Arjun Raj Khaniya
Assistant Chief Executive Officer (Chief Information Officer)

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NIC Asia Bank, known for providing exceptional banking services to millions of customers, has issued an important request for its customers to update their Permanent Account Number (PAN) linked to their bank accounts. This step is essential to comply with the “Income Tax Act 2001” requirements set by the Government of Nepal’s Ministry of Finance and the Inland Revenue Department.

To facilitate this process, the bank has made it easy for customers to update their PAN. Customers can update their PAN by visiting panupdate.nicasiabank.com or through the mobile banking app, NIC ASIA MoBank, by selecting the "PAN Update" option. Additionally, customers can visit any branch office of the bank to submit an application for PAN updates.

Important Information:

NIC Asia Bank requires PAN to record tax deductions on deposit interest payments in the E-TDS system. Once updated, customers’ tax deduction details (E-TDS) will be automatically linked to their PAN, facilitating the reconciliation of tax details in Schedule 10 by the income tax system.

This process will make it easier for customers to obtain tax deduction and tax clearance certificates, eliminating the need to visit the bank physically. The bank has clearly stated that it will not be responsible if the interest tax is not filed in E-TDS due to a lack of PAN updates.

If any customer has previously provided their PAN but finds that the tax deduction details are not included, they are encouraged to contact the nearest branch office or call the customer service center at 1660–01–77771 or 01–5970101 for assistance.

Bank’s Contribution and Services:

NIC Asia Bank has a vast network of 360 branch offices, 670 ATMs, 118 extension counters, and 51 branchless banking networks nationwide. The bank serves approximately 25% of the economically active population aged 20 to 50 in the country.

Contributing significantly to strengthening the national economy and achieving high economic growth, the bank has paid a total of over NPR 26.59 billion in direct and indirect taxes to the Government of Nepal since its inception. In the last fiscal year alone, the bank successfully paid more than NPR 2.89 billion in taxes.

For financial inclusion, the bank has expanded its branch network in remote districts like Mugu, Kalikot, Bajhang, Rukum, Jumla, and Salyan, where the presence of banks and financial institutions is minimal. The bank also operates branches in over 34 local bodies where no other banks or financial institutions have reached.

NIC Asia Bank has established 72% of its branch offices in rural and small urban areas, where more than 80% of the country’s total population resides.