NIC Asia Bank urges customers to update PAN information

KATHMANDU: NIC Asia Bank, a leader in dynamic banking practices with millions of valued customers, requests all account holders to update their Permanent Account Number (PAN) details.

In compliance with the “Income Tax Act 2058,” the tax deduction details of customers must be linked to the Permanent Account Number system issued by the Government of Nepal, Ministry of Finance, Inland Revenue Department.

Customers can easily update their PAN through the bank’s portal at panupdate.nicasiabank.com or via the “PAN Update” option available in the NIC Asia MoBank mobile banking app.

Alternatively, customers may visit any NIC Asia Bank branch that is convenient for them and submit their PAN update application.

The PAN update is critical for recording the tax deducted at source (TDS) on deposit interest payments into the E-TDS system.

Once updated, customers’ tax deduction details will be automatically entered into Schedule 10 of the Income Tax system, enabling seamless reconciliation of TDS records.

This process ensures easy access to tax deduction certificates and tax clearance certificates, eliminating the need for customers to visit the bank in person.

The bank emphasizes that it will not be held accountable if customers fail to update their PAN details, leading to discrepancies in TDS filings or requiring additional adjustments to interest taxes.

For customers who have previously provided their PAN but find their TDS details missing, they are encouraged to contact the nearest branch or reach out to the Customer Support Center at 1660-01-77771 or 01-5970101 for assistance.

NIC Asia Bank is committed to simplifying and enhancing customer experiences through these streamlined processes.