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I have adharcard but dont have pancard. Can I open bank account?

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Shyamal Modi Shyamal Modi, Tax Advocate | Financial Advisor | Virtual CFO verified
Answered on December 09,2021

Yes, you can open a bank account without PAN card.

But it is beneficial to get your PAN card issued! 

  • It is a valid government ID proof for any purposes;
  • Banks shall deduct TDS @20% on interest accrued on fixed deposits if you don't furnish PAN number;
  • To file income tax return if your total income exceeds Rs. 2.5 lakhs, or if you have any income tax refund.

You can apply for instant PAN card, if your mobile number is linked with aadhar card, through the income tax portal (www.incometax.gov.in). Your PAN card will be generated within 10 minutes!

Do contact me in case of any query: +91 90333 77645

Regards!

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