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Thursday, July 25, 2024

How to Link Your Aadhaar and PAN for Small Savings Schemes

The deadline for linking your Aadhaar and PAN has been pushed back to June 30. These two documents are essential for the know your customer (KYC) process.

The Ministry of Finance has announced that you need to provide your Aadhaar and PAN number for investing in small savings schemes.

The ministry of finance issued a notification on March 31, stating that the KYC for small saving schemes now includes these changes. Previously, you could invest in these schemes without giving your Aadhaar number.

But now, you have to give at least your Aadhaar number for investing in these schemes. The finance ministry also said that you have to give your PAN number for investments above a certain limit.

The notification said that the subscribers who have invested in small saving schemes like PPF, SSY, National Savings Certificate etc. should give their Aadhaar number by September 30.

The new subscribers who want to do so must give their Aadhaar details within six months of opening an account, the notification added. If a subscriber does not have an Aadhaar number from UIDAI, they can use their enrolment number.

But if they do not give their Aadhaar details within six months of opening an account, their small savings scheme account will be blocked from October 1 this year.

The ministry of finance notification said that you need to give your PAN number when opening a savings account. If you do not give it at the time of opening an account, you should do it within two months. This is required if the balance in your account is more than ₹50,000 at any time.

You also need to give your PAN details if the total amount of withdrawals and transfers from your account in a month is more than ₹10,000, or if the total amount of credits in your account in a fiscal year is more than ₹1 lakh.

The notification said that if you fail to give your PAN details within the specified time period, your account will not be operational until you give your PAN number.

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