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New Delhi: For State Bank of India (SBI) account holders, it is important to link PAN-Aadhaar card by June 30. In this view, the Bank has informed its customers that in absence to do so, they will face difficulty enjoying a seamless banking service.
“We advise our customers to link their PAN with Aadhaar to avoid any inconvenience and continue enjoying a seamless banking service,” SBI said in a tweet.
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The tweet also stressed that the linking of PAN with the Aadhaar is mandatory. If PAN and Aadhaar are not linked, then PAN will be rendered inactive and cannot be quoted for conducting specified transactions. The last date for linking PAN with Aadhaar is June 30, 2021.
Why are these documents important for customers?
PAN is mandatory in order to carry out a host of financial transactions starting from bank account opening, cash deposits in bank accounts, the opening of Demat accounts, transaction of immovable properties, and dealing in securities. On the other hand, Aadhaar is a 12-digit random number issued to the residents after satisfying the verification process including demographic and biometric information. Linking the two is also important from the tax perspective.
The government has been extended the deadline since July 2017 to facilitate the linking of the two identity numbers. In view of pandemic the deadlines were again extended to link these documents.
Why should you link?
In absence of failing to link the PAN card with your Aadhaar card within June 30, the income tax department might impose a penalty on you. You will not only be liable to pay a fine of up to Rs1,000 but your PAN will also become invalid.
How to link PAN with Aadhaar card
1) Firstly, go to the income tax department’s e-filing portal.
2) Then click on the Link Aadhaar section on the left.
3) Here you will have to fill in your PAN number, Aadhaar number, and name.
4) Then fill in the CAPTCHA details.
5) Click at the ‘Link Aadhaar’ option and your PAN Aadhaar Linking will get complete.
6) The income tax department will validate your name, date of birth, and gender against Aadhaar details after which the linking will be done.
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