• Source:JND
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Small Savings Schemes:  The Finance Ministry has now made the Aadhaar card mandatory for opening small savings accounts like PPF, SCSS, and SSY. On April 3, 2023, the ministry made announced for the same. However, those who do not have an Aadhaar number will have to apply for it and use the enrollment slip to open an account. Customers will have to link their Aadhaar within six months of opening the account. If they do not do so, the account will stop functioning until they link Aadhaar.

According to the information, the Finance Ministry last year on April 3 announced, that under the Government Savings Promotion General (Amendment) Rules, 2023, individuals will have to produce unique identification documents at the accounting office while creating a new account.

Aadhaar Submission Deadline

If you want to open a savings account like PPF, SCSS, or SSY in India, now you have to provide your Aadhaar number. If you do not have Aadhaar, you will have to apply for Aadhaar and use the enrollment receipt to open the account. After your account is opened, you have six months to submit your Aadhaar number to the bank or post office where you have opened the account. 

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The announcement warns that if depositors do not submit their Aadhaar number within the stipulated six months, their account will be suspended until they submit their Aadhaar number to the account office.

PAN is mandatory for small savings schemes

According to the notice, if a person does not submit his PAN while opening an account under the Small Savings Scheme, he will have to submit his PAN within two months of the occurrence of certain circumstances. like...

- The total amount deposited in the account in any financial year is more than Rs 50 thousand.- The total deposits in the account exceed Rs 1 lakh in any financial year.
- The total amount of withdrawals and transfers from the account in a month is more than Rs 10 thousand.
- The Finance Ministry said in the notification that if the depositors do not submit their Permanent Account Number (PAN) to the account office within the stipulated two months, their account will be suspended.

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