KYC Mandatory For Small Saving Schemes: If you have invested in small savings schemes of the post office, then the government has issued a notification for you. The Finance Ministry has said in the notification that now it is mandatory to give Aadhaar card and PAN card under PPF, NSC, SSY and other small savings schemes. If these documents are not provided, your account will be closed and you will not be able to access it.
If Aadhaar and PAN card is not deposited in Public Provident Fund, Senior Citizen Saving Scheme, Sukanya Samriddhi Yojana, Mahila Samman Scheme and others then it will be restricted for investment, withdrawal and other things. The government has issued this notification on 31 March 2023. Till now investment in these schemes could be made without Aadhaar, but from now on Aadhaar card and Aadhaar enrollment slip will have to be given.
If there is no Aadhaar, what will be the alternative
According to the notification issued by the government, it is mandatory to give Aadhaar and PAN card, but if you do not have the Aadhaar number, then you can submit the Aadhaar enrollment slip or enroll number. It is mandatory to provide Aadhaar within six months of account opening.
What happens if Aadhaar is not submitted
If the Aadhaar number is not provided within 6 months, then your small savings scheme account will be frozen and will not be opened until the Aadhaar number is provided. Your account will be re-opened after submitting the Aadhaar number.
Mandatory to submit PAN within two months
The government has said in its notification that PAN or Form 60 will have to be given only during the opening of the account. If not given then it will have to be made available within 2 months. If the deposit is not made, the investment account will be frozen. It has been said in the notification that the post office or bank may demand any other document.
Read also
Get the more latest Business news updates