New Delhi: The central government on Friday made PAN and Aadhaar numbers mandatory for making investments in small saving schemes like Public Provident Fund PPF), Sukanya Samriddhi Yojana (SSY), Post Office Saving Scheme, Senior Citizens Saving Scheme (SCSS).
The Ministry of Finance issued a notification in this regard as part of KYC (Know Your Customer) for small saving schemes.
Before this, it was possible to invest in small savings plans without providing an Aadhaar number.
From now on Aadhaar enrolment number will be required in order to invest in government-backed small saving schemes. The notification also made it clear that anyone making investments over a specific amount will need to provide a PAN card.
As per the notification, small saving subscribers will have to submit their Aadhaar number by September 30, 2023, if they didn’t submit it while opening PPF, SSY, NSC, SCSS, or any other small savings account.
The notification further made it clear that new subscribers who wish to open any of the small saving schemes without an Aadhaar number will have to furnish their Aadhaar number within six months of account opening.
Existing users will have their accounts frozen starting on October 1, 2023.
