Here’s How Banks Will Verify your PAN Card Details

The Permanent Account Number (PAN) Card holds its significance in India while filing the Income Tax Returns (ITRs) and carrying out many transactions.

The PAN Card is a 10-digit alphanumeric ID issued by the Income Tax Department in India and authorized by agencies such as NSDL or UTIISL. It is issued to individuals as well as companies for filing Income Tax Returns and much more. It can be issued in physical as well as a soft copy or electronic formats.

Here’s how banks and other agencies verify your PAN details
The Income Tax Department in India has the complete database of all taxpayers, and PAN Card holders let individuals and companies verify PAN details. It can be done by banks and other agencies to scrutinize whether the PAN details of a person or an entity are correct or not.

The process helps everyone else to find out if the PAN Card that one has is authentic or forged. To do that, an individual, banks and other agencies can use the PAN Verification Service available on the website of the Income Tax Department.

If a bank or anyone else wants to verify the PAN details of an individual or a firm, then they can browse the e-filing portal of the IT Department. On the right-hand side of such a website, they can find the tab – verify your PAN details.

Once you are on that page, you will be asked to provide details such as PAN Card number, PAN Card holder’s full name, date of birth and status firm or individual or HUF.

Once you enter the correct details and hit enter, the website will now display a message stating whether the details provided match with PAN number or not.

Organizations such as banks, Government entities and others who need to verify multiple PAN Cards in bulk have to register themselves. Yes, they have to be registered as a Bulk PAN Verification Agency on the e-filing portal of the IT Department.

Once done, they can go to the Bulk PAN Query and click on ‘Upload Query’ in a required format. Once they do that and hit enter/submit, they will be able to fetch information on entered PAN being authentic or not.

It is how banks and other agencies indulge in bulk PAN verification while providing services to customers such as account opening, credit cards, Demat account opening and more.

Importance of a PAN Card in India at a glance
PAN Card is one of the major documents that are asked to submit when you join a new company, opening a bank account, Demat account and buying Mutual funds or more.

Some of the entities may have no issues when you share only the 10-digit PAN Card number, while some may ask you to provide a photocopy of the original. Have a look at key reasons a PAN Card has so much importance in India other than filing ITRs:

✔ PAN Card is also accepted as a relevant proof of identity and age in India.
✔ You will need to quote your PAN details while depositing an amount in excess of Rs.50, 000 in a bank account in a single day.
✔ It is a must while opening a bank account, Demat account and applying for a Credit/debit card.
✔ Your loan service provider will also for PAN Card details while processing your application as a KYC document. Along with your higher Cibil Score, your authentic PAN Card is another must-to-have document while taking a loan.
✔ You will need to quote PAN details while buying or selling a vehicle worth Rs.5 lakh other than a two wheeler.
✔ It is also a must while buying jewellery worth Rs.5 lakh and even exchanging foreign exchange.

If you don’t have this significant document, then you can opt for the PAN Card apply online services either on UTIISL or NSDL portals and save your time and efforts.