In the current market scenario, almost all the Banks and Financial Institutions have made it mandatory for the account holders to link their PAN (Permanent Account Number) to their respective accounts (saving/ current).
PAN card is used as an important identity proof which further helps to ensures KYC compliance in a Bank account. Moreover, bank account details are required to be submitted when anyone files tax returns. Thus one must link his or her PAN account details with the respective Bank account.
The State Bank of India has now made it mandatory for its customers to provide the details of their PANs, allotted by the Indian Income Tax Department.
SBI net banking users can link their PAN card details themselves simply by using their online accounts.
Steps to link PAN card with SBI account are as follows:
- Log in to the official website of SBI.
- Once you will log in, the following page will be displayed:
- Now, under the Personal Banking category, click on Log in.
- Then, click on “continue to login.”
- Furthermore, enter your user Id and password.
- Now click on the ‘e-Services’ tab.
- Select the ‘PAN registration’ option in the drop-down menu.
- On the next page enter your profile password.
- Then, a new page will appear where you have to select ‘Transaction Accounts’.
- Here, enter your registered mobile number and PAN and submit the same.
- Next, you will receive OTP on your registered mobile number.
- Enter the OTP and click on the “submit button”.
- Now, your PAN registration request will be forwarded to the Bank.
- The system will generate a reference number based on which you can track the status of your PAN registration.
Generally, it takes 7 days for the SBI to link your Permanent Account Number to your bank account. In this process, there no need to provide any physical copy of the PAN card to the Bank.
Linking PAN with SBI Bank account offline
For the offline process, follow the given steps:
- Visit your nearby SBI home branch.
- There you need to submit the following documents:
- KYC (know your customer) Form for PAN Updation.
- A self-Attested photocopy of your PAN Card
- A Letter Addressing to the Branch Manager of SBI Branch and mention regarding the updation of your PAN Number.
Furthermore, the motive behind the linking of PAN with a bank account is to facilitate the high valve financial transactions and online banking services to its customers within the legal framework.
Related Article- Know your PAN