Is Pan Card Necessary For Opening Account? Apply New Card/Check Pan Card New Rules

Pan Card Necessary For Opening Account

PAN card is now mandatory to open an account in any bank. A very important notification has been issued by the Income Tax Department, in which it has been clearly mentioned that to open an account in any bank, you will have to give PAN card.

Along with that, there are two more points in that notification, basically what used to happen till now, many people open accounts without PAN card and used to do transactions in small amounts inside that account, such as without PAN card.

For example, without opening an account without a PAN card, you cannot get a cash deposit of more than 50,000, so what many people used to do by keeping the limit within 50- 50,000 within a month, many times cash deposit within a year Used to do it too. Even when he used to do cash withdrawal, he had no restriction.

Till now there was no such rule, so now the Income Tax Department has brought a new rule in it. Pan Card Necessary For Opening Account

That is, if you have all the bank accounts inside any bank account, you have accounts inside the post office, you can deposit cash up to ₹ 20 lakhs within a financial year by adding the total inside them.

That is, between April 1 and March 31, you can deposit cash up to ₹ 20 lakh inside your total bank account.

If the PAN card is not linked in your bank account or you have not got the PAN card made. (( aPPLY FOR NEW PAN CARD ))

Second Rule (Pan Card Necessary For Opening Account)

along with that the other rule that has come is that of cash withdrawal i.e what you used to do till now. You can withdraw any amount of cash from your bank account. There was no limit on it. Pan Card Necessary For Opening Account

If you used to make cash withdrawals more than a certain limit, then TDS was applicable on it. But till now there was no such limit that you can withdraw only this much money.

Now a limit has come on this too. That is, if you do not have a PAN card in your bank account, then you can withdraw only ₹ 20 lakh within one year.

There is talk of withdrawing cash from your bank account. You can take them out together or take them out separately. You can withdraw only ₹ 20 lakh in the middle of a financial year Without a PAN card if you have given a PAN card, then you have money, you have a bank account, you can withdraw any amount of cash you want, but TDS has a different rule on it.

3rd Rule

The third important rule that has come is that you cannot open a current account inside any bank or anywhere in the post office without a PAN card, if you want to open a current account, then giving you a PAN card will be compulsory.

Till now there was no such rule. Wherever you go to the bank, you are basically asked for an Aadhar card and PAN card but till now there was no such rule that you have to give PAN card. Pan Card Necessary For Opening Account

If you go to open a minor account or a child’s account, if you do not have a PAN card, then the bank opens the account and you go to a bank and ask there too if we do not have a PAN card, then your account used to be opened. But now it has become compulsory to give PAN card to open a current account.

So these were the three rules which were just changed by the Basic Income Tax Department.

The first rule is that the limit for cash deposit is ₹ 20 lakh without a PAN card,

the limit for cash withdrawal is ₹ 20 lakh without giving a PAN card and if you want to open a current account in any bank, then it will be compulsory to give a PAN card for that. Pan Card Necessary For Opening Account

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