Deadline to Link PAN/ Aadhaar Submission to Banks Extended to 31st March 2018

The Government of India has extended the deadline to link PAN card and Aadhaar Card to bank accounts. The new deadline for existing bank accounts holders is 31st March 2018. For users who have recently opened their bank account, they have the next six months to link their PAN card and Aadhaar card to their new bank account.

As per the previous notification dated 01.06.2017, it was said that all ban account holders are required to link their PAN card and Aadhaar card to their respective bank account/s in the next six months. The last date as per the notification was 31st December 2017. However, based on various representations and inputs received from banks, the Government of India has decided to extend the deadline by another three months.

What will happen if I fail to link my PAN Card or Aadhaar Card to my bank account?

As per the notification issued by the Government of India, if a person has failed to link his/ her PAN card and Aadhaar Card to the respective bank account, then after the deadline account holders will not be able to transact using their unlinked bank account. All transaction and facilities will be suspended until the accounts have been connected to PAN Card and Aadhaar card.

Key Highlights:

  1. New deadline for existing bank account holders: 31st March 2018
  2. New deadline for new bank account holders: 31st March 2018 or six months from the date of opening the bank accounts, whichever is later.

Note: If a person doesn’t have a PAN card, then a copy of filed Form 60 needs to be submitted to the bank. All information given by bank account holders would be stored under KYC Compliance.

Must Read: How to Know Your PAN or anyone PAN?

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