Small Savings Schemes Aadhaar authentication rule 2023: The Ministry of Finance has notified the rule under which Aadhaar will be mandatory for all, including children
Small Savings Schemes Aadhaar authentication rule 2023: The Ministry of Finance has notified the rule under which Aadhaar will be mandatory for getting benefits under various National Savings Schemes promoted by the Government. Aadhaar will be mandatory in case of small savings accounts opened by children or accounts opened in the name of minors as well.
Under National Savings Schemes, small savings scheme accounts like PPF, SCSS, National Savings Certificate, Monthly Income Scheme, Sukanya Samriddhi Account, Kisan Vikas Patra, Post Office Time Deposit and Recurring Deposit are implemented through the Department of Posts, Public Sector banks and some authorised private sector banks.
Aadhaar rule for Children
As per the notification dated 31st March 2023, proof of possession of the Aadhaar number or Adhaar notification will be mandatory for small savings accounts of children.
“a child desirous of availing the benefit under the Scheme shall be required to furnish proof of possession of the Aadhaar number or undergo Aadhaar authentication,” the notification said.
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“…any child desirous of availing the benefit under the Scheme, who does not possess the Aadhaar number or has not yet enrolled for Aadhaar, shall be required to make application for Aadhaar enrolment subject to the consent of his parents or guardians, before registering for the Scheme provided he is entitled to obtain Aadhaar,” it added.
Small Savings Scheme accounts that can be opened by children above 10 years include Post Office Savings Account, National Savings Recurring Deposit, National Savings Time Deposits, National Savings Monthly Income Scheme, National Savings Certificate and Kisan Vikas Patra.
PPF account can be opened by a guardian/parent in the name of a minor while Sukanya Samriddhi account can be opened by guardians/parents in the name of a girl child aged below 10 years.
Aadhaar rule for adults
For adults and senior citizens also, Aadhaar will be mandatory to get benefits under small savings schemes.
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“…an individual eligible for receiving the benefits under the Scheme shall hereby be required to furnish proof of possession of the Aadhaar number or undergo Aadhaar authentication,” the notification said.
“…any individual desirous of availing benefits under the Scheme, who does not possess the Aadhaar number or, has not yet enrolled for Aadhaar, shall be required to make application for Aadhaar enrolment before registering for the Scheme provided that he is entitled to obtain Aadhaar,” it added.
