Steps to link your Aadhar with your Bank account Online and Offline in SBI, HDFC and ICICI)
Step 1:- Link your Aadhar card Online in Bank Account
- In present time most of the tasks can be performed online. Any bank offers you with an option of eBanking. This facility is provided by any bank to perform online banking transactions.
- To get started you just need to log on to your online banking account. You just need to log in using your details like account number and password.
- On the main page you shall find an option for linking your Aadhar card to the bank account. Here you just have to provide with the details of your Aadhar card number.
- Some other details also needs to be filled in including providing with your Telephone (Mobile) number. As the confirmation process you may have to confirm your Aadhar card number and click the Submit option.
- The moment you click on the Submit option you shall be provided with an OTP number code on your mobile number. Once you have resubmitted the OTP code number on the website you can be sure that your Aadhar card has been linked to your bank account.
Step 2:- The offline method to link your card
- In case you are not having net banking facility then it is certain that you can also make use of the traditional way to link your Aadhar card to your bank account. For this method it is certain that you may have to carry all details of your Aadhar card and visit your bank branch.
- To get linked you will have to submit all documents via application form. You can collect the application form from the help desk of the bank. This traditional method certainly is best option for anyone who is not comfortable with net banking, but it may be time consuming.
Unlock your financial accounts and bank accounts by providing Aadhar details to your bank by 30th April
According to latest updates from reliable sources it is certain that anyone who has opened any saving or other bank accounts with any bank between July 2014 to August 2015 is expected to present a copy of their Aadhar card along with KYC details. When submitting your KYC details and Aadhar card details customers are also expected to attest and certify the document copies that should match according to the regulations provided by Foreign Tax compliance act (FATCA). This statement was made official by the Department of Tax, India.
Steps taken in case account holders fail to submit the documents on time.
According to the latest news updates from the regulatory authorities, it has been very clearly stated that it is compulsory for each and every customer to link their bank accounts with their Aadhar card. In case there are any customers who just fail to submit or produce their documents by the dead line then the banks and financial institutions shall be forced to block their banks accounts.
It is also obvious that once the bank accounts have been blocked then these customers will not be able to access their accounts unless they submit all required details to the financial and banking authorities.
Steps taken by the banks and financial institutions
- According to updates it is certain that each customer will have to submit a copy of their Aadhar documents to these institutions. Once the customer have completed the process of document submission then it is certain that the customers will be free to access heir bank accounts. According to the new provisions the bank accounts will be regulated under the FATCA regulations.
- According to these regulations there were instructions given to financial institutions and banks to collect self-certified documents from the customers such that the banks can get started with the process of verifying each details for the customer individually.
- This process shall be applicable for any customer who has managed to open up a bank account with the bank between 1st July 2014 onwards up to 31st August 2015. These regulations are expected to comply with FATCA regulations that have been agreed by US and India.
The FATCA regulations
- The FATCA regulation treaty was signed on July 2015 between US and India. It is aimed to share agreement that meets the criteria of Banking laws in the US. The agreement is aimed at implementing and improving the currency exchange and financial information of customers between the two nations.
- The information thus exchanged will be on the basis of providing all possible financial information regarding the customer. This is done with an aim to regulate Tax payment that is done at the time of currency exchange.
Steps taken by the financial institutions and banks in case of failure to submit documents
Banks and other financial institutions have already begun with the process of informing the customers about the submission of the documents. Apart from this the banks have also informed them about the deadline for submissions.
In case any customers fail to meet the dead lines then the banks have clearly stated that they will not be able to access their bank accounts. Under these circumstances any account holder will not be able to perform any bank transactions. This statement was also certified by the Tax department of India. This provision is effective for all bank accounts, stocks accounts, and insurance accounts.