Aadhaar A Must For Bank Accounts: 10 Things You Need To Know

The Centre has made it mandatory for all existing bank account holders to provide their Aadhaar numbers to their banks by December 31, 2017.

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Aadhaar A Must For Bank Accounts: 10 Things You Need To Know

Aadhaar number is now mandatory for both exisisting and new bank accounts (Representative Image)

New Delhi:  The Centre has made it mandatory for all existing bank account holders to provide their Aadhaar numbers to their banks by December 31, 2017. If they fail, the account will no longer be operational, says a notification from the revenue department. Providing Aadhaar has also been made mandatory for anyone opening a bank account. The biometric identity numbers are issued by the Unique Identification Authority of India (UIDAI). The notification issued amends the Prevention of Money- laundering (Maintenance of Records) Rules, 2005.
Aadhaar mandatory for existing, new bank accounts. 10 facts to keep in mind:
  1. The last date to furnish Aadhaar number issued by the Unique Identification Authority of India (UIDAI) is December 31, 2017, failing which the bank account will become non-functional.
  2. Aadhaar details are also mandatory for opening of new bank accounts.
  3. From June 1, 2017, citizens unable to provide Aadhaar number at the time of account opening will have to provide Aadhaar enrolment number. The Aadhaar number will then need to be provided to bank within six months of opening of the bank account.
  4. The notification issued by revenue department also mandates the quoting of Aadhaar, popularly called "Aadhaar card", for any transaction of Rs 50,000 or above, reports the Press Trust of India.
  5. Going forward, small banks' accounts, with a maximum deposit of Rs 50,000, can be opened only at branches with core banking solution, added the agency.
  6. Small deposit bank accounts can also be opened at a branch where it is possible to manually monitor and ensure that foreign remittance are not credited to such account and stipulated limits on monthly and annual aggregate of transactions and balance are not breached, reported PTI.
  7. The new rule also applies to companies and partnership firms. They need to quote Aadhaar number along with PAN or Form 60 for all financial transactions of Rs 50,000 or above with effect from June 1.
  8. The move is aimed at keeping a check on small accounts. Currently, accounts can be opened without having valid KYC or Know Your Customer documents for a maximum deposit of Rs 50,000, reported the agency.
  9. Commenting on this development, West Bengal Chief Minister Mamata Banerjee tweeted, "The poorest of the poor, the marginalised people will be the worst sufferers if #Aadhaar is made mandatory unilaterally". "#Aadhaar has serious issues about privacy. Govt must not make it mandatory before 100% coverage is achieved," a second tweet read.
  10. The move to link all existing bank accounts with Aadhaar number comes days after the Supreme Court of India upheld an I-T Act provision that makes Aadhaar compulsory for allotment of PAN cards and for filing Income Tax returns.
With Agency Inputs

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