The Ministry of Finance has made Aadhaar and PAN (Permanent Account Number) mandatory for PPF, NSC, and various small savings plans, as announced in a notification dated March 31, 2023. This mandate also applies to existing investors.
According to the notification, depositors who have already opened their accounts and have not submitted their Aadhaar number to the Accounts Office must do so within six months, effective from April 1, 2023. The deadline for compliance is September 30, 2023.
PPF, Senior Citizen Savings, NSC, Sukanya Samriddhi, MIS, Small Saving Schemes Explained & Compared
Failure to provide the Aadhaar number within the stipulated six-month period will render the account inactive until the depositor furnishes the Aadhaar number to the Accounts Office, the ET report said.
In case your post office investments are frozen it may result in the following:
- Non-crediting of interest to the investor’s bank account
- Inability to make deposits into PPF or
- Non-crediting of the maturity amount to the investor’s bank account.
Additionally, investors who did not provide their Permanent Account Number (PAN) at the time of account opening must submit it to the Accounts Office within two months of the earliest of the following events:
- When the balance in the account exceeds fifty thousand rupees.
- When the aggregate of all credits in the account in any financial year exceeds one lakh rupees.
- When the aggregate of all withdrawals and transfers from the account in a month exceeds ten thousand rupees.