It is important for Kotak Mahindra Bank account owner to link their PAN details with their bank account, since the account-owner will not be able to avail many benefits provided by Kotak Mahindra Bank if their PAN is not linked with their bank account. The main reason for linking PAN with your Kotak Mahindra Bank account is that, an individual won’t be able to avail the TDS certificate, and hence, would be unable to file for income tax online if their PAN isn’t linked with their bank account
Individuals are requested to carry their original PAN Card when they visit the bank to update their PAN information. The whole process to link your PAN Card to your Kotak Mahindra Bank account can be completed in less than 15 minutes once you are at the bank. Once you have completed the process, you can be sure that there will be no problems when you wish to avail a TDS Certificate (Form 16) from the bank. Make sure that the details you entered in the form are accurate because inconsistencies can result in tax deduction on the interest you earn on your deposits in Kotak Mahindra.
Since Kotak Mahindra has not yet made a provision for customers to link their PAN cards to their bank accounts, individuals who wish to open an account with Kotak Mahindra will have to provide their PAN card details in the application form for opening a bank account. In case you do not possess a PAN card at the time of opening the account, you will have to apply for a PAN card and once you receive it, visit the bank or get in touch with a customer care executive and request them to update the relevant information where needed.
Linking your PAN card to your bank account is mandatory, and completing the process is relatively simple if you possess a PAN card, so make sure you do the needful at the earliest and avail the small, yet relatively significant benefits on offer.