Investors who have their money in small savings schemes like the Senior Citizens Savings Scheme (SCSS), Public Provident Fund (PPF), National Savings Certificate (NSC), and other post office schemes have been instructed to submit their Aadhaar number to their respective post office or bank branch by September 30, 2023. Failure to do so will result in the freezing of their small savings investments until the Aadhaar number is provided, according to a report by ET.
The Ministry of Finance has made it mandatory for PPF, NSC, and various small savings plans to require Aadhaar and PAN (Permanent Account Number), as announced in a notification dated March 31, 2023. This mandate also applies to existing investors.
According to the notification, depositors who have already opened their accounts but have not submitted their Aadhaar number to the Accounts Office must do so within six months, effective from April 1, 2023. The deadline for compliance is September 30, 2023.
Failure to provide the Aadhaar number within the stipulated six-month period will render the account inactive until the depositor furnishes the Aadhaar number to the Accounts Office.
In case investors’ post office investments are frozen, it may result in the following consequences:
★Non-crediting of interest to the investor’s bank account
★Inability to make deposits into PPF or Sukanya Samriddhi accounts
★Non-crediting of the maturity amount to the investor’s bank account
Additionally, investors who did not provide their PAN at the time of account opening must submit it to the Accounts Office within two months of the earliest of the following events:
★When the balance in the account exceeds fifty thousand rupees
★When the aggregate of all credits in the account in any financial year exceeds one lakh rupees
★When the aggregate of all withdrawals and transfers from the account in a month exceeds ten thousand rupees
It is important for investors to comply with these requirements to avoid any disruptions or freezing of their small savings investments.
Source: ET
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