Aadhaar is a unique 12-digit ID number issued by the Unique Identification Authority of India or UIDAI to every citizen of India and has a lot of benefits. Customers are required to link their Aadhaar number to their bank account and achieve a lot of benefits. For doing this, account holders should provide their consent to feed their Aadhaar number to the bank account. Both existing and new customers should link their Aadhaar to their bank account for many benefits.
The most common benefit of linking Aadhaar to their bank account is getting social welfare scheme benefits and other scheme benefits provided by the government.
Here are some of the common schemes that provide benefits of Bank-Aadhaar linking –
Direct Benefits Transfer or DBT – The subsidy amount of LPG subsidy is credited directly to the bank account linked to Aadhaar card after linking the LPG consumer number. The difference between the subsidized price and market rate is credited to the subsidy amount of the buyer. To help the government financially, one can also give up LPG subsidy.
MNREGA or Mahatma Gandhi National Rural Employment Guarantee scheme – In this scheme, wages are credited directly to the bank accounts of the workers.
Tribal Welfare Schemes – In these schemes, payments are credited directly to the accounts linked to Aadhaar card.
For Commodity Products – There are different commodity products like sugar, rice, kerosene, pulses and several products that come with subsidies whose prices are subsidized by the government and transferred to the accounts linked to the Aadhaar.
Scholarships – Students who get scholarships from the government can easily get this amount transferred only when the bank account is on the name of student linked to the Aadhaar card. But it is compulsory only for those students who are from select states in India.
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