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Kotak Mahindra Bank is a private sector bank headquartered in Mumbai, Maharashtra. It offers an array of financial and banking services to its account holders which include- Personal Finance, Investment Banking, General Insurance, Wealth Management, Credit Cards and many more. Operating in 689 locations with 1369 branches across the globe, Kotak Mahindra Bank is one of the fastest growing banks where a number of services are availed by the account holders.
Account holders who haven’t linked their PAN with that of operational account should go for the linking at priority. As government has made it compulsory to link PAN with the bank account for keeping an eye on the financial transactions and delivering various government subsidies, account holders are required to link it.
If any account holder does not submit the PAN Card, then they have to submit Form 60/61 along with the reason for not having PAN Card. If any Kotak Mahindra Bank account holder wants to link their PAN with the account, they should follow the ways mentioned below to avail the benefits.
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Steps to Link PAN with the Kotak Mahindra Bank Online
It is necessary for all the income-earning individuals or entities to get a PAN and link it with bank accounts. As PAN card are issued by the Income Tax department of India, any account holder who want to open their account in Kotak Mahindra Bank requires PAN for the identity proof or age proof to transact the financial activities.
As there are no provisions made by the Kotak Mahindra Bank to link PAN with the operational account online, account holders can opt for visiting the website of the bank and download the PAN card updation form and fill the details required and visit the nearest branch to submit it to the bank officials.
Steps to Link PAN with the Kotak Mahindra Bank Offline
Account holders looking for linking PAN with the Kotak Mahindra Bank can go offline to avail the benefits simply by following the below mentioned steps:
- Visit the Kotak Mahindra Bank Branch where you have maintained your account
- Ask for PAN updation form (KYC) and fill up the details required without making any mistakes or overwriting in the form
- After filling up the details submit the form to bank officials
- You will receive an update of getting your PAN linked with the bank account after the verification and other process is over
As your PAN linking will take around 4-5 working days as and when verified by the authorities concerned, account holders receive a confirmation mail/message when done after 4-5 working days.
Linking PAN with the Kotak Mahindra Bank account is mandatory, and if not done, the account holder can face the consequences of paying tax on interest earned on deposits. As now Kotak Mahindra Bank does not allow to open a new bank account without submission of PAN. In order to avail the transactions and other benefits of government subsidies, account holders should go for early linking as possible.