Is Aadhar PAN linking required for opening bank account?

This query is : Resolved

Akshit Jain (Querist)
Follow

11 November 2024 Do the RBI guidelines mandate the linking of PAN with Aadhar as a prerequisite for opening a bank account?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

11 November 2024 https://www.firstpost.com/business/linking-aadhaar-pan-cards-mandatory-for-opening-of-bank-accounts-under-new-kyc-guidelines-rbi-4441963.html
Actually linking both the documents to bank account is mandatory,

Akshit Jain

Akshit Jain (Querist)
Follow

11 November 2024 The question is - Is the PAN-Aadhar linking on the ITR website a prerequisite for opening an account? Both PAN and Aadhar card submitted to the bank, but the bank's objection is the PAN is not linked to Aadhar card. Also, the link you posted is from 2018 - more than 6 years old. Guidelines have kept on changing. Is there any current RBI directive/circular that PAN must be linked to Aadhar even if the applicant submits both PAN and Aadhar at the time of account opening?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

11 November 2024 The guideline is from RBI (no change to it); & the amendment is from ITD, that the PAN is inoperative if not linked to Aadhar. So, unless it is linked with Aadhar, it is not valid. Hence Banks insist to link PAN with Aadhar.

Akshit Jain

Akshit Jain (Querist)
Follow

11 November 2024 It looks like there is no RBI restriction. Banks are adopting their own policy. HDFC website clearly states that -
3. Can New customers open Account with the Bank if PAN is inoperative (not linked to Aadhaar)?
New customers can open account if the PAN status is inoperative. In case of Authorised signatory’s’ PAN being inoperative, the same shall have no impact in Authorised signatory capacity .
(Source: https://www.hdfcbank.com/personal/useful-links/important-messages/pan-aadhaar-linking)

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

12 November 2024 you can open a bank account even if your PAN is inoperative, but it depends on the bank’s policies and the type of account you're opening. For a smooth process, it is best to resolve the inoperative PAN issue as soon as possible. This can be done online through the Income Tax Department's website or at a PAN service center.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Binod Singh

Ruchi Shah

Rajesh Surapaneni

MAYANK

Titus

Subscribe Now

Is Aadhar PAN linking required for opening bank account?

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA