Small Savings Schemes: In this context, the Union Finance Ministry had issued a notification on March 31, 2023.
In this notification, it was said that PAN and Aadhaar number have become mandatory to invest in small savings schemes like PPF, SSY, Senior Citizen Savings Scheme (SCSS) etc. Whose last day has been fixed as the last month of September i.e. 30th September.
If you invest in government small savings schemes then this news is going to be important for you. In fact, the government has taken a big step regarding these schemes and has warned the people who are investing in the scheme that if this work is not done within the stipulated time, then the investment in the scheme may be stopped.
Actually, now investors of Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Deposit and other small savings schemes will have to submit their Aadhaar number in the post office or bank branch by the end of this month. If any investor misses this important deadline then their investment in small savings scheme will be banned.
Notification issued in March 2023
Actually, in this context, the Union Finance Ministry had issued a notification on March 31, 2023. In this notification, it was said that PAN and Aadhaar number have become mandatory to invest in small savings schemes like PPF, SSY, Senior Citizen Savings Scheme (SCSS) etc. Whose last day has been fixed as the last month of September i.e. 30th September.
Know when is the last day to submit Aadhaar
According to the notification of the Finance Ministry, small savings customers will have to submit their Aadhaar number by 30 September 2023. If they have not submitted their Aadhaar number while opening PPF, SSY, NSC, SCSS or any other small savings account.
In case of non-linking of Aadhaar number, one’s small savings account will be frozen six months after opening the account. For existing customers, if they fail to furnish their Aadhaar number along with their small savings account within the given deadline then their account will be frozen from October 1, 2023.
What are small savings schemes?
Small savings schemes are investment vehicles that allow individuals to save and accumulate money. These are government-backed schemes and hence have less volatility. Your investments in many of these schemes are eligible for tax benefits. Some common eligible schemes are SCSS and PPF. At the same time, in this scheme you get the benefit of up to ₹ 1.5 lakh under Section 80C of the IT Act.