It is a document crucial for financial dealings and tax-related matters. Although typically issued to adults, minors can also acquire a PAN. This allows parents or guardians to oversee a child's financial transactions.
A Minor PAN Card is beneficial in many ways, one such is investment nominee i.e., a PAN enables children to be appointed as nominees for stocks or mutual funds, guaranteeing efficient asset management through accurate documentation.
Other benefits include income management and possessing personal bank accounts. With a PAN, minors can open and manage their own bank accounts, allowing parents to monitor transactions such as deposits and savings.
Steps for applying for a PAN for minors include visiting the official website followed by filling out the application Form. This is followed by preparing the required documents that include minor's birth certificate as identification, and the guardian's passport or Aadhaar card as identification and proof of residency.
After the documents are ready, one can submit the application and send the documents. Once the online application has been submitted, necessary documents are mailed to the PAN centre, and PAN is received within 15 to 20 days.
When a minor turns 18, they need to update their PAN card to include their photograph and signature, while retaining the same PAN number. After completing the form and paying the required fee, an acknowledgement number is received confirming the update request. The updated PAN card is sent to the registered address within a few days.
