KAULAGI NAGARAJA (ADVISOR) 03 October 2016

Requirement of pan number

Sir, I closed a loan against my LIC Policy by cheque for an amount more than a lakh. I was asked to produce the PAN Card copy. As I know the PAN number is required only when the premium is paid to the insurer in cash over Rs. 50000/- . Is it necessary to produce the PAN copy to close a loan account on the policy by a local cheque? Please clarify.

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4 Replies

adv.bharat @ PUNE (Lawyer) 04 October 2016

Yes PAN card is require for a transaction of more than Rs.20,000/-.

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jyotirmaya behera (advocate) 05 October 2016

It is not the necessary to show PAN card when you close your account. You can show your PAN If it is required. Normally at the time of opening PAN card is required. You can asked them for which propose they need now. Jyotirmaya Prasad Behera Advocate, Orissa High Court 9861819294

Ms.Usha Kapoor (CEO) 08 October 2016

While Opening a Bank account and where the Bank transactions exceed 50,000 rupees PAN Card is mandatory. But for closing a bank account a Pan Card is not required.If you appreciate this answer please click the thank you burtton on this Forum.