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100 FAQ's on Basic Finance

Module Units

What is a PAN Card and its importance?

Permanent Account Number (PAN) is a 10-digit alphanumeric identification number given by the income tax department to all taxpayers in India. 

 

It is an important document for carrying out financial transactions like opening a savings bank account, applying for a debit/credit card, etc.

 

The importance of a PAN card is as follows:

  • PAN details are required to open a new bank account
  • You have to provide PAN details while investing money
  • For filing tax returns
  • To get a new phone connection
  • While applying for a new credit/debit card as well as a loan
  • Acts as a valid proof of identity

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