Know-How Aadhaar Makes Your Financial Life Smart

How Aadhaar Makes Your Financial Life Smart

How Aadhaar Makes Your Financial Life Smart

We hear the word “Aadhaar” every time in our everyday life. We know a bit about the same thing because it’s a proof of identity, but often wondering what the Aadhaar Card is? And what’s the matter of all of it? And a lot more questions. We are also conscious that Aadhaar is an approved national card we use in many aspects. But we are probably not fully aware of the importance of Aadhaar. Okay, let ‘s look at all this stuff here.

After the Supreme Court extended the Aadhaar period for linking with various documents and accounts using an interim ruling indefinitely, many raised a relief sign. However, you can make money life more comfortable by using an Aadhaar card and registering your mobile phone number with the Unique Identification Authority of India (UIDAI). 

Keep aside your confusing thoughts aside and read about some of these advantages.

Register Mobile to your Aadhaar

You have to register the mobile phone number with the UIDAI database, to get the ‘real’ benefits of your Aadhaar.  Though your mobile number is not tracked or connected to UIDAI, Aadhaar makes your life much more straightforward. Register your mobile number to get hassle-free access to various UIDAI services, namely correction of the Aadhaar details, generation of a Virtual Aadhaar ID, and e-Aadhaar downloading. You must register your mobile number with UIDAI to authenticate these transactions, each with a one-time password (OTP) sent to your mobile number.

Here are three cases in which the Aadhaar will save you a lot of hassle by registering your mobile with UIDAI.  

  1. E-verify Income Tax Return

Although there are various options for checking your income tax return (ITR), it is better to monitor online using your Aadhaar number conveniently. Aadhaar’s connection to your PAN card is essential to process your ITR, and the current deadline is 30 June. When you record your mobile number with UIDAI, it will also be more comfortable if you could quickly verify your ITR online. Make sure that all details match before you link your Aadhaar and PAN. 

For example, if your PAN card is in your maiden name and the name in Aadhaar card is the post-marital name, then you cannot link the two cards until you make corrections to the name in any one of the documents so that names should match in both the cards.

  1. Customized eKYC

With different financial entities, complying with the know-your-customer (KYC) is mandatory. And Aadhaar could come in handy here, too. Going to Aadhaar-based KYC saves you the effort to upload and check scanned copies of your documents to finish the procedure.

  1. Claims for EPF easier and paperless

The Employees’ Provident Fund Organisation (EPFO) launched numerous initiatives to minimize the claims settlement period – it has already allowed the program to target for five days.   You need to link your Universal Account Number (UAN) with your Aadhaar to settle your EPF online claim in five days. An Adhaar linked “composite claim form” introduced by EPFO offers two unique advantages. First of all, make a claim without attestation of the employer, and secondly, you do not add or submit documentaries to the EPFO for limited withdrawals to satisfy specific needs.