The issue of linking the account from the base is once again in discussion. Reserve Bank of India (RBI) has removed the confusion going on to link the bank account with the basis. RBI has informed through clarification that it will be mandatory to link the bank account with the base and the banks will have to apply it without waiting for the instructions.
Need to link till December 31
In June, by issuing a notification on behalf of the Central Government, it was said that it has become necessary to link the Aadhar with the bank account. If you have an account in any bank, by 31 December 2017 you will need to link your account to the base. If you do not link the account, you will find it difficult to do the transaction. Your account may also be closed.
Link will be not necessary, if these three special things in the account
After this RBI’s clarification, some people can also get a discount from linking the account to the base. The government has laid down some rules and regulations for this. If your account meets these terms and conditions then you can also avoid the obligation to link. It is very important for you to have a small account. But you can not survive just by having a small account. There are 3 special things in this account.
1. Specialty related to loan
If the loan on your client does not exceed Rs 1 lac during the entire financial year, then you do not need to link your account to the aadhar. You can get a discount from this obligation.
2. Specialty related to transactions
Even if the transaction of your account does not reach above Rs.10,000 in the month, you still do not have to link your account to the aadhar.
3. Specialty related to the balance
If the balance of your account does not reach 50 thousand rupees then you do not even need to link your account to the aadhar.