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A Month To Go, Have You Linked Your Aadhaar? - Outside View by PersonalFN
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A Month To Go, Have You Linked Your Aadhaar?
Dec 4, 2017

The deadline to link your Aadhaar to various documents and services is fast approaching.

As of now, December 31, 2017 is the last date to link Aadhaar to your bank account, mutual fund folios, demat account, and insurance policies.

There may be an extension in date, given that this matter is still in court, do not bank on it.

The Supreme Court is yet to set up a Constitution bench to hear the issue of stay against mandatory linking of Aadhaar with bank accounts, mobile phone numbers etc. The apex court said it will hear a batch of petitions challenging the mandatory linking of Aadhaar to important services in the first week of December.

Earlier this week, the Government informed the apex court that it is willing to extend the deadline to March 31, 2018. However, as per reports, that the deadline may be pushed back for only those who do not have an Aadhaar. Hence, for those who do, the existing deadline will remain in force.

Given that the government is hell bent on using this Unique Identification Document (UID) to remove duplication and curb illicit money, you may soon have to link Aadhaar to important services if you wish to continue using them.

This requirement has been brought into the law via the Prevention of Money-laundering (Maintenance of Records) (Second Amendment) Rules, 2017, which have been notified by the government under powers delegated to it by the parliament through the Prevention of Money Laundering Act, 2002.

While it remains to be seen how the Supreme Court assesses the issues associated with Aadhaar linkage, until then, it is wise to comply with the government's directive and link Aadhaar number to your different accounts to avoid it being frozen.

PersonalFN has put together the list of important documents and services to link your Aadhaar in a few simple steps.

You need to link the current services to Aadhaar before December 31, 2017. Your mobile number needs to be linked with Aadhaar before February 6, 2018.

Link Aadhaar with Bank Account

The Government has made it mandatory to link your bank account to keep a track of your financial transactions and prevent money laundering.

The Aadhaar card-bank account link can be done through different channels. The three common channels across banks are:

  1. Bank Branch
  2. Internet Banking
  3. Mobile Banking application

Under the last two, the process is relatively simple:

  • Login to your online banking account
  • Click on 'Update Aadhaar' or 'Aadhaar Card Seeding'
  • Provide details as per your Aadhaar card and submit
  • A One Time Password (OTP) will be sent to your registered mobile which you will need to use to complete the linkage

Certain banks allow you to update your UID number through phone banking and/or even through SMS.

Link Aadhaar with Mutual Funds

You need to link your Aadhaar with your mutual fund and demat accounts by December 31, 2017. Submit the details before the due date to avoid having your mutual fund folios frozen.

Presently, Computer Age Management Services (CAMS) and Karvy Computershare, which together service 31 fund houses, offer an online facility for investors to link their Aadhaar to mutual fund accounts.

If you have invested in schemes across a number of fund houses, chances are that you will need to furnish your details to both the registrars - CAMS and Karvy separately. Similarly, if you have invested in schemes of Franklin Templeton Mutual Fund, BNP Paribas Mutual Fund or Sundaram Mutual Fund, you will need to contact the respective registrar to link Aadhaar to your mutual fund accounts.

To link your Aadhaar card to Mutual Fund accounts serviced by CAMS:

  1. Visit the CAMS website and click on the option 'Link Your Aadhaar'. Alternatively, you may directly visit the link - https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx
  2. Fill in a short form with your email id, PAN, Aadhaar number, and mobile number.
  3. After submitting the details, a One Time Password (OTP) will be generated and sent to the registered mobile number. Enter the OTP and submit, you will get a success message stating that your Aadhaar has been successfully linked to your mutual fund folios.

Link your Aadhaar card to Mutual Fund accounts serviced by Karvy Computershare:

  1. Visit the Karvy website and click on the option 'Link Your Aadhaar'. Alternatively, you may directly visit the link - https://www.karvymfs.com/karvy/Aadhaarlinking.aspx
  2. If your email or mobile number is registered, enter your PAN to generate an OTP, which is sent to your registered email and mobile number.
  3. On validating the OTP, you will see a list of mutual fund companies in which accounts have been opened. Enter your Aadhaar number in the field provided and click 'Submit' to complete the linking process.

Do note that the Aadhaar linking process, through either registrars, will only be successful if all the details such as Name, Date of Birth, Gender, etc. match correctly. If there is a mismatch in these details, either at the registrar or at UIDAI, the linking will not be successful.

Link Aadhaar with PAN Card

The Government had recently amended the Income-Tax Act, 1961 introducing Section 139AA to make Aadhaar and PAN linkage mandatory for the taxpayers. This is done to curb the tendency to avoid filing taxes, observed among citizens, and to curtail the circulation of black money within the system. However, the Supreme Court stayed the amendments partially. Subsequently, the Government issued a circular stating that from July 1, 2017 onwards, every person eligible to obtain Aadhaar must quote their UID number or their Aadhaar Enrolment ID number to file Income Tax Returns as well as for PAN applications.

Here are three simple steps to link your Aadhaar with PAN:

Step 1: Visit the Income Tax website - https://www.incometaxindiaefiling.gov.in/e-Filing/Services/LinkAadhaarHome.html

Step 2: Enter your PAN and Aadhaar details, and

Step 3: Complete the authentication process.

To know more on how to link PAN with Aadhaar click here.

Link Aadhaar with Employee Provident Fund (EPF) Account

The Employees' Provident Fund Organisation (EPFO) in January 2017 made it mandatory for its pensioners and subscribers to submit their Aadhaar numbers. The deadline had been revised time and again in view of the slow progress over the UID number submission by members. The important benefit of linking Aadhaar with the provident fund Unique Account Number (UAN) is that it increases transparency and makes the verification process easier.

Before linking your Aadhaar card, you need to activate your UAN. Once done, you can update your UID number online through the process outlined below:

  1. Visit - https://unifiedportal-mem.epfindia.gov.in/memberinterface
  2. Login with your UAN and password
  3. Under the 'Manage' tab, select 'KYC'
  4. Under this, you have the option to update details of several identification proofs, including Aadhaar
  5. Enter your Aadhaar number and name as per Aadhaar and click 'Save'

Your Aadhaar should get linked within a couple of weeks if all your personal details match.

Link Aadhaar to insurance policies

You can link Aadhaar to your insurance policies by visiting the website or the customer service department of your insurance provider.

Currently, you can link your insurance policies of the below companies online:

LIC: https://ebiz.licindia.in/D2CPM/#Login

SBI Life Insurance: https://www.sbilife.co.in/en/aadhar-updation-form

ICICI Prudential Life Insurance: https://www.iciciprulife.com/services/update-your-aadhaar.html

Max Life Insurance: https://www.maxlifeinsurance.com/customer-service/aadhaar-registration.aspx

To link your insurance policies, in most cases you only need to provide your policy number and date of birth. Once verified, you will be asked to update your Aadhaar number.

Link Aadhaar card with PPF, NSC

Aadhaar is made mandatory for opening a Post Office account or investing in small savings schemes such as National Savings Certificate (NSC), PPF, and Kisan Vikas Patra (KVP).

Existing account holders who have not provided Aadhaar number at the time of application for such deposits need to link their Aadhaar number to the post office savings bank or deposit office concerned, on or before December 31, 2017.

You can link you Aadhaar to post office schemes printing the form available here: https://www.indiapost.gov.in/Financial/DOP_PDFFiles/AadhaarLinkageDelink.pdf

Once you fill in the details, you may submit the form in the post-office where you are holding an account.

Link Aadhaar with Mobile Number

The Government has made it mandatory to link an Indian citizen's mobile number to their Aadhaar number. The network providers have a year's time to verify their users' old and new phone numbers through Aadhaar's eKYC (Know Your Customer) process. Hence, if you have not linked your Aadhaar card to your mobile number yet, mobile service providers will intimate you to do so before February 6, 2018. To comply with the order, mobile service providers will redo the KYC of all existing subscribers through the Aadhaar based eKYC process.

All service providers have rolled out the Aadhaar based e-KYC solution, but the process followed by each service provider on their respective platforms is different. Hence, it would be best to simply visit the nearest store of your service provider to link your mobile number and Aadhaar number. The store executive will then process your request to link the two together.

Link Aadhaar with Voter ID

You can link your Aadhaar with your Voter Id or Electors Photo Identity Card (EPIC) number as well. Linking the Aadhaar with the EPIC is an effective way to get rid of bogus or multiple voter ID cards in a single individual's name. The linking (also known as seeding) can be done through the following steps

Link Aadhaar with Voter ID through the Web Portal:

  1. Visit the National Voters' Services Portal - http://nvsp.in
  2. Find your name by clicking the box "Search Your Name". Type your name, the name of your relation, state, and the constituency. Alternatively, you can find your name by entering your EPIC Number
  3. As you see your details, please click the button 'View' on the extreme left-side of the row.
  4. Feed in your UID number and your name as in Aadhaar data.
  5. Register your mobile number and/email address to receive a confirmation of registration through SMS and/email.

Link Aadhaar with Voter ID through Your Mobile Phone in 2 steps:

  • Send a message in the following format - ECILINK [EPIC Number] [Aadhaar number]; e.g. ECILINK IJH3456780 123456789123 to the number 51969
  • You will get confirmation SMS

There is no deadline for linking your Voter ID.

Editor's note...

With Aadhaar-enabled financial transactions planned for the near future, whether we like it or not, Aadhaar may soon be the most important identification in the life of the aam aadmi.

Linking your Aadhaar is just a temporary phase and should not divert your attention away from your financial goals.

At PersonalFN, we are committed to providing you unbiased and honest views and opinions on various personal finance issues that can impact your investments and finances. We have been providing personalised Financial Planning solutions to our clients in India as well as to NRIs so as to help them meet their financial goals and objectives.

Check out our financial planning services here.

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:

The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

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