New Delhi, April 1: The Finance Ministry has made PAN and Aadhaar numbers mandatory for investors opting to invest in post office schemes such as Public Provident Fund (PPF), Senior Citizen Savings Scheme (SCSS), Sukanya Samirddhi Yojana (SSY), Mahila Saman Scheme, and others.
In a notification, the ministry said these changes have been notified as part of Know Your Customer (KYC) details for small saving schemes backed by the government. Before this, investments in small saving schemes were allowed without the submission of one’s Aadhaar number.
The Finance Ministry said that investors have to submit at least the Aadhaar enrolment number for making any investment and furnish the PAN card on investment above a certain threshold.
In case, the Aadhaar number is not available for a certain investor while opening an account in post office schemes or while enrolling for a scheme, he has to furnish the proof of enrollment slip for the Aadhaar number.
Then, the investor will be required to provide the Aadhaar number within six months from the date of opening of the account number to link it with the small savings scheme investment. If the investor fails to furnish the Aadhaar number within six months, then the investment will be frozen till the time the Aadhaar number is submitted to the designated post office.
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