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Link your bank account with Aadhar by 31st March 2018

Dec 18, 2017 18:25 IST
    Link your bank account with Aadhar by 31st March 2018
    Link your bank account with Aadhar by 31st March 2018

    The Supreme Court has given an extension of 3 months for linking Aadhar with bank accounts. Now, the last date for linking Aadhar with bank accounts is 31st March 2018. The deadline for linking Aadhar with mobile numbers was also extended to 6th February 2018. And, for those who don’t have Aadhar cards will have to produce the enrolment slips to avoid any hassles while linking bank accounts and mobile numbers with Aadhar. Take a breath of relaxation, as before 31st March 2018, no one is going to deactivate your bank accounts. However, make sure to link your Aadhar with your bank accounts now to avoid any problems in future.

    Earlier this year, through a notification released on June 1, 2017, the Prevention of Money Laundering Rules was amended by The Ministry of Finance. Now, as per this rule, any accounts being opened post this date will have to produce Aadhar and will have to link it with the account. And, for the existing bank accounts, the deadline to link Aadhar is now extended to 31st March 2018.

    Banks have now become strict on this and are now following this amendment of the Finance Ministry seriously. At present, they are not opening accounts without Aadhar and are also sending frequent reminders to those account holders who are yet to link Aadhar with their bank accounts.

    Should you wait for the last date or final ruling of Supreme Court to link Aadhar with bank accounts?

    The question hovering over everyone’s mind is that should you hurry in linking bank accounts with Aadhar or wait until the final judgment day? It is to note that banks are strictly following the government rules and have already made it mandatory to link Aadhar with bank accounts. Therefore, seeing the current situation, it is advisable for you to link your Aadhar with your bank accounts now rather than waiting for the doomsday, which may make the situation worse.

    The decision made by Supreme Court has made it clear that the privacy of Aadhar is not absolute and is not illegal by any means.  So, if the government has made its decision on linking Aadhar a mandatory process, then there’s no point delaying in linking bank accounts with Aadhar. God forbid, if your account gets deactivated due to the non-linking of Aadhar, you may have to go through painful consequences. Right from your salary account to saving accounts, everything may get blocked in the process. So, it’s better to get your Aadhar details linked with your bank accounts sooner than later to avoid any type of future hassles.

    Can you recover your account?

    You can always recover or retrieve your account by submitting the requisite documents and linking Aadhar details with your bank account. If any account holder fails to link his/her account with Aadhar before 31st March 2018, the respective account might get blocked. However, by providing the details and linking Aadhar can retrieve the account. There is no mention of how long it may take to get the account activated. Therefore, it’s strongly advised to link your Aadhar before 31st March to stay on the safer side in future.

    Benefits to small accounts

    A breather is given to small bank accounts holder as they are exempted from linking Aadhar. Some small accounts will keep on working even without linking Aadhar before the deadline. The terms and conditions for such bank accounts are as follows:

    • The total of all credits in a financial year not going beyond Rs. 1 lakh

    • An account with monthly transactions of less than Rs 10,000

    • The balance at any point of time not exceeding Rs 50,000

    As per the notification, such accounts can be opened by simply submitting self-attested photographs and thumb prints along-with other necessary documents.

    Hope, this makes it very clear that you should not delay things in linking Aadhar details with your bank account as soon as possible to avoid any kind of future hassles.

    If you want to have your say or want to share your views, make sure to comment below. Also, don’t forget share this article around to circle to let your friends and relatives know about the process of linking Aadhar with bank accounts. Please visit jagranjosh.com and subscribe to our newsletter to stay updated with such informative and interesting articles.

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