SBI Banking Services to Stop If Customers Do Not Update These Documents Soon

SBI Banking Services to Stop If Customers Do Not Update These Documents Soon

The State Bank of India (SBI) said had intimated its customers and account holders to the last date for linking their PAN cards. SBI announced that all account holders are required to complete their PAN-Aadhaar card linking by September 30. The bank further urged customers to get this done so as to avoid any inconveniences and enjoy a seamless banking service. In a tweet issued from their official Twitter handle, the bank conveyed the message and a post describing how customers can go about it. The tweet read, “We advise our customers to link their PAN with Aadhaar to avoid any inconvenience and continue enjoying a seamless banking service.”

SBI further stated that if the PAN is not linked by September 30, 2021, the identification card and its facilities will be rendered inoperative/inactive. This means that customers cannot be quoted for conducting specified transactions. In the attached post, the bank gave the link to the official income tax website and told customers to link the Aadhaar to the PAN.

As per Section 139AA of the Income Tax Act, 1961, every person who has been allotted a PAN card and also has an Aadhaar card is, by law, required to intimate their Aadhaar number to the Income Tax authorities. The Act reads, “If a person fails to intimate the Aadhaar number, the permanent account number allotted to such person shall be made inoperative after the notified date in the manner as may be provided by rules.”

A PAN card is an essential part of opening a bank account with any bank. It also plays an important role in the application and acquisition of credit/debit cards. It can also be used to open a Demat account. In the event that a person is depositing a sum of more than Rs 50,000 in a day, then the PAN becomes mandatory. This also applies if the individual is buying mutual funds, debentures, bonds and so on. It should be noted that customers need to provide the PAN details while making a payment of over Rs 50,000 in cash during any one day for the purchase of bank drafts or pay orders or banker’s cheques from a banking company or a co-operative bank. Keep in mind, these are just some of the services that could be affected if you fail to establish the PAN-Aadhaar card linking by September 30.

While PAN is important to avail many banking facilities and services, Aadhaar is equally important, however, the access is purely biometric based. Therefore, Aadhaar cannot be obtained based on any other identification document. This makes the linking of the two identification documents crucial in regards to the tax administration. If you fail to do so, the income tax department might impose a penalty on you. This penalty can possibly take the form of a fine of up to Rs 1,000 and your PAN will be rendered invalid.

This tweet was sent out at the beginning of August; however, this is not the first time. SBI had previously tweeted out the same notice in May, with a deadline set for June 30. Since then, the deadline had been extended.

Steps to Link the PAN to Aadhaar card

1) Go to the income tax department’s e-filing portal on the official website.

2) Then you need to click on the Link Aadhaar section on the left.

3) After you are redirected, you need to fill in your PAN number, Aadhaar number and name.

4) Lastly, you need to fill in the CAPTCHA code given.

5) Click at the ‘Link Aadhaar’ option and your PAN-Aadhaar linking process is done. The income Tax Department will validate your name, date of birth, and gender against your Aadhaar details after which the linking will be complete successfully.