Difference between NSDL & UTI : In order to achieve the objective of understanding the points of difference between NSDL and UTI, we need to go deep into the roots to get a grip on the concept. These two terms are linked to PAN (permanent account number). For those who are not quite aware of what PAN is, it is a unique alphanumeric code generated and allotted by the income tax department of India. The permanent account number is used as an identity proof to set up any business in the country and to carry on all types of huge financial transactions.
Difference between UTI & NSDL
India made it mandatory to have a Pan card verification if one is wishing to buy a house, join a job, set up a business, purchase a four wheeler, buy mutual funds, insurance policies etc. but the question arises about how to get an authorized PAN card that is acceptable all over. Since there are numerous companies and websites, promising to a lot you a PAN Card in considerably less time as compared to the government recognized companies, it is important to note that the card issued by any such firm or individual would be considered as fraud.
National securities depository limited (NSDL) and infrastructure technology and services limited (UTI) are the PAN card service providers which work in the governance of the income tax department of India. Although their work and functioning are more or less the same but yet they differ in certain aspects. So, to note the point of difference we need to understand what NSDL and UTI actually do.
NSDL (National Securities Depository Limited)
NSDl can be taken as a “capital market company” or a “depository of the central securities”. With its head office in Mumbai, NSDL was established I the year 1996 and has been working smoothly since then India. The primary task handled by NSDL is to provide the permanent account number to all those who apply for it. Apart from creating the new ones, it also manages the job of making corrections in the PAN card that has certain errors. The reprinting and reissuing are as well dealt by the company in the cases where the cardholder has lost or misplaced his/her PAN card.
All the applications can be processed through the online mode. A nominal fee of rupees 106 is charged while applying for a new PAN card or a corrected copy. It is quite easy to fill in the requisite details, attach the required documents that would include a copy of your identity proof, address proof and the proof of your date of birth, and thereby submit the application online. The fees can be paid through net banking or by using the credit/debit cards.
It takes a maximum of 7-10 days to get your Permanent account number. After a span of 15-20 days from the date of submitting the application, the hard copy or the printed copy of the PAN card is delivered to the mentioned address by the NSDL.
UTI (Infrastructure Technology and Services Limited)
Considered to be one of the largest financial providers of our country, UTI was set up in the ear 1993. Infrastructure technology and service limited basically works in the direction of providing all types of services concerning technology and outsourcing to the government and financial sectors of the country. The work and functioning are taken care of by the government of India with utmost professionalism and seriousness to avoid any type of frauds and faults. What makes UTI similar to NSDI is its service of providing the PAN cards to the applicants. Similar to the national securities depository limited, UTI as well avails the Permanent account number apart from providing services regarding the correction and reissuing of the card. The online portal of the company is simply amazing and easy to use. One can apply for the correction, issuing, reissuing etc through the online form available on the website.
UTI takes 7-10 days after the date of application submission to a lot the permanent account number. Likewise, a time of maximum 20 days is taken by the company to ship the hard copy to the respective address of the holder. Infrastructure technology and service limited charges 106 rupees for all types of application processes including the ones for the new PAN card or the re-issuing of it.
Point of difference
From the above-mentioned information, we got a deep view of what the two companies are and how are they linked to the PAN card service. Also, we noticed that the functioning is same in almost every respect. Both NSDI and UTI work through the online system of application and further processing. Also, the fee charges and the time is taken for the allotment of the unique alphanumeric code and delivery of the printed laminated card to your home are same in both the companies. Both the companies offer the service of verifying your PAN card by either the PAN number or the name. Also one can check the status of the card using their services.
Since the company shares all the factors, the only additional positive towards the NSDI is the number of franchises it has in India. Comparatively, NSDI has more centers where one can visit for help or guidance regarding the PAN card. Therefore it is suggested to refer to the company whose office lies in close proximity to the applicant’s place of residence.
Moreover in order to find out whether the card has been issued by NSDL or UTI, one can check the front side. If the date of the printing of the card is mentioned, it ensures that the card has been issued by national securities depository limited.
In the cases where one has lost the Pan card, a photocopy of the same would work to know which company has issued your PAN card. This is to note that the new copy of your card can be reissued only by the company that allotted you the first one. Hence, it becomes necessary to have knowledge about the two service providers and the difference they have.
Read More – PAN Card Correction Form