PPF Account Update: It is mandatory for Public Provident Fund (PPF) account holders to link Aadhaar with the account, the most popular scheme among small investment schemes. The central government has also issued a deadline for this. If Aadhaar is not linked to PPF account in time, then there can be many other problems along with account freeze.
What is Public Provident Fund
An investor can deposit a maximum of Rs 1.5 lakh annually in the Public Provident Fund (PPF) scheme with an investment limit of 15 years. In return, the government gives interest at the rate of 7.1 percent to the investor. In this way, Rs 1.5 is deposited every year for 15 years, on which the annual interest rate is Rs 10,650. However, the current interest rate of 7.1 percent is expected to increase from July 2023.
Circular of the Ministry of Finance
In the circular issued on March 31, 2023, the Ministry of Finance has given a strict warning to the PPF account holders that the account holders should link their PPF account with their Aadhaar under any circumstances.
According to the ministry, if the PPF investor has opened the account before March 31, 2023 and has not submitted his Aadhaar number to the accounts office, then he should submit the Aadhaar number within six months from April 1, 2023. That is, PPF investors must link their account with Aadhaar by 30 September 2023. Account holders can also submit PAN along with Aadhaar.
What if PPF account is not linked with Aadhaar?
The Finance Ministry has made it clear in its circular that if the Aadhaar number is not submitted within the stipulated time in the post office where the PPF account is opened and the PPF account is not linked, then the account will be frozen, due to which the investor Many types of problems may have to be faced like-
- The prescribed interest amount will not be credited to the investor’s PPF account.
- The account holder will not be able to deposit money in his PPF account.
- The maturity amount of PPF will not be transferred to the bank account specified by the investor.
