The Finance Ministry issued a notification on March 31, 2023, stating that account holders and investors in Small Saving Schemes must provide PAN and Aadhaar card documents for KYC. If you haven't already submitted these documents while opening your account then you must do so by September 30, 2023, as per the notification. However, if you have already provided these documents, there's no need to submit them again.
Who needs to submit PAN and Aadhaar?
According to the new notification, individuals who have opened accounts in Small Saving Schemes and haven't submitted Aadhaar and PAN documents must do so by September 30.
Exception for new users:
For new users who started investing in Small Savings Schemes from April 1, 2023, PAN has become mandatory. This means that if you opened your account after this date, you aren't required to submit Aadhaar and PAN by September 30.
Consequences of non-compliance:
Failure to link Aadhaar and PAN to your account by the specified date may result in the suspension of your account until the documents are provided. Account suspension means you won't be able to perform transactions.
Noteworthy Small Saving Schemes:
These requirements apply to various post office schemes, including Fixed Deposits (FD), Recurring Deposits (RD), Post Office Monthly Income Scheme, Sukanya Samriddhi Yojana, Time Deposits (TD), Mahila Samman Savings Certificate, Public Provident Fund (PPF), Senior Citizen Savings Scheme, and Kisan Vikas Patra (KVP).
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