The Unique Identification Authority of India (UIDAI) allows Aadhaar card holders to update or change their residential address in the document through both online and offline modes. Although it is not mandatory to do so, a lot of people use Aadhaar card as one of the KYC (Know Your Customer) documents to open a new bank account.
Using Aadhaar for bank account opening is simpler as it can be used both as address proof and photo identity proof. And now you are also allowed to use Aadhaar in lieu of your PAN (Permanent Account Number).
However, trouble comes in when you change your address and want the cheque book and ATM or debit card to be delivered to your new address. So far, banks treated your Aadhaar card address as both your permanent and current address. This was making it difficult, particularly for migrants, to open new bank accounts unless they change their Aadhaar card address as well.
New Aadhaar rule explained in 5 points:
1) The finance ministry has now allowed banks to open accounts with current address even if there is a mismatch with the one on Aadhaar card.
2) If you are opening a bank account using Aadhaar card where the address mentioned is different from your current address, ask for a self-declaration form where you can mention your local address.
3) The new rule doesn't mean that you are not supposed to change your Aadhaar card address. The current address rule applies only for opening of bank account and not for any other purpose.
4) You can also use the new Aadhaar card rule for simply changing the base bank branch in which you hold your account.
5) The changes have been made by amending the Prevention of Money-laundering (Maintenance of Records) Rules and not by way of amending Aadhaar Act or Aadhaar related rules and regulations.
