Want To Invest In Small Savings Schemes? THIS Document Becomes Mandatory As Identity Proof

New Delhi: The Ministry of Finance issued a notification on April 3, 2023, introducing new rules for citizens intending to open small savings accounts. According to the Government Savings Promotion General (Amendment) Rules, 2023, individuals investing in schemes like the Senior Citizen Savings Scheme (SCSS), Sukanya Samriddhi Yojana (SSM), Public Provident Fund (PPF), etc., are now required to provide their Aadhaar number as identity proof.

Requirement Of Aadhaar

If you're planning to open a new account for any of the savings schemes mentioned, it's essential to submit your Aadhaar number issued by the Unique Identification Authority of India. ()

However, if you don't have an Aadhaar number yet, you can still apply for it and use the proof of application enrollment as valid documentation for opening a new account. ()

Aadhaar Submission Timeline

After opening the account, individuals must provide their Aadhaar number to the Accounts Office within six months from the date of opening the account. Failure to do so will lead to the account being temporarily ceased until the Aadhaar number is submitted.

PAN Card Requirement

Additionally, the Ministry has outlined the necessity of a Permanent Account Number (PAN) in certain cases. If a PAN was not submitted at the time of opening the account, it must be provided within two months from the occurrence of specific circumstances.

What Happens When Someone Failure To Submit PAN?

Failure to submit the PAN within the stipulated period will result in the account being temporarily ceased until the PAN is submitted to the Accounts Office.