Your PPF, NSC, other post office investments will be frozen if Aadhaar is not given by this date
Apr 6, 2023
Synopsis
The Ministry of Finance has made the Aadhaar and PAN mandatory for making investments in PPF, NSC and other small savings schemes. This has been done via notification dated March 31, 2023. The notification has further made the Aadhaar number mandatory for existing investors as well. Read on to know the last date to link Aadhaar with PPF and other post office investments.
Do you have investments in Public Provident Fund (PPF), National Savings Certificate (NSC), Senior Citizens Savings Scheme (SCSS) or other post office schemes? If yes, then you have to make sure that you have submitted your Aadhaar number to the post office or your bank branch by September 30, 2023. If the Aadhaar number is not submitted by this date, then your small savings investments will be frozen till the time the Aadhaar number is submitted.
This is because the Ministry of Finance has made Aadhaar mandatory for making investments in small savings schemes. The mandate of linking the Aadhaar number with the existing small savings scheme has come via a notification dated March 31, 2023.
As per the notification, “if a depositor has already opened an account and has not submitted his Aadhaar number to the Accounts Office, he shall do so within a period of six months with effect from the 1st day of April 2023.” The expiry of six months will be on September 30, 2023. The same notification has made PAN and Aadhaar number mandatory for making investments in small savings schemes.
The notification states that if the Aadhaar number is not submitted to the post office or bank branch within six months, i.e., by September 30, 2023, then the small savings investment will be frozen. Some of the following are the likely consequences if the post office investments are frozen:
- Interest will not be credited to the investor’s bank account wherever it is due.
- An individual may not be able to deposit money into their PPF or Sukanya Samriddhi Accounts.
- The maturity amount will not be credited to the investor’s bank account.
[The Economic Times]
