Post Office Scheme: Are you planning to invest in the post office scheme? Know this new rule first, so that there is no problem later. The post office will cross-check your Permanent Account Number (PAN) information with the information of the Income Tax Department
Post Office Scheme: Are you planning to invest in the post office scheme? Know this new rule first, so that there is no problem later. The post office will cross check your Permanent Account Number (PAN) information with the information of the Income Tax Department. Its purpose is to know whether Aadhaar is linked with PAN or not. Also, it is to check whether the name and date of birth given in Aadhaar is correct.
Rules have changed
It is mandatory to provide PAN and Aadhaar information from April 1, 2023 to invest in any scheme of the post office. If there is any difference in the information given in both, then you cannot invest in the post office scheme. For PAN validation, the CBS system has been integrated with Protean e-Gov Technologies (formerly NSDL). PAN is validated in Finacle based on the information received from the Protean process.
PAN and Aadhaar are mandatory in small savings scheme
This system was in force till 30 April 2024. PAN, Aadhaar have become mandatory for investment in PPF, NSC and other small savings schemes. A notification of the Department of Posts issued on 7 May 2024 states that the Protean system related to PAN verification has been revised from 1 May 2024.
These are the small savings schemes
Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Mahila Samman Savings Certificate, Senior Citizen Savings Scheme (SCSS) and National Savings Certificate (NSC) are some famous small savings schemes among the common people. Here we are telling about the interest available on small savings scheme.
Interest rate on small savings scheme
| Number | Saving Scheme | Rate of interest | When do you get interest |
|---|---|---|---|
| 01. | Post Office Savings Account | 4.0 | every year |
| 02. | 1 year FD | 6.9 (Annual interest on ₹10,000/- is ₹708) | Quarterly |
| 03. | 2 year FD | 7.0 (Annual interest for ₹10,000/- is ₹719) | Quarterly |
| 04. | 3 year FD | 7.1 (Annual interest for ₹10,000/- is ₹719) | Quarterly |
| 05. | 5 year FD | 7.5 (Annual interest on ₹10,000/- is ₹771) | Quarterly |
| 06. | 5 Year Recurring Deposit | 6.7 | Quarterly |
| 07. | Senior Citizen Savings Scheme | 8.2 (Quarterly interest ₹205 for ₹10,000/-) | Payments are made quarterly. |
| 08. | Monthly Income Scheme | 7.4 (Monthly interest ₹62 for ₹10,000/-) | Payment is made monthly. |
| 09. | National Savings Certificate (8th Issue) | 7.7 (Maturity Value ₹14,490 for ₹10,000/-) | every year |
| 10. | Public Provident Fund Scheme | 7.1 | every year |
| 11. | Kisan Vikas Patra | 7.5 (will mature in 115 months) | every year |
| 12. | Mahila Samman Saving Scheme | 7.5 (Maturity Value ₹11,602 for ₹10,000/-) | Quarterly |
| 13. | Sukanya Samriddhi Scheme | 8.2 | every year |
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