How To Link Pan Card With SBI Account, How can we update a PAN card in State Bank of India (SBI) Online. 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. read more on How to Link Pan Card With SBI Account from below…
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. Now check more details about “How To Link Pan Card With SBI Account” from below……
How To Link Pan Card With SBI Account
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.
Steps to Follow
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:
- To link PAN details 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.
Please Submit Form 60 if you don’t Have PAN Card
Click Here to Download Form 60 in PDF Format
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.