NIC Asia Bank Urges Elite Customers to Update PAN for Seamless Tax Processing

NIC Asia Bank Limited (NICA) is urging its elite customers to update their Permanent Account Numbers (PAN) to comply with the Income Tax Act 2058. Customers can update their PAN via the bank's portal or mobile app, or at any branch office.

Updating PAN is crucial for recording tax deductions on depositor interest payments in the E-TDS system, which will streamline obtaining tax deductions and payment certificates.

The bank will not be responsible for unfiled interest tax if PAN is not updated. Customers who have previously provided their PAN but still encounter issues should contact the nearest branch or customer service.

NIC Asia Bank has a substantial network with 360 branches, 670 ATMs, 118 extended counters, and 51 branchless branches. Serving about 25% of the economically active population aged 20-50, the bank has paid over Rs. 23.7 billion in revenue to the Government of Nepal, including Rs. 3.61 billion in the last financial year.

The bank is committed to financial inclusion, expanding into remote districts with low banking presence, and establishing 72% of its branches in rural and small urban areas.