PPF, NSC, & other Small Savings Investors Are Required To 'Submit' PAN, or Aadhaar Details Before Deadline

On March 31, 2023, the finance ministry released a notification stating that individuals must provide their Aadhaar and PAN numbers when investing in post office savings schemes. This requirement is a component of the Know Your Customers (KYC) process for small savings schemes.

As per the notification, individuals who have invested in post office small savings plans but did not provide their Aadhaar numbers when opening these accounts must do so by September 30, 2023.

Who Needs to Submit Their PAN & Aadhaar?

According to the notification, if a person has already opened a small savings account and has not provided their Aadhaar number to the Accounts Office, they must do so within six months starting from April 1, 2023. This six-month period will conclude on September 30, 2023. 

For new account holders who opened their small savings accounts after April 1, 2023, it was mandatory to submit both their PAN and Aadhaar details during the account opening process. Therefore, there is no need to resubmit this information to meet the September 30, 2023 deadline.

Canara Bank has advised existing account holders to submit their Aadhaar and PAN details to their Home branch by September 30, 2023, to link them with their accounts and prevent any freezing of Small Savings Accounts.

What happens if you don't link your PAN and Aadhaar by September 30, 2023? 

For both existing and new subscribers, failing to submit PAN and Aadhaar details by the deadline may result in the suspension of your account until these details are provided to your Home Branch.

Here are some anticipated consequences if your post office investments are frozen:

- You won't receive the interest owed to you in your bank account.

- Deposits into your PPF or Sukanya Samriddhi accounts may become unavailable.

- You won't receive the maturity amount in your bank account.

Here are the different post office small savings schemes available:

1. Post Office Fixed Deposits (FDs)

2. Post Office Recurring Deposits (RDs)

3. Post Office Monthly Income Scheme (POMIS)

4. Sukanya Samriddhi Yojana (SSY)

5. Post Office Time Deposits (TDs)

6. Mahila Samman Savings Certificates

7. Public Provident Fund (PPF)

8. Senior Citizens Savings Scheme (SCSS)

9. Kisan Vikas Patra (KVP)

Also Read: Deadline Submission of Audit Reports For Fiscal Year 2022-23

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