PAN and Aadhaar number have become mandatory for investing in small savings schemes like Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Savings Scheme, Senior Citizen Savings Scheme (SCSS), etc. The Finance Ministry issued a notification in this regard on 31 March 2023. These changes have been notified as part of KYC (Know Your Customer) for small savings schemes. Prior to this Central Government notification, investment in Small Savings Schemes was possible without submission of Aadhaar number. But, from now on, investing in government-backed small savings schemes will require at least the submission of an Aadhaar enrollment number. The notification also clarified that PAN card will have to be submitted for investments above a certain limit.
New Rule for Small Savings Scheme
As per the notification of Ministry of Finance, small savings Subscribers will have to submit their Aadhaar number by 30 September 2023, if they have not submitted their Aadhaar number while opening PPF, SSY, NSC, SCSS or any other small savings account. The notification also clarifies that new customers who want to open any small savings scheme without Aadhaar number will have to submit Aadhaar number within six months of account opening. If a small savings scheme subscriber has not yet received his Aadhaar number from UIDAI, then his Aadhaar enrollment number will work.
In case of non-seeding of Aadhaar number or Aadhaar enrollment number, the minor of any saving account The account will be frozen after six months of opening. For existing customers, their account will be frozen from October 1, 2023, if they fail to submit their Aadhaar number along with their small savings account within the given deadline.
See below the notification of the Ministry of Finance:
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The notification also states that PAN will have to be submitted at the time of opening a small savings account. If PAN is not submitted at the time of account opening, it has to be submitted within two months of account opening in the following cases:
1]the balance in the account at any time exceeds fifty thousand rupees; Or
2]the aggregate of all credits to the account in any financial year exceeds one lakh rupees;
3]The aggregate of all withdrawals and transfers in a month from the account exceeds ten thousand rupees.
“In case the depositor fails to submit the Permanent Account Number (PAN) within the specified period of two months, his account shall cease to be operative till he submits the Permanent Account Number (PAN) to the Accounts Office,” the notification added. Went.
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