Oct 172017

Last Date of Linking Bank accounts with Aadhaar Card is 31st December 2017

Aadhaar Card which is said to be the most important identity document for every Indian is now going to link with individual bank accounts. In a notification, released in 1st of June 2017, the central government has stated that every individual will have to link their aadhaar number with their existing bank accounts within 31st December 2017. If not linked with aadhaar on time, accounts can be ceased by the banks after 31st Dec17.

Notification from Central Government

On 1st Jun17, the Finance Ministry has notified that all the existing and newly opened bank accounts have to link with aadhaar unique number of the customer. This rule will be applicable for all types of accounts such as single (individual), joint, minor, company or business accounts (includes trust, association, cooperative etc.) and so on. New accounts which will be opening after the notification is released will have to produce their aadhaar at the time of opening their accounts.

For the business or corporate accounts, aadhaar number of the person who is handling the account or representative of the organisation to the bank will be linked with the existing or newly opening accounts.

Need for Aadhaar and bank Account Linkage

  • Aadhaar has become one of the most important documents that are being used for authentication of any individual. Linking aadhaar with bank accounts or any other means of monetary channel will be needed to prevent money laundering in the economy.
  • According to the notification, people who have multiple accounts in same bank or in different banks, aadhaar should be presented for all the accounts separately. That is if a person has two bank accounts one in ABC bank and XYZ bank then he has to link aadhaar with both the accounts separately. This is mandatory to verify authentication of the person and their financial activities.

Benefit of Aadhaar Linkage

  • The biggest benefit of linking aadhaar with bank account is security. As Modi government encourages digitization, linking aadhaar with account will make online banking easier.
  • Not only online banking but also ATMs will be much easier to handle. Already many banks have started Aadhaar number enabled ATMs that is by entering aadhaar number customers can withdraw money from ATM. All they need to do is enter the aadhaar number instead of ATM pin.
  • Linking aadhaar with bank accounts will also beneficial for the companies or trusts. For the tax payers it will be easier to track the payments and such. Also for the banks it will be helpful for them to record the customer details.

How to link Aadhaar with Bank Account

There are several ways though which one can link their aadhaar with bank account. Every bank has opened options for their existing customers. One can link aadhaar through SMS, online or by visiting the branch.

  • For SMS users there is a specific number exclusively provided by banks should be given to the customer. Banks will provide a link through text message and one has to click on that for further steps.
  • For online users it can be done through online banking. That is customers can link their aadhaar by logging in to the official website of the bank (like online banking). Customers who don’t have online banking facility can either register freshly or do the needful by visiting to the branches.
  • In case of online mode, after logging in the customer will have to search for the tab where ‘Aadhaar details’ should be entered. Different bank websites have different tabs on their website.
  • There will be a form in the page. Fill up the form with mandatory details regarding your aadhaar. After finishing filling up the form, click on the ‘submit’ button to submit the form. After submitting the form customers can check whether the linkage is successfully done or not later by logging in to the website.
  • Apart from SMS and online mode customers can directly visit the branches of their banks and can fill up the form. It will also take few days to verify the details of the customers. After proper verification customer’s aadhaar will be linked with the bank account.

How to check whether the aadhaar is linked with bank account

  • For those who are checking the status in UIDAI website are needed to follow some of simple steps. Firstly visit the official website http://www.uidai.gov.in/.
  • The ‘home’ page shows a number of options related to aadhaar. Find the aadhaar services from the menu bar given below and click on the check bank account linking status given under the services.
  • You will be redirected to the page where two empty text boxes are given. In one box enter your aadhaar number and in another box write the code given on the page. After entering the mandatory information click on the ‘Send OTP’ button to receive an OTP.
  • A onetime password will be sent to the phone number of the customer. One needs to enter the OTP in the suitable box for further process. Once the OTP is being entered the page will show if the linking is done or not.
  • There is a minor issue here. UIDAI website shows most recent account you link with aadhaar. That is if the person has linked aadhaar with his XYZ bank account first then his account in ABC bank, UIDAI only shows the linkage status of ABC bank account, not the other one. To check whether XYZ account is linked successfully with aadhaar or not, the person can select online or offline modes mentioned above.
  • Others can check their aadhaar linkage with bank accounts in their bank’s official website or can visit to the branches to know more about the same.

The rule of linking aadhaar with bank accounts has started circulating long time back. However it wasn’t mandatory at that time. Now the central government along with ministry of finance has made it mandatory to get rid of frequent money laundering and channelizing black money in the financial system.

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