Good news..... You can submit applications to issue PAN card through all our branches. South Indian Bank is authorized to service the PAN applications and for this purpose, we have made an arrangement with UTI Technology Services Ltd. PAN application forms can be downloaded from our Website. You can get your PAN card by simply filling up the application form and lodging the same at any of our branches along with the following documents:
Duly filled up application form along with xerox copy of Proof of Address (POA), Proof of Identity (POI) and 2 copies of the recent photograph (of 3.5 cms x 2.5 cms in size) can be submitted at our branches. Also bring the originals of the documents for verification.
In case of minors, the POA & POI of the parent / guardian (who should also be an IT assessee) who applies on behalf of the minor should be enclosed along with the application. Photograph of the minor must be pasted on the application form.
A processing fee of Rs.125/-(courier charges included) is applicable. For getting the PAN card mailed to a foreign address, customers have to pay an additional postal charge of Rs.866/- in the form of a demand draft favoring UTITSL, Chennai.
If the application is in order, you will receive the PAN card by ‘speed post’ to the mailing address given in the application form within three weeks. Also see the FAQs on PAN given below. The status of the PAN card application can be tracked by visiting the following website by furnishing your coupon number.
Why you should have a Permanent Account Number (PAN)?: A new provision relating to tax deduction at source (TDS) under the Income Tax Act 1961 will become applicable with effect from 1st April 2010. If the PAN is not furnished to the bank, tax at the prescribed rate or 20%, whichever is higher will be deducted, while paying / crediting interest on deposits. However, there is no TDS on interest earned on NRE Deposits in Rupee / Foreign currency and also on interest earned in domestic SB & RD A/cs. For domestic term deposits, TDS will be deducted, only if the aggregate interest exceeds Rs.10,000/- in a financial year. As per the revised rules, Form 15 G / 15 H for non deduction of tax in domestic term deposits will be valid / accepted, only if the customer furnishes his PAN to the bank. Once the tax is deducted by the bank and paid to the Govt. of India, (where PAN is not submitted) Bank cannot refund the amount. Hence we advise you to obtain PAN at the earliest and communicate the same to your bank branch before tax is actually deducted on interest payments.
Special attention - NRIs having NRO A/cs: Form 15 G / 15 H for non deduction of tax will not be accepted in NRO A/cs. TDS at the applicable rate will be deducted while paying / crediting the interest for all types of NRO A/cs, irrespective of the amount of interest. The prescribed rate of tax deducted for NRO A/cs depends upon the country of residence of the depositor and the Double Taxation Avoidance Agreement (DTAA), if any, entered into between the respective Govts.
PAN card has multifarious uses in our day to day life:
It is a major identification document.
For investments in primary and secondary markets.
For opening Demat accounts and Trading accounts.
For Mutual Fund investments.
Mandatory for any depositor (including Non-Residents) whose receipts are subject to deduction of tax at source
Also find the following attachments :-
FAQs on PAN
List of documents for Proof of Identity and Proof of Address
PAN application form (Form 49-A) with instructions
Pan application form (Form 49 -AA) with instructions
PAN Application form for New PAN Card Or/ And Changes Or Correction in PAN data