Benefits of Linking Aadhaar Card to Bank Account :
10 Things you must know before linking your bank account with aadhar card-
Benefits of Linking Aadhaar Card to Bank Account
These days all banks are critically emphasizing to link aadhar numbers with bank accounts, more pressure on pensioner accounts ( Pensioners of various state and central government pensions ) and student accounts for crediting scholarship.
So as a customer you must know why you should link your bank account with aadhar card—
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.
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. Risk Mitigation For Banks as Well as customers –Due to unique Aadhar numbers chances of crediting amount in wrong account is very less ,So it is becoming very good tool for Banks , Customers even Government of India.
4 4. Identifying and Merging of Multiple accounts –Identifying and merging various accounts of Similar Nature (Saving ,Current , Overdraft Etc)
5. Mahatma Gandhi National Rural Employment Guarantee (MNREGA): Wages under this scheme will also be credited directly to the bank account of the workers.
6. Tribal welfare schemes: Payments from these schemes will also be credited to the linked account.
7. 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.
8. Country wide access: Linked accounts are accessible from any place within India and in future, consumers will be able to access via ATMs, others.
Apart of these Aadhar linking is going to be very useful after merger of Banks to identify and merge multiple customer accounts and provide them banking Service.
So to avail these services you can Link your Aadhar with your bank account.