Is a PAN Mandatory for NRI Fixed Deposits?
23 May 2022

Is a PAN Mandatory for NRI Fixed Deposits?

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Key Takeaways

If you are an NRI who wishes to have a fixed deposit account in India, you must providesome documents to start the account opening process. One of these is a PAN card. Read on to find out whether you can get the process started even without a PAN card.


In banking services like a new bank account opening or a loan application, you may be required to submit some documents as part of the KYC process. One of these is a PAN Card, which carries a ten-digit alphanumeric identifier (permanent account number) allotted to all taxpayers or tax-paying entities.

Is a PAN card mandatory for NRI fixed deposits?

A PAN Card is required if you have to file taxes on any income in India, even if you are living overseas. You also need this card if you wish to invest in mutual funds or buy property in India.

If you want to open a fixed deposit account in India, a PAN Card may not be mandatory. You can fill out Form 60 to get the process started. However, once you have to file your income tax returns in India to your NRI fixed deposit, you will need a PAN Card. Getting one is relatively easy and you can do it online.

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Documents needed for your NRI Pan Card

You will need the following documents when applying for a PAN Card:

  • A copy of your passport
  • A copy of the bank account statement in country of residence that shows at least two transactions in the last six months
  • A copy of an NRE bank account statement duly attested by Indian Embassy/consular office/high commission/apostille/or the bank manager (where you hold the account)

Application process for your NRI PAN Card

The steps to apply are simple and completely online:

  • Visit the official website of TIN-NSDL to start the application process
  • Fill out Form 49A
  • Upload your photograph, address, ID and age proofs
  • Pay the fees
  • Track your application status via the acknowledgement e-mail

Final note

NRIs can initiate the fixed deposit account opening process even without a PAN card. However, to pay taxes in India a PAN card is a necessity. It is therefore advisable to apply for a PAN card, as there is no charge for holding one, while there may be delays in the taxation process if you do not have one and need to apply for it in order to file your taxes.

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*Disclaimer: This article is published purely from an information perspective and it should not be deduced that the offering is available from DBS Bank India Limited or in partnership with any of its channel partners.

The purpose of this blog is not to provide advice but to provide information. Sound professional advice should be taken before making any investment decisions. The bank will not be responsible for any tax loss/other loss suffered by a person acting on the above.