“6 Simple Steps to Link Your PAN Card to Canara Bank Account: Unlock Exclusive Benefits Now!”

Introduction

Linking your PAN card with your Canara Bank account is now mandatory as per the regulations of the Income Tax Department. Canara Bank provides multiple options to link your PAN card, whether through online methods or by visiting the bank branch. In this blog post, we will guide you through the different ways you can link your PAN card with your Canara Bank account, the benefits of doing so, and the consequences of non-compliance.

Link PAN Card With Canara Bank Account

Customers can link their PAN cards with their Canara Bank accounts using any of the following methods:

1. Online

To link your PAN card online, follow these steps:

1. Visit the Canara Bank net banking portal and log in.
2. Go to the service request section and select “PAN update.”
3. Enter your PAN details in the required fields.
4. Click “Submit.”
5. After 1 to 2 days, the PAN card will be linked to your Canara account, and you will be notified via SMS or email.

2. Offline

To link your PAN card offline, follow these steps:

1. Visit the nearest Canara Bank branch.
2. Request the linking form or download it from the official website.
3. Fill out the form accurately and submit it with the required documents and a copy of your PAN card.
4. After verification, your PAN card will be linked to your Canara Bank account within a day or two, and you will receive a notification.

3. By Calling Customer Care

To link your PAN card by calling customer care:

1. Call Canara Bank’s customer care service from your registered mobile number.
2. Select the option to speak with a customer care representative.
3. Inform the executive that you want to link your PAN card with your Canara Bank account.
4. Answer the verification questions and provide your PAN number.
5. Your PAN card will be linked to your Canara Bank account within two days, and you will be notified.

NOTE: Linking your PAN card is crucial for Canara Bank to comply with regulations and to track your financial transactions as per the guidelines of the Income Tax Department.

What Happens In Case Of Non-Linking PAN With Canara Account?

If you fail to link your PAN card with your Canara Bank account, there can be consequences:

• A 20% Tax Deduction at Source (TDS) may be imposed on bank fixed deposits if the PAN card is not provided.
• Canara Bank may reject transactions such as shares, debentures, mutual funds, etc., worth more than Rs. 50,000.

Frequently Asked Questions (FAQs)

1. Is it Possible to Link The PAN Card with The Canara Account Online?

Yes, you can link your PAN card with your Canara Bank account online through the bank’s official net banking portal.

2. How Many Days Does it Take for The Bank to Update The PAN Details?

It takes approximately one to two days for Canara Bank to update the PAN details once the request is submitted.

3. Do I Need to Submit My Original PAN Card When Updating PAN Details?

No, you do not need to submit the original PAN card. A self-attested photocopy of the document is sufficient to link your PAN card with your Canara Bank account.

In conclusion, linking your PAN card with your Canara Bank account is now essential. It can be done online, offline, or by calling customer care. Failure to link your PAN card can result in consequences such as TDS on fixed deposits and rejection of certain transactions. Ensure compliance to avoid any issues and to stay in line with the regulations set by the Income Tax Department.