The Income Tax Department has made linking bank accounts with PAN cards compulsory. Therefore, Canara Bank has made it essential for customers to link their PAN cards with the Canara account. The bank allows customers to link the document with a bank account online or visit their branch.
Let’s take you through the ways you can link a PAN card with a Canara bank account, its advantages, and the penalty for non-compliance.
Table of contents
Link PAN Card With Canara Bank Account
Customers of the bank can link their PAN cards with their Canara Bank Accounts in three ways, as listed below:
Step 1: Visit the net banking portal of Canara Bank and log in using the credentials given by the bank.
Step 2: After successfully logging in, go to the service request section on the homepage and click on the option for PAN update.
Step 3: In the new window, enter the PAN details in the fields, such as PAN number, DOB, registered mail ID, etc.
Step 4: After all the details are entered, click on the ‘Submit’ button.
Step 5: The PAN card will be linked to the Canara account after 1 to 2 days of submitting the request. Once the updates and changes are made, the bank will notify the customer through their registered mobile number or e-mail ID.
Step 1: Visit the nearest Canara bank to link the PAN card with the Canara account.
Step 2: Ask for the linking form or download it from the official website of Canara bank. Fill in the form accurately with all the details asked by the bank.
Step 3: After successfully filling out the form, submit the required documents and a copy of the PAN card to the bank officer. The bank officer might also ask for an original copy of the document to verify its authenticity.
Step 4: After successful verification, the bank will link the PAN card to the Canara Bank account within a day or two. After the PAN update is completed, the bank will send a message to the registered mobile number or email ID.
By Calling Customer Care
Step 1: Call the customer care service of Canara Bank from the registered mobile number.
Step 2: In the IVR selection, sketch the option to talk to a customer care representative.
Step 3: Tell the executive that you want to link your PAN card with the Canara Bank account.
Step 4: Answer all the questions asked by the executive, such as date of birth, name, address, etc. Then, tell them your PAN number, and they will process the changes.
Step 5: The PAN card will be linked to the Canara bank account within two days. Once the changes are made, you will receive a message or mail from the bank at the registered email ID or phone number.
NOTE: The PAN card is one of the most crucial documents that banks demand. Canara Bank also requires this document to keep track of its activities. Linking PAN cards to bank accounts is also important so that the Income Tax Department (ITD) can follow an individual's or a non-individual enterprise's financial transactions.
More Information About Link PAN with Bank
What Happens In Case Of Non-Linking PAN With Canara Account?
During bank fixed deposits, a 20% Tax Deduction at Source (TDS) (as or against 10% depending on the tax category the consumer falls under) would be imposed if the PAN card is not provided and linked with the Canara Bank account. This TDS is only required if the interest on the GD in a financial year is equal to or greater than Rs. 10,000. Canara Bank can reject shares, debentures, mutual funds, and other financial transactions worth more than Rs. 50,000.
More Information About PAN Link
|PAN Card Through Aadhar Card||Link Aadhar with PAN|
|Check PAN and Aadhaar Linked Status||Link PAN Card to EPFO|
|Link PAN to Aadhar on Income Tax Portal|
Frequently Asked Questions (FAQs)
Is it Possible to Link The PAN Card with The Canara Account Online?
Yes, you can link your PAN card with the Canara Bank account through their official net banking portal.
How Many Days Does it Take for The Bank to Update The PAN Details?
It takes around one to two days for the Canara bank to make the changes and update the PAN details.
Do I Need to Submit My Original PAN Card When Updating PAN Details?
No, you do not need to submit the original PAN card to the bank. Instead, a self-attested photocopy of the document will be asked to link the PAN card with the Canara bank account.