link PAN to your SBI Account.
How to register PAN in SBI account? It is not an online process.
- For Register PAN number to your SBI account, you need to visit the branch of SBI where you hold an account.
- Ask for a KYC form for updating your PAN Card. KYC is the abbreviated form of Know Your Customer. It is a process banks and other business organisations implement to verify the identity and the address of the customer. It is mostly done by the banks when you open an account with them.
- Fill the form and check thoroughly for any mistakes.
- While submitting your filled KYC form, you need to submit the following. They are a copy of your PAN card and a letter to the Branch manager requesting to update your PAN in your account. You must keep your original card with you because at the branch they may ask you to show it while you submit the documents required for updating your PAN in your SBI a/c.
Registering Pan Card to Online SBI Account
You can see how much important it is to have a PAN card and how important that it must be linked to you SBI account. It is recommended that you quote you PAN in all your transactions, both bank and business. Therefore, save your money from double taxation by linking Permanent Account Number to your SBI account. It will not take much time for linking your account to your PAN. Go to the nearest branch of SBI, fill in the KYC form, and submit the required documents to link your PAN to your SBI account. The bank will do it at the earliest.