Two weeks ago, my friend in Singapore asked me, Is PAN card is necessary for NRI bank account? Since my uncle used to work in the Income Tax Department, I confirmed this with him. He told him that yes NRI must have a PAN card to open an NRI bank account in India. However, if an NRI isn’t earning money in India, like from rent or selling property, they might not need a PAN card. I have shared the detailed information he informed me.
Is a PAN Card Required to Open an NRI Bank Account?
Yes. If as a NRI, you are doing financial activities, like investments or business, you must have a PAN card. Here are a few things my uncle informed me.
He said if you have income sources like rent, dividends from stocks, capital gains from selling property, or any other investments in India, you will need a PAN card for filing your taxes.
The Permanent Account Number given to NRIs has the same structure and validity as any normal PAN card.
It can be beneficial for you as an NRI to have a PAN, as it is an important identification document.
It can prove invaluable if you plan to return to India at any point in the future.
Having a PAN can make various financial and legal processes much smoother.
I finally informed my friend about all these points.
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Is Pan Card is Necessary for NRI Bank Account?
Kunjan
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9 months
2025-03-12T18:26:31+00:00 2025-03-12T18:26:32+00:00Comment
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