Does hearing "PAN card," makes you immediately think of income tax and working professionals?
A PAN card for students has become increasingly essential, even before they step into the workforce. Wait! Did you just go to check if you have PAN card documents required for students? It would help to read further.
Students need a PAN for activities like opening a bank account and applying for scholarships. Let us see how this 10-digit identification number issued by the Income Tax (IT) Department holds significant power in a student's life:
Beyond Income Tax: Surprising Benefits for Students
A PAN card is about opportunities and identity. Here are main areas of student PAN card benefits:
These uses show that PAN card uses for students extend well beyond taxation. A PAN card for students is a preliminary document for building a financially secure future.
To Open a Bank Account
While students, especially minors, can open accounts with the help of parents or guardians, having a PAN card for students can simplify this process significantly. However, RBI has issued fresh guidelines for minors (>10 years of age) to operate a bank account independently.
A PAN card for students can ensure a smooth KYC (Know Your Customer) process and is often preferred for verification. As students grow older and take full control of their accounts, having their student bank account PAN already linked helps avoid re-verification hassles. So, make sure you keep PAN card documents required for students ready beforehand.
Making Investments
With growing awareness around student financial literacy, many young individuals are exploring investment products like mutual funds, recurring deposits, or even stocks.
But here's the catch! A PAN card is mandatory for financial instruments. Whether you're:
- Opening a Demat account
- Starting a Systematic Investment Plan (SIP)
- Participating in any taxable investment avenue
| You’ll need to provide your PAN details. This not only helps with regulatory compliance but also instills a sense of financial responsibility. |
Accessing Scholarships and Financial Aid
Many government and private-run scholarships or financial aid programs now require identity verification. This is where a PAN card for students can help. Especially when monetary disbursements are involved, institutions may ask for PAN details to process funds.
Having a student identity verification PAN card readily available can help avoid delays and ensure smoother documentation when applying for:
- College fee subsidies under government sponsored schemes
- Education-related grants
- Sponsored internship stipends
Particular scholarships, administered through the National Scholarship Portal (NSP) or Maharashtra's Maha DBT portal, require PAN as a mandatory document.
Valid Proof Beyond School ID
A PAN card for students is recognised as valid proof of identity across banks, government institutions, travel portals, and more. While school IDs are limited in acceptance, a PAN card provides credibility in formal setups and digital verifications, be it for entrance exams, online profiles, or certifications.
Building Early Financial Future
Applying for a PAN card for students is a forward-thinking move. By checking PAN card documents required for students and having a student identity verification PAN, you can take control of their finances, understand compliance requirements, and prepare for larger responsibilities, such as credit, taxes, and asset management in the future.
Applying for a PAN Card as a Student
The process to apply for a PAN card for students is simple and can be done both online and offline.
Following are the PAN card documents required for students:
- Proof of identity (Aadhaar)
- Proof of date of birth (Birth Certificate)
- Proof of address (Bank Statement)
- For minor PAN cards, the parent or guardian’s documents and signature are also required.
You can apply online through the Protean eGov Technologies Limited TIN website by submitting the application and required documents.
| Learn more about how to apply for a PAN card here. |
| To learn about updating PAN from Minor to Major, click here. |
Conclusion
A PAN card is no longer just a tax document, it is a gateway to financial empowerment, early investment, and a step towards financial independence. For students and their guardians, applying for one early means unlocking smoother banking, investment, and scholarship opportunities.
