In last few months you must have seen that government wants everything linked with Aadhaar number. You degrees, your kid's school admission, your tax return, your PAN card, your mobile phone number... everything needs to be linked with Aadhaar number. Your bank account (or accounts) to needs to be linked to Aadhaar number. And for the same banks are already sending messages to people.

But you can ignore these messages for a while. Although banks are wording the messages in a way that make it sound as if linking Aadhaar number with bank accounts is of utmost urgency and if you don't do so in the next 24 hours you will lose access to your account, the reality is different. Yes, the bank accounts needs to be linked but by December 31.

Yet, the message from banks read something like this (this one is from ICICI Bank):

"Dear Customer, it's mandatory to update Aadhaar in all bank accounts. To update, login to Internet Banking/ iMobile or visit the nearest ATM/ Branch. T&C apply."

This message doesn't mention what happens when you need to update the Aadhaar. Or why you need to link Aadhaar. Or which is the last day to link Aadhaar with your bank account. Let's quickly answer these questions.

The reason why banks are nowadays asking you link your bank account number with Aadhaar number is because government has made it mandatory. But while making it mandatory to have bank accounts linked with Aadhaar the government has also given banks a particular date to complete the exercise. And that date was not July 31. Or August 31. And it is definitely note September 31, although depending on your bank you may get a message that kind of scares you into believing that you are already a defaulter because you have not linked your bank accounts with Aadhaar number.

Also Read: Aadhaar now mandatory for bank accounts, link it by Dec 31 or lose access to banking

The whole issue is because of the amended rules that the government put in the Prevention of Money-laundering Act in July this year. These amendments state that:

"Provided that the clients, eligible to be enrolled for Aadhaar and obtain the Permanent Account Number, already having an account based relationship with reporting entities prior to date of this notification, the client shall submit the Aadhaar number and Permanent Account Number by 31st December, 2017."

Now that is a lot of legalese. So what does it mean in simple words? It means that if you are eligible for Aadhaar number (most people in India are) you need to get one and link it to your bank account or accounts if you want to comply with the rules framed by Indian government. And you need to do that by December 31.

Now what happens if you don't do it? The amended rules note:

Provided that in case client already having an account based relationship with reporting entities prior to date of this notification fails to submit the Aadhaar number and Permanent Account Number by 31st December, 2017, the said account shall cease to be operational till the time the Aadhaar number and Permanent Account Number is submitted by the client.

Again, lot of legalese. So let's simplify it again. This means that if you already have a bank account, you must link it with an Aadhaar number by December 31 or else it will be frozen. It will be available you only after you supply the bank with a valid Aadhaar number.

Let's break it down:

1) If you are going to open a new bank account now, you will need an Aadhaar number. There are exceptions but rare ones. For exceptions, preferably consult a lawyer with a copy of amended Prevention of Money-laundering Act.

2) If you already have an bank account you must link it with Aadhaar number.

3) However, you can take it easy for now because to link the bank accounts with Aadhar you have time till December 31.

What are your choices?

Again, let's break it down.

1) You can go ahead and link your bank account with Aadhaar number. Your bank will be happy. The government will be happy. You will (probably) stress free.

2) You can wait. You can wait until the last moment to link bank account with Aadhaar number. That moment is December 31 unless something changes.

Also Read: Is there an Aadhaar-PAN linking deadline? Yes and no

3) Something changes? What is going to change? Two possibilities. The Supreme Court is hearing a petition against government move to link everything with Aadhaar. The court will hear that case in November, unless something changes again, and it may decide in favour of government or it may not. If it decides in favour of the government, you will have to link your bank account with Aadhaar number. If it doesn't, then government will be forced to withdraw its directive.

Or there might be another extension of the Aadhaar linking deadline. This is something we have seen again and again. recently, the government extended deadline to link Aadhaar number with PAN by four months on the last day of the deadline that is August 31. May be on December 31, the government will again do the same.

4) But whatever happens in future, the reality is that for now you have a lot of time to link Aadhaar with your bank account. Don't get fooled in by the SMS that banks are sending. Take it easy for now, no stress.