New Delhi: The government on Sunday asked banks to obtain permanent account number (PAN) or Form-60 if PAN is not available, from all bank account holders by February 28, 2017.
However, this rule will not apply to Basic Savings Bank Deposit Accounts, which are zero balance savings accounts, including Jandhan accounts. "Income-tax Rules have been amended to provide that bank shall obtain and link PAN or Form No. 60 (where PAN is not available) in all existing bank accounts (other than BSBDA) by February 28, 2017, if not already done,” said a notification by the CBDT.
The persons who are having bank accounts but have not submitted PAN or Form No 60 are advised to submit the PAN or Form No 60 to the bank by February 28, 2017, the notification stated.
The BSBDA were introduced to take care of simple banking needs of people, which come with free ATM card, monthly statement and cheque book.
Last month, RBI had mandated that no withdrawal shall be allowed from the accounts having substantial credit balance/deposits if PAN or Form No.60 is not provided in respect of such accounts....