PPF, Senior Citizen Savings Scheme, SSY, NSC: Is it mandatory to submit Aadhaar to invest in small savings schemes?
Published by Economic Times
Abhishek Kumar's role: Quoted
Abhishek Kumar, founder of SahajMoney, said his firm had asked clients to update Aadhaar and PAN in small savings accounts after the 2023 rule change, and urged others to do so to avoid trouble receiving maturity amounts.
More of Abhishek's views on saving and deposits
Economic Times explains the Finance Ministry's April 2023 rules requiring Aadhaar to open small savings accounts such as PPF, SCSS, SSY and NSC. Those without Aadhaar can open an account with proof of enrolment but must submit the number within six months or the account stops operating. It also covers when PAN must be given, within two months of crossing set balance, credit or withdrawal limits.
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PPF, Senior Citizen Savings Scheme, SSY, NSC: Is it mandatory to submit Aadhaar to invest in small savings schemes?