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Can I open a bank account without a PAN Card?

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Subin VR Subin VR, Chartered Accountant,FCA, DISA (ICAI) verified
Answered on September 30,2021

Yes. PAN is not mandatory for opening a bank account.

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Manoj Manoj
Answered on October 31,2019

You can open a bank account without PAN Card. You can use either Aadhaar Card or Form 60 for this purpose.

Aadhaar Card

  • Under Section 139A of the Income Tax Act, 1961, PAN card is a must for certain categories of individuals like those with taxable income and for carrying out specific financial transactions like a high-value cash deposit or withdrawal in the bank. The income tax department rules, however, also provide citizens with two alternatives for those who do not own a PAN card yet or their PAN number is not readily available.

  • Those who do not have a PAN card but possess Aadhaar number are allowed to quote Aadhaar in lieu of PAN. In such cases, the income tax department may automatically generate a new PAN linked to the Aadhaar card. Those who have been allotted PAN can also use their Aadhaar number provided the two are linked. Linking of PAN and Aadhaar is already mandatory.

Form 60

  • Those who do not have a PAN card can fill Form 60 under the Income Tax Rules, 1962. Form 60 is nothing but a signed declaration stating that you do not have a PAN card and your income is below taxable limits. It also seeks details of your income.

  • Only those who do not hold a PAN card can fill this form. Otherwise, you may be penalized with a ?10,000 fine under Section 272B of the Income Tax Act.

  • If you have applied for PAN but it is yet to delivered, you can fill this form but after giving PAN card application acknowledgment number.

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