PAN, or Permanent Account Number, is the unique number provided to each person as well as each institution in a regulated financial ecosystem. The Bank of Baroda, too, has a PAN number. Among the biggest banks in India is this one. Interestingly, this bank has an international presence too, with branches and subsidiaries in over 25 countries across the world. So if you have an account in this bank, it will be useful abroad.
Although, as a customer of the bank, you don’t usually need this number. All you need are your personal PAN details as you open any type of account in the bank, apply for a loan, or do similar bank formalities. There are plenty of reasons banks like the Bank of Baroda (or any other financial institution for that matter) need PAN numbers.
- In many countries, including India, banks are legally required to acquire PAN information from their customers. This regulatory obligation promotes transparency in business transactions and avoids tax evasion.
- The PAN is mostly used for tax reporting purposes. Banks use PAN information to record specific financial activities for tax authorities, such as substantial cash deposits, withdrawals, or high-value transactions. This allows tax authorities to track individual income and tax responsibilities more effectively.
- PAN information is an important tool for detecting money laundering, terrorism financing, and other financial crimes. Banks may verify that cash placed or withdrawn by customers is lawful and not the result of criminal activities by checking their PAN details.
- PAN is a unique identifier for persons in financial transactions. It enables banks to authenticate their customers’ identities and retain correct data, lowering the possibility of identity theft and fraud.
- Several investment goods and financial services, such as opening a Demat account, investing in mutual funds and stocks, or applying for loans, require PAN information. This is because these transactions are taxable, and PAN assists in precisely tracking and reporting them.
Bank of Baroda PAN Number
The Bank of Baroda PAN number is AAACB1534F. You may get this number by contacting the bank in person or reaching out to their helpline numbers. All numbers are available on their official website.There are some more crucial things to note. Typically, you cannot use a bank’s PAN (Permanent Account Number) for personal or financial operations.
Using a bank’s PAN number for personal transactions is not only undesirable, but also potentially unlawful, as it may result in confusion, misrepresentation, or even fraud. Additionally, banks use their PAN numbers to record their financial activities to tax authorities rather than individual client transactions.
If you need to conduct financial transactions or need PAN details for any reason, you should use your own PAN number or supply the information requested by the relevant authorities or organisations. If there is an exception, you need to contact the bank manager, explain your requirements, and follow the process as decided by the authority.
Conclusion
You’ll get the Bank of Baroda PAN number in this article. But this alone will not serve the purpose. To use this PAN number, contact the bank. Otherwise, it may lead to unethical and illegal conduct. For a better understanding, go through the article once more.