Small savings scheme: The Finance Ministry had amended some rules from April 2023. If you have not invested as per those rules then your small savings schemes may be locked. Meaning accounts may be frozen.
If you invest in small savings scheme or post office schemes then it is very important for you to read this news. Actually, the Finance Ministry had amended some rules from April 2023. If you have not invested as per those rules then your small savings schemes may be locked. Meaning accounts may be frozen. In such a situation, the rules will have to be followed to reopen the account. For this you have only time till 30th September. Those who ignore the ultimatum of the Finance Ministry from October 1 will have to repent. Let us know what is the rule about which the Finance Ministry has alerted in April itself.
PAN-Aadhaar mandatory for investment
It is now mandatory for those investing in small savings schemes like PPF, Sukanya Samriddhi Yojana, Post Office Scheme, Senior Citizens Saving Scheme to provide PAN-Aadhaar as KYC. If you have not given these two documents while opening the account, then hurry up, you have time only till 30th September. The Finance Ministry had issued a notification regarding this on March 31, 2023. These changes were made regarding KYC (Know Your Customer) in the Small Savings Scheme. Earlier, according to the rules of the Central Government, investment could be made even without Aadhaar.
Aadhaar is mandatory for government schemes
From now onwards it is mandatory to provide Aadhar Card-PAN Card for small savings schemes of the Central Government. If Aadhaar has not been created yet then investment can also be made through Aadhaar enrollment number. It is clearly stated in the notification that it is mandatory to give PAN card on investments above a certain limit.
What are the new rules for small savings?
According to the notification of the Finance Ministry, it is mandatory for the subscribers of the Small Savings Scheme to submit Aadhaar by 30th September. This will be for those account holders who did not submit their Aadhaar number while opening the account in PPF, SSY, NSC, SCSS or any other small savings scheme. It has been clarified in the notification that new customers who want to open a small savings scheme without Aadhaar number will have to provide Aadhaar number within 6 months of opening the account. If a Small Savings Scheme customer has not yet received his Aadhaar number from UIDAI, then his Aadhaar enrollment number will also work.
Accounts will be frozen
If 6 months have passed since the account opening in the Small Savings Scheme and the Aadhaar number or Aadhaar enrollment number share has not been deposited, then the account of such subscribers will be frozen. For existing investors, the deadline is 30th September, if they miss this deadline then their accounts will be frozen from 1st October.
PAN will have to be submitted within two months
It has also been said in the notification that PAN will have to be submitted while opening an account in small savings scheme. If PAN is not deposited at the time of account opening, it should be deposited within two months of account opening in such cases:
1. If the amount deposited in the account at any time exceeds Rs 50,000.
2. The total sum of all credits in the account in any financial year exceeds Rs 1 lakh.
3. In case of withdrawal or transfer from the account in any one month, PAN will have to be submitted even if the total amount is more than Rs 10,000.
The notification states, ‘If the depositor does not submit the Permanent Account Number (PAN) within the prescribed period of two months, his account will be frozen until the document is submitted to the account office.
On which schemes is the rule applicable?
– Post Office Fixed Deposit (FD)
– Post Office Recurring Deposit (RD)
– Post Office Monthly Income Scheme (POMIS)
– Sukanya Samriddhi Yojana (SSY)
– Post Office Time Deposit (TD)
– Mahila Samman Savings Certificates
– Public Provident Fund (PPF)
– Senior Citizens Saving Scheme (SCSS)
– Kisan Vikas Patra (KVP)
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