In terms of Section 206AA of Income tax Act, 1961, introduced by Finance (No. 2) Act, 2009, w.e.f. 1st April, 2010, it will be mandatory for every person including a non-resident, entitled to receive any sum or income or amount, on which TDS is deductible, to furnish his/her PAN to the Bank, failing which TDS will be deducted at the rate of 20% or rate applicable, whichever is higher.
Declaration in 15G/15H for non deduction of TDS shall be treated invalid if PAN is not quoted in the said forms and Bank shall proceed with deduction of TDS at higher rate as mentioned above.
Customers can avail the services for applying PAN CARD at designated branches of the bank.
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