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PPF, NSC, Other Small Savings Schemes Investors Must Submit Aadhaar Before This Date
Your small savings contributions will be frozen if the Aadhar number is not submitted by this deadline.
Highlights
- From April 1, govt makes Aadhar mandatory for making investments in small savings schemes.
- The deadline to submit Aadhar is September 30, 2023.
- Investors can submit Aadhar in a post office or bank branch.
New Delhi: In a move to make Aadhar a mandatory document, from April 1, 2023, the government made Aadhar mandatory to make an investment in PPF, NSC, and other small savings schemes. If you are also among those who have made investments in SCSS, PPF, NSC, or other programmes you have to submit your Aadhar. Here's the deadline to seed and the benefits of it and the consequences when you failed to do the same before the deadline.
Deadline To Submit Aadhar In PPF, NSC, And Other Small Savings Schemes
As per the norms, you must make sure that by September 30, 2023, you have given your Aadhar number to the post office or your bank branch. Your small savings contributions will be frozen if the Aadhar number is not submitted by this deadline. (Also Read: Samsung Employees Accidentally Leaked Company Secrets Via ChatGPT: Check What Happened Next)
Why Submit Aadhar In PPF, NSC, And Other Small Savings Schemes?
This is due to the Ministry of Finance making Aadhar a requirement for participation in micro-savings programmes. Via a notification dated March 31, 2023, the requirement to link the Aadhar number with the current small savings programme was established. (Also Read: Twitter Verified Follows 'No One'; Unfollows All Accounts Amid Turmoil Over Blue Tick)
Notification Of Government Regarding Aadhar Submission
According to the notification, "a depositor shall submit his Aadhar number to the Accounts Office within a period of six months with effect from the first day of April 2023 if he has already opened an account and has not submitted his Aadhar number to the Accounts Office."
The six-month period will end on September 30, 2023. PAN and Aadhar numbers are now required in accordance with the same notice in order to invest in small savings plans.
According to the announcement, the small savings investment will be frozen if the Aadhar number is not provided to the post office or bank branch within six months, or by September 30, 2023. If the investments in the post office are frozen, some of the following effects are likely:
- Interest will not be deposited
- You'll not be able to deposit money into your PPF or Sukanya Samriddhi Accounts
- The maturity amount will not be deposited into your account