PPF, SSY Account Update: In a March notification of the Finance Ministry, Aadhaar and PAN number were made mandatory for PPF, NSC and other small savings schemes.
New Delhi: Investors investing in Senior Citizen Saving Scheme (SCSS), Public Provident Fund (PPF), National Saving Certificate (NSC) or other Small Saving Schemes will have to visit their post office or bank branch till 30 September 2023. I will have to give information related to my Aadhaar number. If you do not do this, your small savings account will be frozen until the Aadhaar number is submitted.
Aadhaar number became mandatory due to notification of Finance Ministry
The Finance Ministry has made Aadhaar and PAN mandatory for PPF, NSC and other small savings schemes. This was notified through a notification issued on March 31, 2023. Through this notice, Aadhaar number was made mandatory for existing shareholders.
Importance of Aadhaar
According to the notification, if a depositor has already opened an account and has not submitted the Aadhaar number to the accounts office, then he will have to do so within six months from April 1, 2023. If this is not done, investors may suffer huge losses.
In case of freezing of investments made in the post office, you may suffer the following losses:
- If any kind of interest is due, it will not be credited to the investor’s bank account.
- Investors may not be able to invest in their PPF or Sukanya Samriddhi account.
- Investors will not get maturity money credit in their bank account.
If the depositor does not provide his Aadhaar number within a period of six months, his account will become inactive till the Aadhaar number is provided to the Accounts Office.
In such a situation, if you have invested in any small savings scheme and have not submitted your Aadhaar card number till now, then you should not delay at all in doing so.
