How to Link PAN Card With SBI Account

In recent times, we have observed the utmost need to link a PAN card with an SBI bank account. SBI (State Bank of India) has strictly been following the rule by which the detail assembling and monitoring can be processed by a solitary verified center. Including this, KYC is also one of the reasons for which PAN card application through Aadhaar has become mandatory. It is a single step for verification and is time-efficient. In fact, the actual amount of tax is also extracted effortlessly with PAN Card linking. 

The other reason for linking PAN Card link with SBI bank account is the corrupted transaction which violates the financial system drastically. It also messes up the data handling due to duplicacy and errorful data interpretation. Let us help you with the appropriate information and benefits you may enjoy by linking your Pan Card link with your SBI bank account.

How to Link Pan Card with SBI Bank Account? 

Steps to safeguard your bank account by linking it with your Pan Card can be done by the following methods:

Linking Pan Card with SBI Bank Account Online (Using SBI Portal)

The bank account holder may apply for an SBI-Pan Card linking process online through these mentioned steps:

• Visit the SBI online banking portal. 
• Enter your customer ID and password to log in.
• On the left-hand side, select ‘Profile’, then the ‘Pan Registration’ option is available.
• Fill in the profile password to be routed to the PAN registration page.
• In the new dialogue box, choose the transaction account. 
• Enter the PAN details and click on the submit button.
• An OTP will be sent to the registered mobile number after submission.
• Enter the OTP to submit the details.
• The request will then be forwarded to the bank’s branch for further processing.
• A message will be sent to your registered mobile number after successful linking.
• The bank may require up to 7 days to process the linking of the Pan Card with the SBI bank account. 
• In the case of an unregistered number for Online Banking, you may do it through online mode or offline by using the ATM/Debit Card details.

Linking Pan Card with SBI Bank Account via Phone Call (Customer Care)

For non-technical customers, SBI-Pan Card linking needs just a phone with the registered mobile number with no hustle in initiating the process;

• Call the SBI customer care toll-free number: 1800 425 3800.
• Opt for a preferable language, either Hindi or English. 
• Select the second option for ‘Phone Banking and Account-related Services’.
• Then, press 9 to consult an SBI customer service executive.
• You may ask the concerned executive to help you with the SBI-Pan card linking hustle-free. 

Linking PAN Card with your SBI Account through the Branch (Office)

An SBI account holder can easily connect their bank account with the Pan Card by visiting the branch. All you need to do is follow the below steps properly:

• Visit the nearest SBI Branch.
• Bring a copy of your PAN Card.
• Fill out a Request Letter
• Submit a copy of your PAN Card with the above letter.
• The linking will be done by the branch after the necessary verification.
• You will receive an SMS regarding the status of the link on your registered mobile number.

Impressive Benefits of Linking Pan Card with SBI Bank Account

The major factors that back the obligation of linking a bank account with a Pan card through an Aadhaar card are numerous and approachable for both the parties: the bank and the account holder. 

• Pan cards generate a scope of transparency and security with personal information through KYC compliance for banks and account holders. 

• The system’s inbuilt fool-proof verification of address and personal details ensures no repetition and jumbling of pieces of information to disrupt the account holder who owns multiple accounts in different SBI branches or other banks.

• For clarity on the taxpayer population, it helps the Income Tax Department to have the flexibility to effectively check on the expenses and income of the account holders and configure their tax payable amount with ease.

• A remittance of Rs. 50,000 or above needs a PAN card linked with the bank account. If not, then Form 60 may also be helpful for the purpose. 

• The process can also incorporate a fast recovery system with a bank account and PAN related issues. 

• To save the TDS on fixed deposits, you may benefit from a 10% deduction instead of 20%, which is double the amount due to Pan card linkage.

Fee and Charges for PAN Linking to SBI Account

There are a few charges that have to be paid for your SBI Pan Card Link. SBI has taken out a rule for linking your bank account to your Permanent Account Number (PAN) Card. This has been made compulsory as per section 139AA of the Income Tax Act 1961, which has to be done by the 30th of June 2023. 

The fee that will be applicable for doing so, will be depended on the date of your linking. The charges are as follows:

1. By 30th June 2023 – Rupees 500
2. After 30th June 2023 – Rupees 1000

What is the importance of PAN Linking to SBI Account for taxpayers?

• Along with evidence of address, a PAN card serves as identification and ensures KYC compliance in bank accounts.
• It can assist SBI in locating duplicate bank accounts both in that branch and other SBI branches.
• It will make it easier for the Income Tax Department to compare your out-of-pocket expenses to your income, which helps file tax-related inquiries.
• Any payment into the account you have with the bank that exceeds Rs. 50,000 needs to be made using your PAN or Form 60. Therefore, to resolve any PAN-related issues with the bank, it is recommended to have a PAN affiliated with your operating account.
• If you have set fixed deposits and your bank account is not connected to your PAN, you will be required to pay TDS of 20%, rather than the current 10%, on any income from these deposits that exceeds your taxable limits.

End Thoughts

The government of India has made integration and centralised data quite quicker and simpler. Linking bank accounts with PAN cards through Aadhaar cards is one such example which is accessible and trackable despite time or place bounds. This works as a shield against any uncertainties with your hard-earned finances and helps the government with a scope of visibility. If you have yet to link your Pan Card link with your SBI bank account, do it immediately with the online portals provided above for safe, systematic, and happy transactions ahead.

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