NIC Asia Bank Urges Customers to Update PAN for Tax Compliance

NIC Asia Bank has requested its customers to update their Permanent Account Numbers (PANs) to comply with the Income Tax Act 2058. Customers can update their PAN via the bank’s portal (panupdate.nicasiabank.com), the NIC ASIA MoBank app, or by visiting any branch office.

Updating the PAN ensures that tax deductions (E-TDS) on interest payments are properly recorded, facilitating the automatic reconciliation of tax details in Schedule 10 of the tax system. This will make it easier for customers to obtain tax deductions and clearance certificates without visiting the bank.

The bank clarified that if customers fail to update their PAN, interest tax deposits may not be recorded, and the bank will not be responsible for any required adjustments. Customers facing issues can contact customer support at 1660-01-77771 or 01-5970101 for assistance.