PAN-Aadhaar Card Mandatory: If you have invested or are going to invest in small savings schemes, then there is a big update for you. The government has given a big update regarding this.
Now it has been made mandatory for you to give Aadhaar card to invest in schemes like Public Provident Fund, Sukanya Samriddhi Yojana, Post Office Savings Scheme, Senior Citizen Saving Scheme, National Savings Certificate. The Ministry of Economic Affairs, Ministry of Finance had issued a notification on March 31, 2023, stating that from April 1, it would be necessary to give Aadhaar to invest in the Small Savings Scheme. Earlier, you could invest in them even without giving Aadhaar details.
What has changed in the rules regarding small savings scheme?
According to the new notification, the subscribers of the Small Savings Scheme will have to submit their Aadhaar to the post office or bank, wherever they have opened an account for investment. If you had not given Aadhaar while opening your account, then you have been given time till September 30, 2023, before which you have to submit your Aadhaar.
Apart from this, any new investor who opens this account will also have to give his Aadhaar. If he does not have Aadhaar, then he will have to apply for Aadhaar and give the enrollment ID of the Aadhaar application. It is necessary that you submit your Aadhaar to the bank/post office within the next six months of opening the account.
What will happen if Aadhaar is not submitted?
If you fail to submit Aadhaar or Enrollment ID of Aadhaar within this period, your account will be frozen after six months. If you have already invested in these schemes, but do not have the details of Aadhaar linked in your account, then do it immediately because if you do not do so by October 1, 2023, your account will also be frozen.
Changed rules for even children (Aadhaar card for kids)
This rule has been applied even to children. That is, if an account is being opened in the name of a child or a minor in these schemes, then it will be mandatory to submit the Aadhaar of that account holder i.e. the child as well. It has been said in this notification that “…the child investing with the desire to take advantage of these schemes will also have to provide proof of his Aadhaar or undergo Aadhaar authentication.” If a child does not have Aadhaar, then with the consent of his parent or guardian, Aadhaar will have to be enrolled, then registration for the scheme will have to be done and then enrollment ID will have to be given on it.
Which documents are required to be submitted?
Those investing in Small Savings Scheme are required to provide some documents-
1. Aadhaar Enrollment ID in case of Aadhaar or non-Aadhaar. (Mandatory)
2. Any one of the other documents mentioned below along with Aadhaar-
- Bank or Post Office passbook with photo
- PAN card
- Passport
- Ration card
- Voter ID Card
- mnrega card
- Kisan Photo Passbook
