PAN or Form 60 should be submitted for existing accounts to avoid temporarily ceasing.

In 2019 the Reserve Bank of India made it compulsory to submit PAN or Form 60; failing which account shall be subject to temporary ceasing.

In 2019 the Reserve Bank of India made it compulsory to submit PAN or Form 60; failing which account shall be subject to temporary ceasing. In the wake of the government notifying amendments to the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, in 2019, the Reserve Bank of India introduced certain changes. One of the updates stated that linking the individual bank accounts with any of the documents such as PAN card or Form 60 is compulsory for all bank accounts in India. It mentioned that the un-updated accounts would be temporarily frozen until the documents are submitted. The account holder would be notified before the temporarily ceasing operations of the account.

The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including the opening of bank accounts.