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FAQ 's |
| FAQ |
| Ques.1: | Is PAN number compulsory for opening a Bank Account? |
| Ans. 1: | It is not compulsory to have PAN/GIR number for opening a Bank Account. Person who have been allotted PAN number by Income Tax Department are required to quote the number in the Account opening Form and Banks have to verify the particulars furnished. Others need to give a Declaration in Form 60(non-agricultural) or Form 61(Agricultural). These Forms are available with banks. In case of minor who does not have any income chargeable to Income Tax, he shall quote the Permanent Account Number (PAN) or General Index Register Number (GIRN) of his father or mother or Guardian as the case may be at the time of opening an account with Bank. |
| Ques.2: | What are the transactions for which PAN number is to be quoted? |
| Ans. 2: | Every person shall quote his Permanent Account Number (PAN) or General Index Registration Number (GIRN) in all documents pertaining to the transactions specified below and subject to the provisions thereunder a) Sale or purchase of any immovable property valued at Five lakh rupees or more; b) Sale or purchase of motor vehicles or vehicle, as defined in clause (28) of section 2 of the Motor Vehicles Act, 1988 (59 of 1988), which requires registration by a registering authority under Chapter IV of the Act. c) a time deposit, exceeding fifty thousand rupees made in cash with a banking company to which Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that act); d) A deposit, exceeding fifty thousand rupees, in any account with Post Office Saving Bank; e) A contract of a value exceeding ten lakh rupees for sale or purchase of securities as defined in clause (h) of section 7 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); f) Opening an account ("not being a time deposit referred to in clause (c) ") with a banking company to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act); g) Making an application for installing of a telephone connection (including a cellular telephone connection); h) payment to hotels and restaurants against their bills for an amount exceeding twenty five thousand rupees at any one time. |
| Ques.3: | Will my bank keep details of my account and transactions confidential? |
| Ans. 3: | Yes. Details of customers accounts and transactions are kept confidential by the banks. Banks shall not divulge any information relating to the affairs of its constituents except in circumstances in which it is in accordance with the law or practice and usage customary among banks. |
| Ques.4: | FAQ _ RBI REPLIES : |
| Ans. 4: | The RBI has been issuing circulars and directive from time to time to banks. Since banks and public often seek clarifications on interpretations of the RBI guidelines/ instructions recently DBOD, RBI has published a book titled Replies to questions frequently asked on Banking Matters which contains answers to frequently asked questions on deposits, advances, Donations, Premises Loan etc, by banks. The booklet has been priced at Rs.12/- and copies are available at the Sales Section of the Department of Economic Analysis & Policy, Reserve Bank of India at Amar Building, Fort, Mumbai 400 001. |
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Sunday, February 05, 2012 |
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