What is Form 60 SBI and How to Download it Online?

What is Form 60 SBI?

Form 60 SBI is a declaration form that is required to be filled by a person who does not have a Permanent Account Number (PAN) and who wants to open an account or make certain transactions with the State Bank of India (SBI) or any other bank. PAN is a unique identification number issued by the Income Tax Department to every taxpayer in India. PAN is mandatory for filing income tax returns, paying taxes, and making various financial transactions.

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However, some people may not have PAN for various reasons, such as they have not applied for it, they have applied but it is pending, or they are exempted from obtaining it. In such cases, they can use Form 60 SBI to provide the details of their identity, address, transaction, and reason for not having PAN. Form 60 SBI is also used to comply with the income tax rules and prevent tax evasion.

Transactions that require Form 60 SBI

According to Rule 114B of the Income Tax Rules, 1962, there are certain transactions that require quoting of PAN or submission of Form 60 SBI. Some of these transactions are:

• Purchase or sale of any motor vehicle (except two-wheelers)

• Opening of a bank account (except basic savings deposit account)

• Opening of a demat account

• Opening of an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit card

• Purchase or sale of an immovable property value of Rs. 10 lakh or above

• A fixed deposit with any bank/post office/Nidhi/non banking financial company amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year

• Payment to restaurants or hotels in cash against the bills exceeding Rs. 50,000 at one time

• Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash exceeding Rs. 50,000 at one time

• Payment of a life insurance premium exceeding Rs.50,000 in a year

• Sale/purchase of company shares or contract for sale or purchase of securities exceeding Rs.1 lakh per transaction

How to download Form 60 SBI?

Form 60 SBI can be downloaded from the official website of the Income Tax Department or the State Bank of India. There are two methods to download Form 60 SBI:

Online method

To download Form 60 SBI online, follow these steps:

• Visit the official website of the Income Tax Department at

• Click on "Forms/Downloads" on the top navigation menu

• Select "Other Forms" from the drop-down list

• Scroll down and click on. "Form 60" under the heading "Forms for persons who do not have PAN"

• Download the PDF file of Form 60 and save it on your device

Alternatively, you can also visit the official website of the State Bank of India at and download Form 60 from there.

Offline method

To download Form 60 SBI offline, follow these steps:

• Visit any branch of the State Bank of India or any other bank where you want to open an account or make a transaction

• Ask for Form 60 from the bank staff and collect it

• Fill the form with the required details and submit it along with the proof of address

How to fill Form 60 SBI?

Filling Form 60 SBI is not very difficult if you follow the instructions given on the form. Here is a step-by-step guide to help you fill Form 60 SBI:

Step-by-step guide

• Write your name and surname in capital letters in Part A of the form

• Write your date of birth in DD/MM/YYYY format in Part A of the form

• Write your father's name and surname in capital letters in Part A of the form

• Select your gender (male/female/other) by ticking the appropriate box in Part A of the form

• Select your residential status (resident/non-resident) by ticking the appropriate box in Part A of the form

• Select your marital status (single/married) by ticking the appropriate box in Part A of the form

• Write your complete address with PIN code in Part A of the form

• Select your proof of address (passport/driving license/voter ID card/Aadhaar card/ration card/utility bill/bank statement/rent agreement/employer certificate/any other document) by ticking the appropriate box in Part B of the form and attach a copy of it with the form

• Select the type of transaction (opening a bank account/opening a demat account/opening an account with any banking institution or bank other than basic savings deposit account/application to institution or bank or company for debit or credit card/purchase or sale of an immovable property/purchase or sale of a motor vehicle/purchase or sale of company shares or contract for sale or purchase of securities/a fixed deposit/payment to restaurants or hotels/payment in connection with travel to any foreign country or payment for purchase of any foreign currency/payment of a life insurance premium/any other transaction) by ticking the appropriate box in Part C of the form and write the amount and date of transaction

• Select the reason for not having PAN (not applied/applied but pending/exempted under section 139A(5)/any other reason) by ticking the appropriate box in Part D of the form and write the details if any other reason is selected

• Sign or affix your thumb impression at the bottom of Part D of the form and write the date and place

• If you are filling Form 60 SBI on behalf of someone else, write your name, address, and relationship with that person in Part E of the form and sign or affix your thumb impression at the bottom of Part E of the form and write the date and place

Sample of Form 60 SBI

Here is a sample of Form 60 SBI filled by a person named Ramesh Kumar who does not have PAN and wants to open a savings account with SBI:

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FORM NO. 60 [See second proviso to rule 114B]

Form for declaration to be filed by an individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in rule 114B.

PART A - PERSONAL DETAILS OF THE DECLARANT

Name: RAMESH KUMAR Date of Birth: 01/01/1980

Father's Name: RAM LAL Gender: Male

Residential Status: Resident

Marital Status: Married

Address: H.NO.123, SHIV NAGAR, NEW DELHI - 110001

PART B - PROOF OF ADDRESS

Please tick the appropriate box and attach a copy of the document as proof of address.

Passport Driving License

Voter ID Card Aadhaar Card

Ration Card Utility Bill

Bank Statement Rent Agreement

Employer Certificate Any other document

PART C - DETAILS OF TRANSACTION

Please tick the appropriate box and write the amount and date of transaction.

Opening a bank account Amount: Rs. 10,000 Date: 20/06/2023

Opening a demat account Amount: N/A Date: N/A

Opening an account with any banking institution or bank other than basic savings deposit account/Application to institution or bank or company for debit or credit card Amount: N/A Date: N/A

Purchase or sale of an immovable property value of Rs. 10 lakh or above Amount: N/A Date: N/A

Purchase or sale of a motor vehicle (except two-wheelers) Amount: N/A Date: N/A

Purchase or sale of company shares or contract for sale or purchase of securities exceeding Rs.1 lakh per transaction Amount: N/A Date: N/A

A fixed deposit with any bank/post office/Nidhi/non banking financial company amount more than Rs.50,000 or aggregation of more than Rs.5 lakh during any tax year Amount: N/A Date: N/A

• Payment to restaurants or hotels in cash against the bills exceeding Rs. 50,000 at one time Payment in connection with travel to any foreign country or payment for purchase of any foreign currency in cash exceeding Rs. 50,000 at one time

• Payment of a life insurance premium exceeding Rs.50,000 in a year

• Any other transaction

• Amount: N/A Date: N/A

How to submit Form 60 SBI?

Form 60 SBI can be submitted online or offline depending on the mode of transaction. Here are the two methods to submit Form 60 SBI:

Online method

To submit Form 60 SBI online, follow these steps:

• Login to your internet banking account with SBI or any other bank where you want to make a transaction

• Select the option "Form 60" from the menu and click on "Submit"

• Fill the details of Form 60 online and upload the scanned copy of your proof of address

• Verify the details and click on "Confirm"

• You will receive a confirmation message and an acknowledgement number for your reference

Offline method

To submit Form 60 SBI offline, follow these steps:

• Visit any branch of the State Bank of India or any other bank where you want to make a transaction

• Submit the duly filled and signed Form 60 along with the copy of your proof of address to the bank staff

• The bank staff will verify your details and accept your form

• You will receive an acknowledgement receipt for your reference

Conclusion

In this article, I have explained what is Form 60 SBI, how to download, fill, and submit it in a simple and easy way. I hope this article has helped you understand the process and importance of Form 60 SBI. If you have any questions or doubts regarding Form 60 SBI, please feel free to ask them in the comments section below. I will try my best to answer them as soon as possible.

FAQs

Q1. What is the difference between Form 60 and Form 61?

A1. Form 60 is a declaration form for persons who do not have PAN and who enter into certain transactions specified in rule 114B. Form 61 is a declaration form for persons who have an agricultural income and who do not have PAN and who enter into certain transactions specified in rule 114B.

Q2. What are the consequences of not submitting Form 60 SBI?

A2. If you do not submit Form 60 SBI when required, you may face the following consequences:

• Your bank account or transaction may be rejected or cancelled by the bank

• You may be liable to pay a penalty of Rs. 10,000 under section 272B of the Income Tax Act, 1961

• You may be subject to scrutiny or investigation by the Income Tax Department

• You may be charged with tax evasion or money laundering offences

Q3. How long does it take to get PAN after submitting Form 60 SBI?

A3. If you have applied for PAN after submitting Form 60 SBI, it may take around 15 to 20 days to get your PAN card. You can track the status of your PAN application online at by entering your acknowledgement number and date of birth.

Q4. Can I submit Form 60 SBI online without visiting the bank branch?

A4. Yes, you can submit Form 60 SBI online without visiting the bank branch if you have internet banking facility with SBI or any other bank where you want to make a transaction. You can fill and submit Form 60 SBI online and upload the scanned copy of your proof of address as explained in the article above.

Q5. Can I use Form 60 SBI for filing income tax returns?

A5. No, you cannot use Form 60 SBI for filing income tax returns. Form 60 SBI is only a declaration form for persons who do not have PAN and who enter into certain transactions specified in rule 114B. For filing income tax returns, you need to have PAN and use the appropriate income tax return form as per your income and status. 44f88ac181