Process to link Aadhaar Card and bank account Online (SBI, PNB, ICICI,HDFC) and Offline
While it is really not possible to detail how one can link Aadhaar Number with various financial accounts in this single article, we can always tell you how you can link your Aadhaar with your bank account. The steps involved are simple and doesn’t involve any rocket science. The simple steps that are to be followed include:
- Logging into the internet banking portal of the bank (if a person doesn’t have internet banking enabled, he or she has to have that enabled by requesting the bank). You can use this process for all banks like SBI, ICICI, PNB, HDFC or any other bank.
- Once logged in, the portal will either have a separate segment or a simple link which will allow a person to update the Aadhaar details. The option may actually read something like “Aadhaar Seeding” or “Seed your Aadhaar” or “Link your Aadhaar” or something like that. The account holder needs to find that option and click on the option to land on a new page.
- Once the person or the account holder lands on that page, the portal will ask to enter the Aadhaar number.
- Once the information is provided, simply clicking on the “Submit” or “Link” button will end the process by saving the details against the corresponding account in its own database.
- Now, the bank will verify the details of person by cross verifying its own data with Aadhaar database. Once the verification is completed, the bank account will be linked with the account holder’s Aadhaar number.
- That’s all. The account holder may or may not get a SMS (at his or her mobile number registered with the bank for phone banking) or an email (at the email-ID registered with the bank) that will confirm the completion of seeding process.
- Thats all Now your bank account is seeded with aadhaar Card
In case, you do not have internet banking enabled, you will also have the option of seeding your Aadhaar with your bank account via an offline process. For this, you will have to physically visit the bank branch where your account is held and then provide the Aadhaar number to the bank official. The official will then link the Aadhaar with bank account after verification of details (that is cross-matching your details with bank with your details on Aadhaar database).
Isn’t the process simple? It is actually and provided you are proficient enough in handing computer and internet, you can have your Aadhaar seeded with bank account without even stepping out of your home’s comfort zone!
If Not Linked with Aadhaar by 30th April, Various Financial Accounts Including Bank Account May Blocked
Government of India is all geared up against corruption and it doesn’t look like in the mood to give even an inch to corrupt people. In a new and astonishing move, a new circular has been circulated wherein it states that if people don’t link their bank accounts and their Aadhaar Number within April 30, 2017, the banks will have the authority of blocking those accounts.
Which accounts will face the onslaught?
As per the information circulated, all bank accounts which have been opened between the period July 2014 and August 2015 will be targeted. The owners of these accounts will have to, compulsorily, ensure that KYC documents have been submitted and that Aadhaar number has been seeded within the said time frame (that is, April 30, 2017).
This provision is applicable only and only for those accounts which fall under the purview of FATCA regulations.
Interestingly, this mandate has been made applicable even for all other financial account and not just bank accounts. This means that if someone has a trading account, someone has an insurance account, someone has a loan account or even a fixed deposit or PPF account (that is, anything financial), he or she has to ensure that Aadhaar seeding is completed for all such accounts and that KYC documents have been submitted.
Who gave the information and why such mandate?
This information was circulated by the Department of Income Tax and the mandate has been issued to ensure that everyone complies with FATCA. FATCA stands for Foreign Tax Compliance Act.
The department said that KYC documents and Aadhaar number has to be given along with a self-certification. Failure to comply with the deadline will empower banks and every other financial institution in India to block the accounts, which do not follow the mandate.
However, blocking the accounts doesn’t really mean that the accounts will closed forever. Those people will then have no other option but to comply with the mandate and only then the access for those accounts will be reopened.
Where did FATCA come from in the first place?
FATCA was an international pact that was signed by two countries – the United States of America and the Republic of India. The pact came to life when USA and India decided to share information about tax. This move by the two countries ensure that information about people who evade taxes in both countries can be exchanged by the two countries automatically. FATCA is basically a US law. The pact was signed back in July, 2015
Under the FATCA pact, financial institutions in India (both bank and no-banks) were required to ensure that they receive the KYC documents and self-certifications from all those people who open accounts with such financial institutions between 1st of July, 2014 and 31st of August, 2015. The financial institutions would then have complete due diligence from their own side.
The statement issued by Department of Income Tax
The Department of Income Tax issued a statement where it was clearly mentioned that people who opened their accounts in any financial institution between the said period will have to produce the said documents (and also seed Aadhaar number). Failure to do so will mean that the financial institutions will get the authority of prohibiting those people from carrying out any transaction that relate to those accounts (that is, the accounts that fall under FATCA regulations). Bank accounts, insurance accounts and even stock accounts come under this regulation.