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Friday, May 20, 2016

Benefits of Linking Aadhaar Card to Bank Account

 

Aadhar card number is a 12 digit unique identification number (UID) issued by UIDAI to every Indian resident which has many benefits. In addition to this, customer can also link Aadhar number to the bank account and receive various benefits. For this, account holder needs to provide consent for seeding his/her Aadhar card number to their bank account. Both the new and existing customers can link Aadhaar and account.

Benefits of linking to the account holder

The most important benefit of seeding the number is receiving the social welfare scheme payments, and other benefits from various schemes run by government of India. Here are the schemes:

  1. Direct Benefits Transfer (DBTL): LPG cylinder subsidy amount is directly credited in the Aadhaar linked bank account after the LPG consumer number is linked. The difference between market price and subsidised rate is credited which is the subsidy amount. You can also opt out of LPG subsidy which will benefit the government monetarily.
  2. Subsidy for commodity products: Also the subsidy for various commodity products such as kerosene, sugar, rice, pulses and many other products whose prizes are subsidized are also transferred to the linked account.
  3. Mahatma Gandhi National Rural Employment Guarantee (MNREGA): Wages under this scheme will also be credited directly to the bank account of the workers.
  4. Tribal welfare schemes: Payments from these schemes will also be credited to the linked account.
  5. Scholarship: Students who receive scholarship from the government can get this money only if bank account which is on the name of the student is linked with their Aadhaar number. However this is mandatory only for the students from select Indian states.
  6. Country wide access: Linked accounts are accessible from any place within India and in future, consumers will be able to access via ATMs, others.

 

Benefits to the government:

It is not that only Indian citizens are getting benefits of linking the card. Government too has advantages as the welfare subsidies are sent to the correct beneficiary. Earlier due to non-availability of the identity, benefits were claimed by fake persons who duplicate the identity. This results in poor and disabled person not receiving the benefits. So by seeding the number, government's money will reach to the genuine person.

List of Aadhar enabled banks:

Almost all the Indian banks have stared facility of linking Aadhar card for their customers and here are few of them:

  • Federal Bank
  • Axis Bank
  • State Bank of India
  • Shamrao Vithal Co-operative Bank
  • Andhra Bank
  • HDFC Bank
  • IDBI Bank
  • Bank of Maharashtra
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