In a public notice, the bank stated that in accordance with the Income Tax Act, 2058, details of tax deducted from customers’ accounts must be linked to the Permanent Account Number system issued by the Inland Revenue Department under the Ministry of Finance.
Customers can update their PAN through the bank’s online portal or by tapping the ‘PAN Update’ option available on the mobile banking app.
The bank has also arranged for customers to submit applications for PAN updates at any nearby branch office for their convenience.
According to the bank, PAN is mandatory for reporting tax deducted on interest income in the E-TDS (Electronic Tax Deduction at Source) record.
Once the PAN is updated, the tax deduction details will be recorded under the respective PAN, enabling the income tax system to automatically reconcile the tax information under Schedule 10.
This will make it easier for customers to obtain tax deduction certificates and tax clearance certificates without having to visit the bank physically.
However, the bank has clarified that it will not be held responsible if interest tax is not filed in the E-TDS system due to a customer’s failure to update their PAN, or if additional adjustments become necessary later.
In addition, NIC Asia has urged customers to update their email addresses in their bank accounts.
Customers can do so through the bank’s video KYC service or via the mobile banking app. Email updates can also be completed by visiting any branch office.
The bank further requested customers who have already provided their PAN but find that their tax deduction details are not reflected, or whose email addresses remain unupdated, to contact the nearest branch or the customer service center for assistance.
