Is The Pan Card Required For Cash Withdrawals/ Deposits?

Is The Pan Card Required For Cash Withdrawals/ Deposits?

For bank withdrawals PAN card is not mandatory. But banks seek such details in case deposits or remittances are for ₹50k and more. Recently Govt has passed necessary legislation imposing ceiling on cash withdrawal at ₹2lacs.

However, banks will not allow unrestricted transactions in non-KYC complied accounts. PAN details and Aadhaar card details have to be provided for regular transactions in a bank account.

In case of bank fixed deposits if PAN number is not provided 20% income tax is deducted at source when the interest amount exceeds ₹10k per annum. If PAN is provided tax deductions at source will be @ 10% per annum.

It is mandatory to mention PAN number when depositing INR 50000/- or more in someone's account.

And in current scenario you should have written authorization of the account holder on depositing any sum in cash in the bank

Hence it is advisable to deposit cash in your account and transfer the fund online.

Add comment

Loading