NIC Asia Bank urges customers to update PAN details

KATHMANDU: NIC Asia Bank has urged its customers to update their Permanent Account Number (PAN) in their bank accounts.

The bank, which practices dynamic banking for millions of customers, made the request to comply with the Income Tax Act 2058, under which tax deductions made from customers’ accounts must be linked to the PAN system issued by Nepal’s Ministry of Finance and the Department of Internal Revenue.

Arjun Raj Khaniya, the bank’s Assistant CEO and Chief Information Officer, stated that customers can update their PAN details via the bank’s portal at panupdate.nicasiabank.com or through the “PAN Update” option in the NIC Asia MoBank mobile banking app.

Additionally, customers can apply for PAN updates at any branch of the bank for their convenience.

The bank emphasized that PAN is essential for reporting tax deducted at source (TDS) on interest payments to depositors, and once updated, the PAN will automatically synchronize with the Income Tax system to match TDS details under Schedule 10.

The bank also assured that updating the PAN would simplify the process of obtaining tax certificates, eliminating the need for customers to visit the bank for them.

However, the bank warned that if the PAN is not updated, it will not be possible to report interest tax in the E-TDS system, and any subsequent adjustments to interest tax will not be the bank’s responsibility.

Customers who have previously provided their PAN but did not see their tax deduction details included are encouraged to contact the nearest branch or customer service center for assistance.