NIC Asia Bank urges customers to update PAN

KATHMANDU: NIC Asia Bank requests its esteemed customers to update their Permanent Account Number (PAN) in their accounts as part of the dynamic banking practices.

As per the provisions of the Income Tax Act 2058, the details of tax deductions made from the bank’s customers’ accounts must be linked to the PAN system issued by the Ministry of Finance, Government of Nepal.

Customers are requested to update their PAN by visiting the bank’s portal at panupdate.nicasiabank.com or by using the “PAN Update” option in the NIC ASIA MoBank mobile banking app.

Additionally, customers can also apply to update their PAN at any branch of the bank that is convenient for them.

It is crucial for customers to update their PAN, especially for interest payments on deposits, as it is required for reporting tax deductions in the E-TDS record.

Once the PAN is updated, the system will automatically match the tax deduction details under Schedule 10, making it easier for customers to receive tax deduction certificates and tax payment certificates without having to visit the bank.

The bank also informs that it will not be responsible for any delays or issues related to interest tax adjustment if the PAN is not updated, and E-TDS details are not entered correctly.

Furthermore, if the PAN was previously provided but the tax deduction details were not included, customers are encouraged to contact the nearest branch or the customer service center at 1660-01-77771 or 01-5970101 for assistance.