Is PAN mandatory for opening a 5 yrs. Tax saver FD ?

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jaspal

Service

23 Points Posted on 19 February 2009

Greetings of the day !

I have gone to one prestigious bank and wanted to make an 5 yrs. tax saver FD of Rs. 40,000/-.

Old Form 60 details were already updated in my bank account.

I forgot to carry my PAN card to bank.

They denied to make FD without PAN card.

I told them to show me RBI or Income tax guideline on it.

They were unable to show me the same.

I wrote a letter myself mentioning that i didn't brought my PAN and Form 60 details already updated in my bank account and bank denying to open a 5 trs. tax saver FD without PAN. And i want a justification/reply/reason on that. And took acknowlegement from them. Till date i have not received any reply from the bank. (As Proof)

Want to know that is there any guideline/annexure/policy/press release on the same. Clarifying that without PAN card , bank cannot issue a 5 yrs. Tax saver FD amounting to Rs. 40,000/- (Form 60 details already with bank)

Also, without PAN card how they have opened my account. Is it allowed to open account without PAN Card ?

Pl. revert asap.

B. Rgds

Jaspal Singh

(MBA + 2nd yr. LLB)

PS : Later-on i had gone to the bank with my PAN card and have opened a 5 yrs. Tax saver FD amounting to Rs. 40,000/-. FYIP.

Replies (3)

LAXMIKANT JAIPURKAR

Practicing Company Secretary/Tax Consult

251 Points Posted on 19 February 2009

Dear Mr. Jaspal,

As per Notification No. 203, dt. 28.7.2006, PAN Number is required to be mentioned on the fixed deposit receipt under the Tax-Saver scheme. The said notifcation is available on the website of Income Tax Department ; www.incometaxindia.gov.in in "Notifications".

In my opinion, the Banker is right.