6 Bank Transactions Where Quoting PAN Is Mandatory

Time deposit

One should quote pan if the time deposit exceeding Rs 50,000/- with a banking company.

Deposits with Co-op banks, Post Office, Nidhi, NBFC companies will also need PAN.
Deposits aggregating to more than Rs.5 lakh during the year will also need PAN.

New accounts

PAN is mandatory for opening any bank account except Basic Savings Bank Deposit Account.
The same is applicable to Co-operative banks also.

Bank draft or pay orders

Quoting the PAN is mandatory if the amount is aggregating to Rs 50,000/- or more during any one day

Cash deposit

Cash deposit in bank which is aggregating to Rs 50,000/- or more during any one day

Cash cards or prepaid instruments

If purchase of cash cards and prepaid instruments made through Cash payment which is aggregating to more than Rs 50,000 in a year.

Credit card

PAN is necessary when applying for credit card from any banking company or institution.