Aadhaar and PAN submission made mandatory for PPF, NSC, and other savings schemes by September 30, 2023. Failure to comply will result in account freezing until Aadhaar is provided. The Finance Ministry issued this mandate on March 31, 2023, requiring existing investors to link their Aadhaar within six months, concluding on September 30, 2023.
Consequences of not submitting Aadhaar:
1. Inactive account: Your account will become inactive.
2. Interest not credited: Interest earned won't be credited to your bank account.
3. No deposits: You can't deposit money in PPF or Sukanya Samriddhi accounts.
4. Maturity issues: The maturity amount won't be credited to your bank account.
Small Savings Schemes, also known as Post Office Schemes, provide safe investment options with attractive interest rates. Some schemes even offer tax exemptions under section 80C. The post office offers nine savings schemes, including Savings Accounts, Recurring Deposit Account, Time Deposit Account, Monthly Income Scheme Account, Senior Citizen Saving Scheme Account, PPF Account, National Savings Certificate, Kisan Vikas Patra, and Sukanya Samriddhi. Don't forget to submit your Aadhaar by September 30, 2023, to keep your investments active.
Read more: SBI launches initiative to promote digital rupee usage via UPI
