Aadhaar and Pan cards will henceforth be required for contributions to minor savings programmes like the Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), Post Office Savings Scheme, Senior Citizens Savings Scheme (SCSS), etc., according to a finance ministry announcement. On March 31, 2023, the Finance Ministry published a notification. Customers won’t be able to invest in these savings plans going forward without an Aadhaar or PAN number.
Before, it was possible to make an investment in these plans without revealing your PAN and Aadhaar information.
What happens if a depositor opens an account but does not provide his Aadhaar?
If a depositor has already opened an account but hasn’t given the accounts office his Aadhaar number, they must do it within a six-month window beginning on April 1, 2023.
What happens if the person wasn’t given an Aadhaar number when the account was opened?
According to the notification, if an account is opened for a savings plan without an Aadhaar number. The account holder must submit proof of Aadhaar enrollment. It should be submit at the time of account opening. Provide the Aadhaar number to the Accounts Office within six months of account opening in order to link the account to the Aadhaar number.
When must PAN or Form 60 be submitted?
If you didn’t submit your PAN card when you opened the account. You must do so under the three situations listed below within the next six months:
The account balance at any one moment exceeds $50,000. The total of all credits made in any given fiscal year exceeds one lakh rupees. The total of all withdrawals and transfers made in a given month exceeds $10,000.
What happens if you don’t submit your PAN by the deadline?
The notification was quite explicit that the account of the specific person would be frozen until he submitted the PAN to the Accounts Office. In the case of the depositor’s failure to submit the PAN within the prescribed term of two months.