A reference might be made to RBI Circular vide RBI/2016-17/183 DBR.AML.BC.48/14.01.01/2016-17 dated December 15, 2016, vide which, all the record holders are asked for to take note of the accompanying:

1. In regard of KYC consistent records where the required Customer Due Diligence methodology has been done, consistence of citing of PAN/acquiring of Form 60 to be guaranteed for all exchanges as far as I.T.Rule 114 B, which incorporates opening of records with banks, and so on.

2. Regardless, this lead might be entirely connected in accounts where both the limits recorded underneath are come to:

(i) adjust of rupees five lakh or more; and

(ii) the aggregate stores (counting credits by electronic or different means) made after November 9, 2016, onwards surpass rupees two lakh.

3. No charge exchange, exchange or generally might be permitted in accounts which don't consent to the previously mentioned prerequisites. That implies citing of PAN/getting Form 60 is basic as far as I.T Rule 114 B.

Clients are asked for to visit their parent branch for up-dation of their PAN/Form60 for Bank to permit consistent exchange in their records. Area I.T.Rule 114 B.

The Income Tax Department endorses a rundown of exchanges for which citing of Permanent Account Number (PAN) is compulsory.

These are recorded in Rule 114B of the Income Tax Rules, 1962 The rundown under Rule 114B as on date requiring PAN/F-60 to be cited incorporates the accompanying saving money exchanges.

Please find the file attached for the rules & regulation to be followed by the customers of Corporation Bank with regards to the different transactions mentioned in the file.

Important Notification to the Customers of Corporation Bank pertaining to transactions




Savings Bank Accounts Rules & Regulations – Corporation Bank