NIC Asia urges customers to update PAN, email details

KATHMANDU: NIC Asia Bank has requested all its customers to promptly update their Permanent Account Number (PAN) and email address in their bank accounts, citing mandatory tax compliance requirements under Nepal’s Income Tax Act 2058.

The bank stated that details of tax deducted at source from customers’ accounts must be linked to the PAN system issued by the Inland Revenue Department under the Ministry of Finance.

To facilitate this, customers can update their PAN through the bank’s official portal (panupdate.nicasiabank.com) or via the “PAN Update” option available in the NIC ASIA MoBank mobile application.

Alternatively, customers can visit any nearby branch of the bank to submit an application for PAN update.

According to the bank, PAN is essential to record interest tax deductions in the Electronic Tax Deducted at Source (E-TDS) system. Once the PAN is updated, tax deduction details will be automatically entered into the respective PAN records, enabling the income tax system to reconcile the information under Schedule 10.

This process is expected to make it easier for customers to obtain tax deduction certificates and tax clearance certificates without needing to visit the bank physically.

However, the bank clarified that it will not be held responsible if customers fail to update their PAN and, as a result, interest tax is not reflected in the E-TDS system or requires further adjustments.

In addition, the bank has urged customers to update their email addresses to ensure smooth communication and access to digital services. Customers can update their email through the bank’s Video KYC service available at its official website or via the “My Profile” section in the NIC ASIA MoBank app by selecting the “Change Email” option.

Email updates can also be completed by visiting any bank branch.

For customers who have already submitted their PAN but find that tax details are not reflected, or whose email address remains outdated, the bank has advised contacting the nearest branch or reaching its customer service center at 1660-01-77771 or 01-5970101 for assistance.