Aadhaar cards have become the most important personal identification document in India in just a few years. Most people have already been assigned an Aadhaar card along with their own personal 12-digit Aadhaar number. Most government services and telecom companies have made Aadhaar linking mandatory. In 2017, the Indian government also decided that Aadhaar linking would be made compulsory for bank accounts.
What does Aadhaar linking mean?
Prior to the advent of the Aadhaar card, people had to rely on either the PAN card or the Voter ID in order to open a bank account. However, since the Aadhaar came into existence, most banks now ask for the same in order to register new accounts. The Aadhaar provides better security verification due to the biometrics embedded in it. So, the Government of India decided to bring the entire banking system under a uniform identification process. This is why people who did not open their accounts with the Aadhaar will now have to link the same with their banks.
Why is Aadhaar linking important?
Aadhaar linking comes with its own set of benefits. For instance, the government subsidies, such as LPG and others for retired persons will be transferred directly into your account after the linking is done.
Aadhaar linking is also likely to reduce tax fraud and prevent other money laundering schemes. Just as linking Aadhaar to PAN has allowed the Income Tax department to weed out duplicate PANs, the bank account linking is also expected to prove beneficial to the country’s economy.
Aadhaar linking will also enable a new mode of accessing the account from anywhere. This method is known as Aadhaar-Enabled Payment System or AEPS. Through this feature, users will need their 12-digit Aadhaar number along with their fingerprint verification to access their bank accounts. After online bank account opening, money withdrawal may also take place online.
How can the Aadhaar linking be done?
Some banks offer the option of linking Aadhaar to the account through that bank’s ATMs. People will need to swipe their ATM cards and follow the instructions for Aadhaar linking from there. However, the best way to link the Aadhaar number to the bank account is to visit the nearest branch of your bank and ask for assistance there.
Many citizens have already linked their bank accounts with their Adhaar card. Other Indian citizens with access to such accounts in banks will have to link their Aadhaar number with those accounts within March 31, 2018. The previous deadline was deemed to be December 31, 2017, but this has since been revised.
What does Aadhaar linking mean?
Prior to the advent of the Aadhaar card, people had to rely on either the PAN card or the Voter ID in order to open a bank account. However, since the Aadhaar came into existence, most banks now ask for the same in order to register new accounts. The Aadhaar provides better security verification due to the biometrics embedded in it. So, the Government of India decided to bring the entire banking system under a uniform identification process. This is why people who did not open their accounts with the Aadhaar will now have to link the same with their banks.
Why is Aadhaar linking important?
Aadhaar linking comes with its own set of benefits. For instance, the government subsidies, such as LPG and others for retired persons will be transferred directly into your account after the linking is done.
Aadhaar linking is also likely to reduce tax fraud and prevent other money laundering schemes. Just as linking Aadhaar to PAN has allowed the Income Tax department to weed out duplicate PANs, the bank account linking is also expected to prove beneficial to the country’s economy.
Aadhaar linking will also enable a new mode of accessing the account from anywhere. This method is known as Aadhaar-Enabled Payment System or AEPS. Through this feature, users will need their 12-digit Aadhaar number along with their fingerprint verification to access their bank accounts. After online bank account opening, money withdrawal may also take place online.
How can the Aadhaar linking be done?
Some banks offer the option of linking Aadhaar to the account through that bank’s ATMs. People will need to swipe their ATM cards and follow the instructions for Aadhaar linking from there. However, the best way to link the Aadhaar number to the bank account is to visit the nearest branch of your bank and ask for assistance there.
Many citizens have already linked their bank accounts with their Adhaar card. Other Indian citizens with access to such accounts in banks will have to link their Aadhaar number with those accounts within March 31, 2018. The previous deadline was deemed to be December 31, 2017, but this has since been revised.
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