Small Savings Schemes: The Ministry of Finance has mandated an Aadhaar card when opening modest savings accounts like PPF, SCSS, and SSY.
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This was announced on April 3, 2023. People who do not have an Aadhaar number must apply for one and use the enrollment slip to open an account. They must link their Aadhaar within six months after opening the account. If they don’t, the account will not function until they do.
According to ET, the Ministry of Finance declared on April 3, 2023 that, under the Government Savings Promotion General (Amendment) Rules, 2023, persons must produce particular identifying documents to the Accounts Office when creating a new account.
Aadhaar submission deadline
If you want to open a savings account like PPF, SCSS, or SSY in India, you now need to give your Aadhaar number. If you don’t have one, you must 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 opened the account. If you don’t do this within six months, you won’t be able to use your account until you provide your Aadhaar number.
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In addition, the announcement warns that the depositor’s account would stop working unless they give the Aadhaar number to the Accounts Office if they don’t submit it within the allotted six months.
PAN filing is mandatory for small savings plans
A person must disclose their PAN if they did not do so when they opened an account under the modest savings plan, as per the notice, within two months after the occurrence of certain circumstances. Among these are the following instances:
The total amount credited to the account in any given financial year that exceeds fifty thousand rupees.
The total credits in the account surpassing one lakh rupees in any financial year.
The total amount of withdrawals and transfers from the account that surpass ten thousand rupees in a single month.
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In the notification, the Ministry of Finance said that the depositor’s account would stop working until they sent their Permanent Account Number (PAN) to the Account Office if they didn’t submit it within the allotted two months.
