How to Link PAN Card to Kotak Bank Account

The Kotak Mahindra Bank is a private bank based in Mumbai, Maharashtra. The account holders of this bank can take advantage of a variety of services such as personal financial planning, insurance and annuities, wealth management, credit and debit cards, and many other services. It is considered one of the world’s fastest-growing banks, with 689 sites and 1369 branches. 

Users who hold the account and want to link their PAN card with their Kotak Mahindra Bank account are obligated to link their PAN card to bank account. Since the government has made it mandatory to do so in order to maintain track of financial activities and offer numerous government benefits.

In this article, we’ll explain the complete process of how to link a PAN card with Kotak Mahindra Bank Account.

Why is it Necessary to Link PAN Card to Kotak Mahindra Bank?

Linking your Permanent Account Number (PAN) to your Unique Identification Number (Aadhaar Card). The process of linking your PAN Card to your Aadhaar Card has always been unclear. Integration is necessary for a variety of purposes. To begin with, authorities can keep track of each user’s income tax activities. Moreover, the PAN to Aadhaar Link may make it easier to process transactions. Furthermore, people who have not yet coupled both documentation should do so as soon as possible, and there’ll be a penalty for late connectivity.

Link PAN Card With Kotak Mahindra Bank Account

To link a PAN card with a Kotak Mahindra bank account, there are two methods present. The bank allows applicants to link the PAN card bank account through offline and online methods:

Online: Link PAN card with Kotak Mahindra Bank

If users wish to link their PAN card with Kotak Mahindra Bank account, they can do it via the official website of the bank. There are two methods to link PAN with an account: 

Via Netbanking 

1. Go to the official website and choose the ‘Login’ option, which is present on the right side of the webpage.
2. A new page will be displayed on your screen after clicking on the button. 
3. Fill out the credentials like Customer ID and choose the category ‘Net banking’ from the drop-down menu, then click on the ‘Next’ button.
   
   
4. Enter it and submit it after a new page appears that asks for a password. 
5. Select the ‘Profile/Update Contact Details’ option to update information. 
6. Click on the ‘Service request’ section and choose the ‘PAN’ option.
7. Fill out the required details like PAN card number, DOB (Date of Birth) and submit it. 
8. Within working days of 1 or 2, the PAN Card will be linked to an account. 
9. After the verification from the bank, you will receive a notification on your registered mobile number and email id regarding the status of linking your PAN card with your account number. 

Via Mobile Banking 

1. Download the ‘Kotak Mahindra Bank’ app from the play store.
2. Go to the ‘login’ option.
3. Enter the credentials and submit them.
4.  Visit the ‘Service Request’ section. 
5. Select the ‘Profile’. 
6. Click on the ‘PAN Update’ and fill out the details and submit it.

Offline: Link PAN Card with Kotak Mahindra Bank

Some of the steps are mentioned below for offline registration of PAN cards with Kotak Mahindra Bank. 

1. Go to the nearest branch to link your Pan Card to Kotak Mahindra Bank account. 
2. Collect the ‘KYC Form’ from the bank.
   Moreover, download the form from the official websites of the bank and get it printed.
3. Fill out the details like name, account number, PAN card number, address, contact number, and so on. 
4. Self-attested a photocopy of the required document like Aadhaar card, PAN card and submit the form. 
5. Within 24 hours, you will receive a verification call from the bank executive agent. 
6. After the verification, the bank will further process your profile for approval.
7. Within 1 or 2 working days, the PAN card will get linked with your account. 
8. Once your request is completed, you will receive a call or SMS from the bank regarding the status of the PAN card. 

Update Non-Linking of PAN Card

Numerous banks’ policies require connecting or updating PAN Card documents with the account holder’s bank account. In a similar way, a PAN card to Kotak Mahindra bank account is compulsory. In order to ensure the seamless operation of various banking operations. If the account holder fails to link a bank account with their PAN Card, there could be serious consequences. Some examples are as follows:

• Paying income tax on term deposit profits, even though the amount is below ₹10,000.
• Non-receipt of the bank’s TDS certification. 
• The smallest amount of money can be transferred within a bank or to a third party.
• Claiming or getting an annual bonus is challenging.

Importance of Linking PAN Card with Mahindra Kotak Bank Account

While connecting your account to a PAN card can improve your banking experience and provide you with a variety of perks. On the other hand, those who haven’t linked their account to a PAN card may face complications while transferring funds.

For example, if your PAN card with Kotak Mahindra Bank has not been linked, then you may be forced to pay income tax on the interest that you will be earning on your savings. Customers whose PAN Cards are linked to their account but haven’t updated their profile. Thus, they will be unable to obtain their Form 16; TDS certificate from the bank. Therefore, linking the PAN Card with the account is critical.

To Sum Up

It is essential to link the PAN card number with the bank account. However, if the account holder doesn’t link their PAN card with Kotak Mahindra Bank account, then they won’t be able to enjoy the merits of Kotak Mahindra Bank’s services. The primary reason for connecting your PAN to accounts is to get the TDS certificate. Thus, if a PAN card isn’t linked to a bank account, then they won’t be able to file their income tax return online.

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