NIC Asia Bank Requests Customers to Update PAN for Tax Compliance

NIC Asia Bank urges its customers to update their Permanent Account Number (PAN) to comply with Nepal’s Income Tax Act, 2058. Customers can update their PAN through the bank’s portal (panupdate.nicasiabank.com), mobile banking app (NIC ASIA MoBank), or by visiting any branch.

Updating PAN is essential for recording tax deducted at source (E-TDS) on interest payments. Once updated, E-TDS details will automatically match with Income Tax schedules, simplifying the issuance of Tax Deduction and Tax Clearance Certificates. The bank clarified it will not be responsible if the interest tax is not reported due to a customer’s failure to update the PAN. Customers facing issues even after providing PAN are advised to contact the nearest branch or the customer service center at 1660-01-77771 / 01-5970101.