PAN, Aadhaar become mandatory for making investments in PPF, NSC, other small savings schemes

The Finance Ministry has made PAN and Aadhaar numbers obligatory for making investments in publish workplace schemes which includes Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samirddhi Yojana (SSY), Mahila Saman Scheme etc. The authorities issued a notification concerning the equal on March 31, 2023. Earlier, an funding may be performed with out imparting one`s Aadhaar quantity. However, going forward, Aadhaar quantity or Aadhaar enrollment slip might be obligatory to spend money on small financial savings schemes.

As consistent with the notification issued, PAN and Aadhaar quantity have to be submitted. In case the Aadhaar quantity isn't to be had to the man or woman whilst commencing an account in publish workplace schemes, he/she shall offer evidence of enrollment slip for the Aadhaar quantity. Further, the account holder might be required to offer the Aadhaar quantity inside six months from the date of commencing of the account quantity to hyperlink it with the small financial savings scheme funding.

If an Aadhaar quantity isn't submitted inside six months, then the funding made through an man or woman might be frozen until the time the Aadhaar quantity is submitted.

The notification issued in addition states that PAN or Form 60 have to be submitted on the time of commencing of funding account. If the PAN isn't submitted on the time of commencing an account, then it have to be submitted inside  months in any of the subsequent events:

The stability at any factor of time withinside the account exceeds fifty thousand rupees; or

the mixture of all credit withinside the account in any monetary yr exceeds one lakh rupees; or

the mixture of all withdrawals and transfers in a month from the account exceeds 10000 rupees,

Also if PAN isn't submitted, inside  months then the account might be frozen until the time PAN is submitted.

The publish workplace or bank, wherein the funding is made, can ask for in addition files wished on the time of funding states the notification.

Earlier, if an man or woman did now no longer have PAN or Aadhaar on the time of investing, then he/she became allowed to publish different legit legitimate files which includes application payments of any provider provider - water, electricity, telephone - now no longer extra than  months old, municipal tax receipts, belongings tax receipts, pension or own circle of relatives pension order issued to retired authorities personnel etc. containing the prevailing address.

From now on, to spend money on small financial savings schemes, the subsequent files are required to be submitted:

A latest passport length photograph

Aadhaar quantity or Aadhaar enrollment slip

PAN