Quick Answer: Is Pan Necessary For Bank Account?

How can I open a bank account without any documents?

Driving Licence.

Voters’ Identity Card.

PAN Card.

Aadhaar Card issued by UIDAI and..

Do we need PAN card to deposit money?

Importance of PAN card Quoting of PAN is also required for setting up a time deposit – or fixed deposit – exceeding ₹ 50,000 with a financial institution. Also, a cash deposit exceeding ₹ 50,000 in a post office savings account requires PAN, according to the taxman.

What documents are required for opening bank account?

Savings Bank Account(a) Proof of identity (any of the following with authenticated photographs thereon): (i) Passport. (ii) Voter ID card. (iii) PAN Card. (iv) Govt./Defence ID card. … (b) Proof of current address (any of the following) (i) Credit Card Statement. (ii) Salary slip. (iii) Income/Wealth Tax Assessment Order. (iv) Electricity Bill.

Where is Pan mandatory?

As per rule 114B, following are the transactions in which quoting of PAN is mandatory by every person except the Central Government, the State Governments and the Consular Offices: Sale or purchase of a motor vehicle or vehicle other than two wheeled vehicles. ​ ​

Can I open my bank account in other state?

The bank may require you to enter your state before allowing you to continue, and may not have the option for you to open an account if you live in a state in which that bank has no branches. However, in other banks you may be able to open an account online where you wouldn’t be able to do so in person.

What is officially valid documents?

Officially valid documents (OVDs) for KYC purpose include: Passport, driving licence, voters’ ID card, PAN card, Aadhaar letter issued by UIDAI and Job Card issued by NREGA signed by a State Government official. … Those persons who do not have any of the ‘officially valid documents’ can open ‘small accounts’ with banks.

What documents do I need to open a bank account?

Documents Required to Open a Savings Bank AccountPAN card.Passport.Driving License.Voter’s ID.Employee ID.Bank passbook.Ration card.

At what age PAN card is made?

Students can apply for a PAN card as long as they are above 18 years of age. In case you are a minor (younger than 18 years old), your parents can apply for the PAN card on your behalf. There is no maximum age limit for application of PAN card. You can be of any age and still apply for a PAN card.

Can I deposit 50000 cash in bank without pan?

Pandey also said, “You can use your Aadhaar to deposit more than Rs 50,000 in bank accounts, instead of PAN. In order to curb black money in the economy, the government has made it mandatory for people to use their PAN in cash transactions of more than Rs 50,000 in the case of hotel or foreign travel.

How can I open a bank account without proof of address?

Those who do not posses a valid identity or address proof, can still open a bank account known as ‘Small Account’ by submitting recent photograph and signature or thumb impression in the presence of the bank official. Thus, opening of a Small Account does not require any identity or address proof documents.

What happens if PAN card is not linked with bank account?

In case your PAN Card is not linked with a bank account, opening a fixed deposit account, depositing cash more than Rs. 50,000 will not be possible. Moreover, it will also result in TDS getting deducted at 20% if the interest amount of the FD account exceeds Rs.

Is PAN card mandatory for all citizens?

All Indian citizens having the source of income and valid proofs (as prescribed by the Income Tax Department) are eligible to apply for PAN card. Obtaining a PAN card or Permanent Account Number is mandatory for every tax payer or the person who needs to file an income tax return on behalf of self or others.

Do I need proof of residency to open a bank account?

Identification: When opening an account in person, most banks require two forms of identification such as a Social Security card, driver’s license, state ID, passport or birth certificate. … Proof of Address: To open an account in person, bring a lease or utility bill with your name and current address.

Can I open my bank account without Aadhar card?

The Supreme Court of India ruled that it is not necessary for you to link Aadhaar Card to existing savings accounts or to open a bank account. No private company or bank can ask for an individual’s Aadhaar as a mandatory document for verification.

What details can we get from PAN card?

Visit https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html to Enter your account and click on “My Account”. Go to Profile Settings and click on PAN Details. Your details will be generated. You will receive the name, area code, jurisdiction, address and other information.

What is PAN card and why it’s important?

The Permanent Account Number (PAN) card, issued by the Income tax Department, is one of the most important documents nowadays. The card was issued in order to prevent tax evasion by individuals and entities as it links all financial transactions made by a particular individual or entity.

Can I open bank account without pan?

SBI Small Accounts: A Way To Open Bank Account Without Valid KYC Documents. If you over 18 years of age and do not have a valid identity proof or PAN, the State Bank of India (SBI) still allows you to access the banking system.

When pan is made mandatory?

January Onwards, PAN Mandatory For Transactions Above Rs 2 Lakhs. With effect from 1 January 2016, you would have to furnish your Permanent Account Number (PAN) for all transactions above Rs 2 lakhs, irrespective of the mode of payment adopted.

Can I deposit 3 lakh to a savings account without having a PAN card?

NEW DELHI: The government has announced a new rule to prevent people from making multiple cash deposits in their bank accounts without quoting the PAN. Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision.

Is PAN card compulsory for passport?

Birth certificate no longer mandatory for passport; PAN card, Aadhaar, driving license will suffice. New Delhi: In order to streamline, liberalise and ease the process of issue of passport, the government has said that the birth certificate is no longer required to get a passport.

Why is PAN card necessary for bank account?

PAN card is a compulsory Government document which is needed in most of the financial transactions. The Income Tax Department made it mandatory to link bank account with PAN. The main reason for linking PAN card with a bank account is that in case of income tax refunds, it will be credited easily to the bank account.