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Many individuals visit bank to make transactions only to realize that transaction is possible only if PAN is quoted. The Income-tax Rules require quoting of Permanent Account Number (PAN) where the transactions exceed a specified limit.
For any high value transaction, banks have to mandatorily follow the "Know Your Customer" (KYC) procedure.
The specified limit differs with nature of transactions. Here we are highlighting PAN requirement in banking transactions.
Time deposit
One should quote pan if the time deposit exceeding Rs 50,000/- with a banking company.
Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN.
Deposits aggregating to more than Rs.5 lakh during the year will also need PAN.
New accounts
PAN is mandatory for opening any bank account except Basic Savings Bank Deposit Account.
The same is applicable to Co-operative banks also.
Bank draft or pay orders
Quoting the PAN is mandatory if the amount is aggregating to Rs 50,000/- or more during any one day
Cash deposit
Cash deposit in bank which is aggregating to Rs 50,000/- or more during any one day
Cash cards or prepaid instruments
If purchase of cash cards and prepaid instruments made through Cash payment which is aggregating to more than Rs 50,000 in a year.
Credit card
PAN is necessary when applying for credit card from any banking company or institution.
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