How to Link Aadhaar Number to Savings Bank Account?

Link Aadhaar Card 981 views

Highlights

  • The last date to link Aadhaar with Bank Account is now March 31, 2018.
  • Know the benefits of linking Aadhaar with Savings Account.

The Central Government of India has made it mandatory to link Aadhaar card with bank accounts, mobile numbers, and PAN card. The mandatory norms for linking Aadhaar number with a bank account has been released under the changes made to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005. The notification was issued on June 1, 2017, and the last date to link Aadhaar with all services including bank accounts was December 31, 2017. The government has however extended the deadline to March 31, 2018.

The accounts not linked until the last date will be blocked. Nonetheless, it can be operated again once the Aadhaar details are submitted to the bank. Also, those who do not have an Aadhaar card can submit the proof of application to prevent their bank accounts from getting blocked. UIDAI has introduced face authentication which will come into effect from July 1, 2018. Let us see the details of linking Aadhaar with savings bank account.

Last Date to Link Aadhaar with Savings Bank Account

The last date for Aadhaar seeding with bank accounts is now March 31, 2018 which is three months more from the previous deadline (December 31, 2017). It is also important to note that all the bank accounts at all banks have to be linked to the account holder’s 12 digits biometric number before the deadline.

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Who are eligible for linking Aadhaar Card with Bank Account

The Resident Indians who have their respective accounts are eligible for linking their Aadhaar with their bank accounts. Even businesses, trusts or joint accounts and those having power of attorney have to submit their Aadhaar details to their own banks. However, if you are an NRI(Non-Resident Indian) under specified rules of the banks, then specify your non-resident status proof to your bank. According to the gazette notification of Ministry of Finance, small accounts with a deposit less than ₹50,000 need not require seeding of Aadhaar. These accounts are known as ‘small’ or ‘no-frill account’ where such accounts are opened on a self-declaration basis. These small accounts are primarily kept by the poor section of society and can be maintained by an applicant who is above 18 years of age and doesn’t have any valid KYC document.

How to Link Bank Account with Aadhaar?

The process of Aadhaar linking to banks accounts is quite simple. Below are the steps to follow:

  1. Log-in to your bank account by using Net Banking.
  2. Visit nearest bank branch and submit a request in the application form.
  3. After 3-4 working days, an e-KYC (Know your Customer) authentication procedure is followed by Unique Identification Authority of India.
  4. Some banks have the option of linking Aadhaar with bank accounts with the help of an IVRS call which will guide you step by step.
  5. There is also an option to link by sending an SMS to the respective number of the bank.
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On successful completion of each of the process, a confirmation message is sent to the registered mobile number.

How to Link Aadhaar with Different Bank Accounts

How many Bank Accounts can be Linked to Aadhaar?

As mentioned above, regardless of the number of savings account or current bank account with different banks, linking your bank account with Aadhaar card is mandatory. The procedure will remain same as per Bank’s norms. So, check your personal details during the process carefully. In case your address in the Aadhaar database doesn’t match with your current address, then submit your another official valid document as address proof such as Voter Id, ration card, passport and utility bills.

What are the benefits of Linking Aadhaar to Bank Accounts?

The linking of your multiple bank accounts with Aadhaar will allow you to avail the below-mentioned benefits:

  • LPG Subsidy to the latest linked account– Let’s say you have linked your HSBC Bank account with Aadhaar on 1st September 2017 and to SBI Bank on 25th September 2017, then the gas subsidy will be credited to SBI.
  • Subsidy for commodity products– You get the subsidy for various commodities such as kerosene, sugar, rice, pulses and many other products whose prizes are subsidized are also transferred to the linked account.
  • Mahatma Gandhi National Rural Employment Guarantee (MNREGA): The wages under MNREGA scheme will be credited directly to the linked bank accounts of the workers.
  • Tribal welfare schemes: The payments from the schemes will also be credited to the linked bank accounts.
  • Scholarship: Students who receive the scholarship from the government can get this money only if their bank account is linked to their Aadhaar number. However, this is mandatory only for the students from select Indian states.
  • Nationwide access: The online, inter-operable architecture of Aadhaar Enabled Payment System (AEPS) allows access to the account from anywhere in the country.
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Consequences of Not Linking Aadhaar with Savings Bank Accounts

Below are the side-effects of not linking the 12 digits UIDAI number to the bank accounts:

  • Your bank account to be blocked which means no internet banking or transferring money or withdrawal or deposits.
  • You will not be able to file Income Tax Returns or avail any governmental schemes.
  • Activation of your account after the stipulated deadline will no longer be possible.

In short, while seeding your Aadhaar to your Saving Account will open the avenues for you to access multiple services offered by Government of India on an instant basis. From filing income tax returns(ITRs) to obtaining your own government schemes and benefits requires Aadhaar Card for speeding out your application process.

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Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 10.99% - 20.70%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 12.99% - 20.00%
Kotak Bank 10.99% - 17.99%
RBL 14.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 11.49% - 18.00%
Home Loan Interest Rates January 2018
State Bank of India/SBI 8.30% - 8.60%
HDFC 8.35% - 8.95%
Bank of Baroda 8.30% - 9.30%
LIC Housing 8.35% - 8.70%
PNB Housing Finance 8.35% - 8.70%
ICICI Bank 8.35% - 8.85%
Axis Bank 8.35% - 8.75%
Citibank 8.60% - 9.35%
Indiabulls Housing Finance Limited 8.35% - 8.55%
Kotak Bank 8.35%
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