PAN Card is issued by the Income Tax Department to any person who applies for it by submitting required documents whether he is a tax payer or not. But the main purpose to issue PAN Card is trace the tax payment and Income details of those person who applies for it. Central Board of Direct Taxes has the authority to issue PAN Card. Most of the banks has made it mandatory to link PAN Card to your bank account because PAN Card serves as an identity proof to carry out certain financial transaction. If you do not submit PAN Card, then you have to submit Form 60/61 along with the reason not to have PAN Card. But later you should update your bank account as soon as you get your PAN Card.
In present situation, most of the bank compulsorily demands PAN Card for many transactions like sale and purchase of immovable property, deposit over certain limit, securities transactions and many more. And those who have not updated their KYC are asked to update soon by linking their ID Proof along with the PAN Card. So, we come here to help you how you can link your PAN Card if you are a Kotak Mahindra Bank Account Holder. Generally, most of the bank allows to link your PAN card to your bank account online and offline both ways. Letâ€™s see whatâ€™s there in case of Kotak Mahindra Bank:
Offline procedure to link PAN Card to your Kotak Mahindra Bank Account-
- – The general offline procedure to link PAN Card to Bank Account is to visit the branch and fill up the form of PAN Card Upgradation and submit it to the concerned bank official. Those customers of Kotak Mahindra Bank who have not submitted their PAN card earlier, compulsorily need to go to the bank and update their KYC by submitting the self-attested copy of the PAN Card.
- – Currently, Kotak Mahindra Bank does not allow to open a bank account without submission of PAN Card, so you are suggested to visit bank only after getting the PAN Card. If you do not have PAN Card then you can apply for it and only after the receipt of the PAN Card, you may contact with the executives to open a bank account.
Online procedure to link PAN Card to your Kotak Mahindra Bank-
- – Currently, Kotak Mahindra Bank has not made any provisions or update to the website regarding the online linking of PAN Card. You need visit bank for doing it as mentioned above.
- – What most you can do is go to the official site of Kotak Mahindra Bank http://www.kotak.com/ and download the PAN Card Updating Form and fill it with the required details and submit it to the concerned bank officials.
- – The officer at the bank shall verify the photocopies of your document with the originals, thus make sure you carry your original PAN Card and the related documents when you visit the bank. The entire process of linking your PAN Card with your Canara Bank Account usually takes no longer than 20-25 minutes.
Linking PAN Card with your respective Canara Bank account is very much important as it has many benefits of doing so. At the same time, you may face many consequences and difficulties if you do not link PAN Card with your Kotak Mahindra Bank account. The major consequence of linking a PAN with the Bank account is that you will have to pay tax on interest earned on the deposits. Further, person those who have a PAN Card but have not linked it yet with their bank account will not be granted their TDS Certificate (Form 16) by the bank.