Link PAN Card with SBI Account Online

State Bank of India provides a range of savings accounts to cater to varied requirements of customers. New or existing account holders now need to have their PAN linked with their operational SBI savings accounts. If any of the users fail to do so, they will not be entitled to receive the TDS certificate issued by the banks. There are different ways through which new or existing users can add or update their PAN details with the active account.

Let’s now have a look at the ways through which SBI account holders can link their PAN with their bank accounts.

Linking PAN Card with the SBI Account Online

SBI internet banking users can now easily link their PAN with their bank account by simply following the steps mentioned below:

Step 1: Visit the SBI internet banking website at https://onlinesbi.sbi.bank.in/

Step 2: Log in with your Customer ID and Password

Step 3: After you are logged in to the page, click on the “e-Services” tab

Step 4: Select PAN registration from the drop-down menu list under the “e-Services” tab

Step 5: You will be redirected to the PAN registration page, where you need to enter your profile password

Step 6: Select transaction account, enter your PAN details and submit

Step 7: After you have submitted, an OTP will be generated and sent to your registered mobile number

Step 8: Enter the OTP and submit your request. Your request will be forwarded to the branch for processing. The SBI branch will take up to 7 days to process your request.

Step 9: You will receive an update from the bank after it is verified by the concerned authorities through mail/message registered with the account.

If any of the SBI account holder fails to do so, they have to submit Form 60 or PAN Form 61 to the bank officials stating the reason of not possessing PAN yet.

Linking PAN Card with the SBI Account Offline

As many account holders do not have access to internet banking, SBI has come up with offline PAN-SBI account linking. Follow the steps mentioned below for offline linking:

Step 1: Visit the State Bank of India branch where you have opened your account

Step 2: Ask for the PAN update/correction form from the bank officials

Step 3: Fill up the details required carefully without making mistakes or overwriting in the form

Step 4: Submit the form with the self-attested copy of PAN Card and the letter addressed to the Branch Manager regarding PAN update. The linking is done by the branch after necessary verification and an update is sent via message/mail from the bank.

Every SBI account holder should get his/her PAN linked with the savings account to avail the benefits of government subsidies and keep the account active. If any account holder fails to do so, they would not be entitled to get TDS certificate from the bank and also has to face other consequences thereby.

Benefits of Linking PAN with your SBI Account

• PAN card is a proof of identity and it guarantees KYC compliance in a bank account along with proof of address
• It can help SBI identify duplicate bank accounts within a particular branch as well as in other branches of SBI
• It will help the Income Tax Department to track your expenditure against your earned income, which in turn is a useful tool for raising taxpayer queries
• Remittance of any amount exceeding Rs. 50,000 into your bank account requires PAN or Form 60. It is thus, advisable to have a PAN linked to your operating account in order to overcome all PAN-related issues with the bank.
• In case your PAN is not linked to your bank account and you have fixed deposits, TDS of 20% instead of the current 10% on income on these deposits which is above the taxable limits will be deducted.

FAQs

Q. What are the charges to link my PAN card with SBI account?
Ans. There are no charges/fees to link your PAN card with your SBI savings account.

Q. I have 2 accounts with SBI. Do I need to link both of them with my PAN card?
Ans. Yes, you are required to link all your bank accounts with your PAN card.

Q. Is it possible to open a new account with SBI without PAN card?
Ans. No, you mandatorily have to provide your PAN card to open a new account with SBI.

Q. What will happen if my PAN card is not linked with my SBI account?
Ans. In case your PAN card is not linked to your SBI account, depositing cash exceeding Rs. 50,000 or opening a fixed deposit account will not be possible. Additionally, TDS at the rate of 20% instead of the current 10% will be deducted if the interest amount of the FD account exceeds Rs. 40,000.

Q. How to check whether PAN Card is linked to SBI savings account?
Ans. To check the number of accounts linked to your PAN, log in to the official income tax e-filing portal using your user ID and password and find the option to verify your bank account details.