When he requested for one-time password to e-verify returns, using his Aadhaar number, he couldn't do it as there was a mismatch. Being a senior citizen he was wary of netbanking and hence that mode of verification too was closed.
Hopping cities or lost and changed phone numbers? Apart from intimating your bank and electricity supplier, there is one additional database where you would have to update changes in correspondence details.
Else you would end up in a situation like Navi Mumbai-based senior citizen P S Banerjee who had filed his returns electronically this year. He was happy to hear that he needn't make a trip to the post-office to physically send the e-filing acknowledgement to Bangalore. Albeit, he couldn't make use of the new facility of electronically verifying the returns as his date of birth mentioned in the permanent account number (PAN) was different than his date of birth mentioned in Aadhaar. "The birthdate mentioned was erroneous and I never changed it thinking it wouldn't matter as the year was the same," said Banerjee not realising the importance of correcting the details.
When he requested for one-time password to e-verify returns, using his Aadhaar number, he couldn't do it as there was a mismatch. Being a senior citizen he was wary of netbanking and hence that mode of verification too was closed.
Not just e-verification of returns, but now Aadhaar database is being used for several other financial services, especially those linked with digital facilities.
"The advent of Aaadhar as a national identity instrument has made the KYC process extremely easy. By linking a customer's mobile number electronically to his / her Aadhaar account, the process is now much simpler and hassle free," states a BCG report titled Digital Payments 2020.
Capital market regulator Securities and Exchange Board of India (Sebi) initiated electronic customer verification starting 2016, which reduces the turnaround time to invest in mutual funds without submitting physical documents.
As a result, today fund houses and distributors are able to initiate fresh customers into MF by just asking them to fill online form, send picture of PAN card and one address proof and verify originals through a video call. But the final step is keying in the one-time password sent to the mobile number.
This mobile number isn't the one you may be using right now, but the one mentioned on your Aadhar card. Hence, if convenience is what matters and one wants to invest without any paper work then Aadhaar data would have to be updated as the KYC process is integrated with the name, phone and email address as mentioned in the Aadhar database.
Subramanya SV, co-founder of Fisdom, which offers app and web-based personal finance platform. "If the mobile number associated with Aadhaar is not the same that the investor is currently using then it would be difficult to generate the one-time password, which is essential for e-KYC verification. It doesn't take more than half an hour to change the mobile number, yet people fail to update the changes."
If the number isn't updated the customer would have to come in through the old route wherein KYC takes two to three days and requires submission of physical documents like address proof and other papers. "Aadhar-based eKYC would take merely thirty seconds and the customer can start investing in mutual funds upto Rs 50,000 per year instantaneously," points out Subramanya.
But one need not be bound by the Rs 50,000 limit. "One is permitted to invest upto Rs 50,000 per fund houses, so one can even invest Rs 1.50 lakh split with different fund houses using e-KYC. Once you cross the limit of Rs 50,000 with a fund house, finger-print verification is needed," suggests Nisarg Gandhi, CEO of fintech firm WealthTrust, which offers app based MF investing facility.
However, you shouldn't forget to match the details with the PAN database. "The name in the Aadhaar database should be the same as mentioned in PAN. Otherwise the e-KYC wouldn't get completed. If there are spelling mistakes such as PAN mentions K Srinavasarao, while Aadhaar mentions K Srinivas, then you would have to request a change," suggests Gandhi.
So, head to the nearest point of service to ensure correct details in your Aadhar database.
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