Aadhaar, PAN turns into obligatory for PPF, SSY different small saving schemes
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PAN and Aadhaar quantity has turn into obligatory for making investments in small saving schemes like Public Provident Fund PPF), Sukanya Samriddhi Yojana (SSY), Post Office Saving Scheme, Senior Citizens Saving Scheme (SCSS), and so forth. The ministry of finance issued notification on this regard on thirty first March 2023. These adjustments have been notified as a part of KYC (Know Your Customer) for small saving schemes. Prior to this central authorities’s notification, funding in small saving schemes was doable with out submission of 1’s Aadhaar quantity. But, from now onwards, one must submit no less than Aadhaar enrolment quantity for making funding in government-backed small saving schemes. The notification additionally made it clear that one must furnish PAN card on funding above a sure threshold.
New rule for small saving scheme
As per Finance Ministry’s notification, small financial savings subscribers must submit one’s Aadhaar quantity by thirtieth September 2023, in the event that they haven’t submitted their Aadhaar quantity whereas opening PPF, SSY, NSC, SCSS or some other small financial savings account. The notification additional made it clear that new subscribers who want to open any of the small saving scheme with out Aadhaar quantity, they must furnish Aadhaar quantity inside six months of account opening. One’s Aadhaar enrolment quantity would work in case a small saving scheme subscriber is but to get his Aadhaar quantity assigned from the UIDAI.
In case of non seeding of Aadhaar quantity or Aadhaar enrolment quantity, one’s small financial savings account might be freezed after six months of account opening. For current subscribers, their account might be freezed from 1st October 2023, in the event that they fail to furnish their Aadhaar quantity with their small financial savings account inside the given deadline.
See Finance Ministry’s notification under:
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Photo: Courtesy Ministry of Finance e-gazette
The notification went on so as to add that PAN must be submitted on the time of small financial savings account opening. In case the PAN shouldn’t be submitted on the time of account opening, it should be submitted inside two months of account opening in following circumstances:
1] The stability at any level of time within the account exceeds fifty thousand rupees; or
2] The combination of all credit within the account in any monetary 12 months exceeds one lakh rupees;
3] The combination of all withdrawals and transfers in a month from the account exceeds ten thousand rupees.
“In the event of failure of the depositor to submit the Permanent Account Number (PAN) within the specified period of two months, his account shall cease to be operational till the time he submits the Permanent Account Number to the Accounts Office,” the notification added.
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