Monday, April 15, 2024

These Documents Need to be Updated by June-end to Avail Services

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Nation’s largest public sector bank, the State Bank of India (SBI) has issued a notice to its customers. The bank has intimated the account holders to link their PAN-Aadhaar card by the end of this month i.e. June 30. SBI has further notified that failing to observe the norm will impact their ongoing services.

Taking to Twitter, countries largest public sector bank shared the information via their official handle, TheOfficialSBI. The bank officials apprised their customers to link their PAN card to Aadhaar number to avoid any inconvenience and continue enjoying seamless banking services. The notice was accompanied by a graphic message that conveys whylinking PAN with Aadhaar is mandatory.

Permanent Account Number (PAN) is a ten-digit unique alphanumeric number which is issued by the Income Tax Department. It is an important financial document that is issued to prevent tax evasion by individuals and entities, as it links all financial transactions made by a particular person or entity. Through PAN card, Income Tax Department gets a detailed record of all major transactions for tax purposes.

The bank has notified its customers that if they are failed to link their PAN card with Aadhaar, then it will be rendered inoperative or inactive. It will also not be quoted for conducting specified transactions.

The officials also shared the website link, where the account holder can easily link the documents online. The documents can be linked following easy steps. After clicking the link, the account holders just have to click on the left pane, ‘Link Aadhaar’ and fill in the details.

The last date for linking PAN-Aadhaar is June 30. Failing to meet the deadline might result in inconvenience in availing of banking services or late fee charges.

Earlier, March 31 was finalised as the last date. However, the Central Board of Direct Taxes (CBDT) extended the deadline by three months till June 30.

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