Kathmandu. NIC Asia Bank requests customers to update permanent account number (PAN) in their account. As the details of tax deduction made from the bank’s customers’ accounts have to be linked to the permanent account number system issued by the Government of Nepal, Ministry of Finance, Department of Internal Revenue as per the ‘Income Tax Act 2058’, customers can update their PAN as soon as possible by tabing the bank’s portal panupdate.nicasiabank.com or ‘PAN Update[” option on the mobile banking app. In addition, customers can apply for updating pan in their account from any branch office of this bank.

Pan is essential for recording on record the tax deducted from this bank for payment of interest to depositors. After updating the PAN, the details of their tax deduction will be entered in that PAN, so the income tax system automatically matches the details of tax deduction in Schedule 10. The bank believes that this will make it easier for customers to get tax deduction certificates and tax paid certificates and also end the situation of going to the bank to get the certificate.

The bank also informs all the customers that the bank will not be responsible in the event of non-payment of interest tax due to non-updation of PAN by the customer and further adjustment in the interest tax.