Aadhaar, PAN is compulsory for PPF, SSY & Other Govt. Schemes
Aadhar, PAN is compulsory for PPF, SSY etc. - PAN Card and Aadhaar Card is now needed for investing in small savings schemes like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Saving Scheme, Senior Citizens Saving Scheme (SCSS), and others. The Ministry of Finance published a notification as part of the KYC (Know Your Customer) process for small savings schemes introduced by the government.
Earlier, it was possible to invest in small savings programmes without submitting one's Aadhaar number. Now one must now provide at least an Aadhaar enrollment number. Anybody who is investing in a particular amount will be required to provide a PAN card from now onwards.
New Rules associated with Small Savings Scheme:
- As per Finance Ministry's statement, small savings subscribers must provide their Aadhaar numbers by September 30, 2023. This is applicable if the users have failed to submit it earlier while creating a PPF, SSY, NSC, SCSS, or any other small savings account.
- The new subscribers who wish to open any of the small savings schemes without an Aadhaar number must provide an Aadhaar number within six months of account opening.
- If a small saving programme subscriber has not yet received his Aadhaar number from the UIDAI, his Aadhaar enrolment number will function.
- If an Aadhaar number or Aadhaar enrollment number is not issued, the small savings scheme account will be frozen six months after the account opening.
- For existing customers, the accounts will be frozen on October 1, 2023 if they do not provide their Aadhaar number with their small savings account before the deadline.